Ken's Continuing Successes with EO's system | Page 170 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The System Behind the System, by Merlin Jeffries 16 replies

FX Trading Journal & Continuing Education (warrensapp) 2 replies

Continuing Direction following new Daily Low or High at Close 5 replies

Just basic question on trading successes 10 replies

Would you trade this system? New system #2. 10 replies

Attachments: Ken's Continuing Successes with EO's system
Exit Attachments

Ken's Continuing Successes with EO's system

  • #3,381
  • Dec 14, 2010 9:24am Dec 14, 2010 9:24am
Quoting Trotty
As my entries have gotten better, I’ve been spending more and more time concerning myself with trade management rather than how to actually trade....

You know since the day I started trading I've always held my position unless the situation really really calls for me to break it in 2 (rarely the case for me but it does happen, ie. I have a strong conviction about price but it's meeting a strong support area).

Personally I've been trading although I've been sticking to the 1hr charts due to time constraints.

Glad to see you guys are doing well.
  • #3,382
  • Dec 14, 2010 9:25am Dec 14, 2010 9:25am
Quoting MCFly
Hi all,
not much to trade today. I was away when the G/U down move started. But I was lucky that I could go long when the price on the 4hr touched the lower channel line and the 61.8% Fib. The 1 hr 200 sma was also there. My first tp was 1.5800 and my next tp is the 5815-25 area where the 15m 200sma/35sma/50ema and the 1 hr 50/62 Ma's are located.
I actually got a good move from EUR/USD on the touch of the trendline on the 4 hour chart but this month is a test of trading patience.
  • #3,383
  • Dec 14, 2010 2:56pm Dec 14, 2010 2:56pm
Looks like a good pin forming on the EU daily.
Consistency separates luck from Skill
  • #3,384
  • Dec 14, 2010 4:06pm Dec 14, 2010 4:06pm
Quoting wingnut
Looks like a good pin forming on the EU daily.
I saw that as well.

I'm already short on EU from the head and shoulders (not as nice as I'd like it) pattern on the 1hr.

Gotta be careful with this trade though because the Irish bailout decision coming.
  • #3,385
  • Edited 4:40am Dec 15, 2010 4:28am | Edited 4:40am
Took a short on e/j off a head and shoulders off the 1 hr chart. Entry about 3:00 Pm eastern. I was determined to hold it or lose it. so my tp was a daily line I had at 111.58 .

I didn't set it, but was going to watch for it. We had a Christmas party to attend so didn't monitor it 100% . You can see the entry was breeched early Asia a false breakout or stop running just as happens at London open . Stop was higher than that so survived.

Just happened to wake up after my tp area had been broken and closed the trade at 111.53 after it started back up the first green candle around 1:30 am eastern . Just woke up to find that was the right move.


Not sure why I woke up at the right time , To much Vodka maybe. LOL
But am glad I did.

Have a great Day Ken

The head and shoulder was even clearer on the 1 hr just showingn the 15 for details.
Attached Image (click to enlarge)
Click to Enlarge Name: Wed.jpg Size: 218 KB
Good Trading To All ; Ken Lee
  • #3,386
  • Dec 15, 2010 5:01am Dec 15, 2010 5:01am
The bearish pendant finally broke south on the GU 4 hour which is forming the right shoulder of a shampoo on the daily. A perfect short if you ask me. I hope some of you took advantage of it
Attached Images
  • #3,387
  • Dec 15, 2010 5:05am Dec 15, 2010 5:05am
Just to let you guys know what my thinking was. I saw this 4 hour bearish pendant. Whenever you have a consolidation pattern it is usually a continuation pattern.

So for as long as this "channel" has formed I have been looking for it to break to the short side so as soon as it started breaking lower I got in. The shampoo is just icing on the cake.

I love when these channels form because they are so easy to trade and offer great risk:reward
  • #3,388
  • Dec 15, 2010 5:39am Dec 15, 2010 5:39am
In my efforts to stay in trades longer than the 20 - 30 pip habit, it seems that the exit criteria still eludes me more often than not.

I'll take half off at 20 - 30 and cover the remaining and let it run only to see it stopped out.

Is this just an inherent issue with a ranging market?

In letting them run, I'm trying to use HTF to determine exits but it doesn't seem to go far enough to allow the HTF to show anything.

Any thoughts would be helpful.

It is my quest to trade well, not often.
Consistency separates luck from Skill
  • #3,389
  • Dec 15, 2010 6:34am Dec 15, 2010 6:34am
Quoting johnnykanoo
The bearish pendant finally broke south on the GU 4 hour which is forming the right shoulder of a shampoo on the daily. A perfect short if you ask me. I hope some of you took advantage of it
If that neckline on the daily shampoo breaks could be a heeluva ride down .. Nice going .. I haven't been getting up for europe trading though. Need to rethink that though as U.S session has been diffucult at the least.

Did get some after the fomc minutes on e/u but not a bunch . little short scalp.
Good Trading To All ; Ken Lee
  • #3,390
  • Dec 15, 2010 6:43am Dec 15, 2010 6:43am
Quoting wingnut
In my efforts to stay in trades longer than the 20 - 30 pip habit, it seems that the exit criteria still eludes me more often than not.

I'll take half off at 20 - 30 and cover the remaining and let it run only to see it stopped out.

Is this just an inherent issue with a ranging market?

In letting them run, I'm trying to use HTF to determine exits but it doesn't seem to go far enough to allow the HTF to show anything.

Any thoughts would be helpful.

It is my quest to trade well, not often.

Take a look at the hrly E/J where I took my profit last night and you can see a stron reversal signal DBLHC closing righton the 62 ema and that daily s/r line PPA.

PLus e/j has been ranging for a while on 4hr still looks short as it is till within the trading zone off the overall top to bottom

and as Johnny said consolidation tends to continue after the stall. 90% of the time, Why there is only one reversal pattern The WEDGE.

But your on the right track. To make a months or years wages in a single trade is the traders ultimate goal. Think how little pressure you would have then . Would stop looking for the intraday trades and focus mainly on the bigger picture for homers.

That is where EO and the others are now. Only Intraday when they have the time and want to. But the question would be why waste your time if you didn't have too.

Keep at it and it will come , Take a look at the gbp/usd 1 hr and the 10 ema that is a good way to stay in your trades . Price below stay in . ifnit pulls abck draw a stright line and if it doesn't breakout still stay in .

Trade Well Ken
Good Trading To All ; Ken Lee
  • #3,391
  • Dec 15, 2010 7:01am Dec 15, 2010 7:01am
Chart
Attached Image (click to enlarge)
Click to Enlarge Name: Wed c.jpg Size: 166 KB
Good Trading To All ; Ken Lee
  • #3,392
  • Dec 15, 2010 7:28am Dec 15, 2010 7:28am
Quoting Kenneth Lee
Took a short on e/j off a head and shoulders off the 1 hr chart. Entry about 3:00 Pm eastern. I was determined to hold it or lose it. so my tp was a daily line I had at 111.58 .
Hey I took that same one; I had entered previously and got stopped out though so I lost some pips and had to reenter.
  • #3,393
  • Dec 15, 2010 7:45am Dec 15, 2010 7:45am
Quoting Kenneth Lee
Took a short on e/j off a head and shoulders off the 1 hr chart. Entry about 3:00 Pm eastern. I was determined to hold it or lose it. so my tp was a daily line I had at 111.58 .

I didn't set it, but was going to watch for it. We had a Christmas party to attend so didn't monitor it 100% . You can see the entry was breeched early Asia a false breakout or stop running just as happens at London open . Stop was higher than that so survived.

Just happened to wake up after my tp area had been broken and closed the trade at 111.53 after it started...
Im missing out on pips by not being observant enough on those formations.

Here is pretty much the same trade just that its on eu. As I mentioned this flew by me, but these examples are now saved in my trading folder so that hopefully I wont miss out on things like this again
Attached Image
  • #3,394
  • Dec 15, 2010 7:55am Dec 15, 2010 7:55am
shampoo
Attached Image (click to enlarge)
Click to Enlarge Name: 12j Head and Shoulders.jpg Size: 199 KB
Good Trading To All ; Ken Lee
  • #3,395
  • Dec 15, 2010 9:07am Dec 15, 2010 9:07am
Quoting dr mongolia
Hey I took that same one; I had entered previously and got stopped out though so I lost some pips and had to reenter.
Me three, although I didn't get stopped out.

I've been seeing quite a few head and shoulders formations over the different time frames and pairs.
  • #3,396
  • Dec 15, 2010 9:56am Dec 15, 2010 9:56am
look at that sell off
Attached Image
  • #3,397
  • Dec 15, 2010 11:31am Dec 15, 2010 11:31am
Quoting Kenneth Lee
But your on the right track. To make a months or years wages in a single trade is the traders ultimate goal. Think how little pressure you would have then . Would stop looking for the intraday trades and focus mainly on the bigger picture for homers.

That is where EO...
The trouble I'm having is deciding when to scalp vs when to let the trade run. We've got a lot of great scalping entries, and it's possible to make a lot of money in 20 pip chunks. However, it's also very appealing to just wait for big patterns like H&S, double top/bottom, 4H/daily fibs, etc and just take those. It only really takes 1 or 2 of those per week to hit 10-20% consistently.

Ideally I would like to blend the two.. maybe a second account is required for this. That might be why EO found it so easy to hold on to trades longer while he was still intraday trading.

Without a second account, I guess you could define specific times/areas to look for runners, and then scalp during the other times. Like session opens, session breakouts, double tops, double bottoms, H&S, HTF fib levels -- give those room to run and scale in/out in chunks. Scalp the other trades like 1/5 o'clock trades, 50/50 retracement trades, recent PPA-based trades, and the other patterns that you can only see on the 15M, and take full profit on these (or at least 50-80%).

Just rambling.. I've been trying to come up with a coherent system for this. It's something I need to restore some sanity to my trading.
  • #3,398
  • Edited Dec 16, 2010 3:17am Dec 15, 2010 6:09pm | Edited Dec 16, 2010 3:17am
Hi, I just want to say that this thread is fantastic and I beg you guys to keep it alive Although it is my first post I've been reading it for quite a while, one of the very few "systems" that seem reasonable (at least from a noob perspective). I got one question though, why Fxfighter took that GBP/USD scalp? I don't recognise any pattern and just can't figure it out . Thx in advance.
  • #3,399
  • Dec 15, 2010 6:34pm Dec 15, 2010 6:34pm
Quoting Volkswagen
Hi, I just want to say that this thread is fantastic and I beg you guys to keep it alive Although it is my first post I've been reading it for quite a while, one of the very few "systems" that seem reasonable (at least from a noob perspective). I got one question though, why Fxfighter took that GBP/USD scalp? I don't recognise any pattern and just can't figure it out . Thx in advice.
Hi Sir,
I don't want to confuse so don't to much look at my scalp.I shouldn't probably post that trade so I am really sorry.I didn;t try to be hero here.
Anyway my answear is I,ve took that trade b/c that was best entry in my eyes when I looked at my charts that moment.I agree that wasn't great entry and all was based at higher TF 4hr and just look atd 15min chart which say to me.Hey mate go long but don't expect to much so I,ve listen and took it.
I entered @ minor support and exit @ minor resistance,that's all.
So Just ignore my chart(which I'll deleted)and welcome in this great thread.
Happy trading.
FX
  • #3,400
  • Dec 15, 2010 6:38pm Dec 15, 2010 6:38pm
Hey Guys,
Could you someone little bit kick U/J pair south as I am short and would like to go to bed.
Thanks in advance.
FX
1 trader viewing now