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Ken's Continuing Successes with EO's system

  • #3,401
  • Dec 16, 2010 4:36am Dec 16, 2010 4:36am
This is yesterday GBP/USD 1H chart . Just sharing what i see

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  • #3,402
  • Dec 16, 2010 5:23am Dec 16, 2010 5:23am
Quoting Fxfighter
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 get it You didn't have to delete post though. You had reasons to enter and in the end you were right. I just thought it was some obvious pattern on 15min chart.
Happy trading to you, Sir
  • #3,403
  • Dec 16, 2010 5:24am Dec 16, 2010 5:24am
Quoting Fxfighter
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...
Hey my friend!

I thought it was a nice chart and always enjoy reading your trades and comments and im sure others do to. So no need to delete anything imo, its all valuable stuff and good for discusion.

I hope you'll keep contributing your charts mate
  • #3,404
  • Dec 16, 2010 6:01am Dec 16, 2010 6:01am
Quoting Storeball
Hey my friend!

I thought it was a nice chart and always enjoy reading your trades and comments and im sure others do to. So no need to delete anything imo, its all valuable stuff and good for discusion.

I hope you'll keep contributing your charts mate
Yes you are right Storeball. I want to add that I always enjoy reading about trades from other guys and not in order to confirm that i already knew but in order to learning something new. That is why i believe posting trades and discution about it is great way to learn.
  • #3,405
  • Dec 16, 2010 7:00am Dec 16, 2010 7:00am
Quoting Kenneth Lee
. . .
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
Thanks for the feed back Ken.

I believe that I'm focusing all my attention on Chart patterns and PPA and not paying enough attention to the MA's

It's all about balancing the available information and how to use each piece of the puzzle to see the whole picture.
Consistency separates luck from Skill
  • #3,406
  • Dec 16, 2010 9:42am Dec 16, 2010 9:42am
Not done much trading in the last few days for one reason and another. Got back on the bus today with a loss. I did promise a while ago to post loses up so here was one:

It was another breakout retest, i've become very fond of these and they have been serving me well so far. However, I watched price on this one, it didn't stall at the retest but then got heavily rejected off the 21ema and closed back under the breakout line. This was my trigger entry. As you can see, the breakout failed and I took a loss.

The only thing I can think that may have kept me out of this trade was the inverted hammer reversal formation which could be argued does not look like a conventional retracement.

Failed trades are part of what we do of course but i'd welcome any feedback on this one.
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  • #3,407
  • Dec 16, 2010 11:24am Dec 16, 2010 11:24am
Quoting wingnut
Thanks for the feed back Ken.

I believe that I'm focusing all my attention on Chart patterns and PPA and not paying enough attention to the MA's

It's all about balancing the available information and how to use each piece of the puzzle to see the whole picture.

Doesn't have to be a MA, a down running trendline can acheive the same results. It isn't any tool it is what the tool is showing that is important . Some people rely on tools to much and never learn what the reasoning behind the tools is, ( why it works).

Just like just noticing that price is moving sharply down at a angle . a line isn't really needed to see a pull back that would break a line or a fast MA


If you want to hold for more you will have to allow for the first retrace and then draw a line actual or invision it. at that retrace high .

That is your line in the sand now.

On the gbp you can then see a higher low formed on the hrly so when that first retrace high got broke a exit or adjustment can be made.

Then the trading zone levels on the swing down should be watched for a turn back south . until price passes past the top of the swing
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Good Trading To All ; Ken Lee
  • #3,408
  • Dec 16, 2010 11:33am Dec 16, 2010 11:33am
Quoting Trotty
Not done much trading in the last few days for one reason and another....
Hi Trotty,
this is only my point of view:
I think in this case the higher tf's lead the way. The price came from a nice confluence zone (fibs, s&r, trendline/channel touch) and formed a spinning top on the 1 hr.
The shooting star/inverted hammer or what ever you want to call it on the 15 m wasn't an optimal signal. The candle closed above the high of the previous candle wich shows that the bulls are still in charge (The J16 traders don't take pins when the body doesn't close inside the body of the last candle). The candle after the shooting star has tested the upper wick of the inverted hangman/doji and closed above it. That's another sign of strength for me.

I went long after the inverted hangman/doji.

I hope this helps.
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  • #3,409
  • Dec 16, 2010 11:46am Dec 16, 2010 11:46am
Quoting Trotty
Not done much trading in the last few days for one reason and another....
I would trade it also only if 1h candle would close under that low and maybe i would loss too but this is one of the place that sl is welcome for me.
That was important line so after a loss you should think of playing long with that line.
  • #3,410
  • Dec 16, 2010 2:20pm Dec 16, 2010 2:20pm
Thanks fellas, really useful feedback there and some good food for thought. You've made a bit of sense of a couple things i've overlooked on this one.

Hey ho, onwards and upwards!
  • #3,411
  • Dec 16, 2010 7:52pm Dec 16, 2010 7:52pm
Quoting Trotty
Not done much trading in the last few days for one reason and another....
Hi Troty,
Hm your Leeds boys are start to fight to get to premier lige I am watchong).
Anyway I gave u mine view of your trade.First of all is after action so enough time to analyze but still I will not take that shor not b/c I am better( I have losing trades) but b/c I just don't feel it.Funny thing is when I first see it I will not straight away tell you all reasons but was more about feel inside me,my eyes just didn't like it.I will go for short early b/c my agressive style I think but say still if I took short after that pin bar I will get out next candel which didn't break hard PB and be ready for long.Just previous story and location will not make me confident go short from your level and really like to know what is left on your chart.
P.S.Hey mate is just my thoughts which are newbie so take it easy it's not critised your trade( I know you infront of me).
Happy trading and next one only green pips.
FX
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  • #3,412
  • Dec 16, 2010 7:55pm Dec 16, 2010 7:55pm
Quoting MCFly
Hi Trotty,
this is only my point of view:
I think in this case the higher tf's lead the way. The price came from a nice confluence zone (fibs, s&r, trendline/channel touch) and formed a spinning top on the 1 hr.
The shooting star/inverted hammer or what ever you want to call it on the 15 m wasn't an optimal signal. The candle closed above the high of the previous candle wich shows that the bulls are still in charge (The J16 traders don't take pins when the body doesn't close inside the body of the last candle). The candle after the shooting star...
Actually you already said that.
  • #3,413
  • Dec 16, 2010 8:03pm Dec 16, 2010 8:03pm
Quoting Storeball
Hey my friend!

I thought it was a nice chart and always enjoy reading your trades and comments and im sure others do to. So no need to delete anything imo, its all valuable stuff and good for discusion.

I hope you'll keep contributing your charts mate
Hey Store and Kodziro,
Thanks for that and I will posting for sure.I was sure people will know why I went long just forgot everyday come new people and try figure out WTF done bloody fxfighter with that trade)).Next time I will write exactly what I've done and all will be clear.
happy trading guys .
FX
  • #3,414
  • Dec 16, 2010 8:06pm Dec 16, 2010 8:06pm
Trotty the only thing I can say is the market constantly gives us opportunity to participate and for what its worth even a "perfect" setup can fail and as long as we realize this we can always look to make pips but if the market doesn't give em we get out with the attitude of nothing ventured nothing gained and we wait for the market to show us a new opportunity to take a truckload of pips to the bank

And of course we look at our failed trades and we try to learn something from them.
  • #3,415
  • Dec 17, 2010 2:29am Dec 17, 2010 2:29am
Quoting Fxfighter
Hi Troty,
Hm your Leeds boys are start to fight to get to premier lige I am watchong).
Anyway I gave u mine view of your trade.First of all is after action so enough time to analyze but still I will not take that shor not b/c I am better( I have losing trades) but b/c I just don't feel it.Funny thing is when I first see it I will not straight away tell you all reasons but was more about feel inside me,my eyes just didn't like it.I will go for short early b/c my agressive style I think but say still if I took short after that pin bar I will get...
Appreciated!

Don't worry about seeming like you are criticising mate, that's exactly what I’m after. I think we should all put more losers up, myself included. If I can learn a little something on each losing trade, it can only improve my win percentage.

I'm certainly going to try and do it more as I’ve found it a useful exercise

Cheers to all the other commentators too.

As for my beloved LUFC, we are WAY ahead of schedule this season, 2 points off the automatic promotion spots. I don't dare to start dreaming yet though.....
  • #3,416
  • Dec 17, 2010 6:50am Dec 17, 2010 6:50am
I see that 50% fib level I posted yesterday was the one.. Hope some caught that . Cheers
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Good Trading To All ; Ken Lee
  • #3,417
  • Dec 17, 2010 7:09am Dec 17, 2010 7:09am
review
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Good Trading To All ; Ken Lee
  • #3,418
  • Dec 17, 2010 7:18am Dec 17, 2010 7:18am
Quoting Kenneth Lee
I see that 50% fib level I posted yesterday was the one.. Hope some caught that . Cheers
I did!
I don't want a job, i want money!
  • #3,419
  • Dec 17, 2010 7:24am Dec 17, 2010 7:24am
and of course , we noticed the 10 ema on that hrly chart . to hold that trade all the way from the top. The retracement we just saw this morning was a known possiblity that with gained exprience we could have used to further our gains instead of uclers, We need to look upon those as opputunities for more gains, not possible losses.

The market and the charts move in predictable ways . Even if they go a direction we weren't expecting once the move is underway we with our growing knowledge have a better than 50% chance of knowing where it will give us a entry weither it be a continuation Like the 10 ema 5:00 I just took 20 on or a reversal like the IB at the bottom earlier.

The key is to find the one or two entries you DO see then just be comfortable with that until the others become clearer and they will.

Trade Happy Ken
Good Trading To All ; Ken Lee
  • #3,420
  • Dec 17, 2010 7:33am Dec 17, 2010 7:33am
The reason I didn't hold that trade was the fact we are near the bottom closes on the 4hr and price when it hit the 10 ema was above a daily line I have at this point 1.5569, It is possible it will hold price down . But 20 in the bank is Something I am happy with .

I use my s/r - ppa lines to decide to hold or close a lot. If I get in a trade and price blasts through a area i will consider holding if price stops or stalls considerablly i will normally close. The problem for me is once it does break through and a retest entry is available , I am away from the computer. I also know as the account ballance grows so will the ability to hold as the gains will out feel the need. (Emotions)
Good Trading To All ; Ken Lee
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