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Ken's Continuing Successes with EO's system

  • #3,421
  • Dec 17, 2010 5:40am Dec 17, 2010 5:40am
A nice retest off that line entry . just like a right shoulder of a shampoo but without the left shoulder.
Good Trading To All ; Ken Lee
  • #3,422
  • Dec 17, 2010 5:45am Dec 17, 2010 5:45am
Quoting Kenneth Lee
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...
Hi Ken
I have the same problem as u... i didn't hold the trade and i closed it (even though i managed to close it at 5545). I am more afraid to lose the gain than to see PA getting my S/L. That is why for every euro i make in my real account... i make at lest 3 on a demo... considering that the S/L is at the same place... u can do the math!! It really is stronger than me. I remember i started by taking all the profit at +10 pips... now i kinda hold till 20, when the trade could be even 50 pips profitable! For example i had a line in the sand that was 5582, if the hourly candle would have closed above it i should have closed the trade, otherwise just let it go. Guess what i did? on the demo i got 120 euro with that trade, on real account 50 euro.
I don't want a job, i want money!
  • #3,423
  • Dec 17, 2010 5:46am Dec 17, 2010 5:46am
Those are the things we are looking for all the time at our entry levels.

Price had broke through a area we had marked on our charts . Some must have tried to go long there, being a daily level. which pushed price back above the line. The sellers were to strong and price was pushed back below and a final attempt to get back above failed even worse as they couldn't get even as high as before.

So that supports the shorts.

So the second entry was the safest as well.
Good Trading To All ; Ken Lee
  • #3,424
  • Edited 6:05am Dec 17, 2010 5:51am | Edited 6:05am
Quoting dario1002
Hi Ken
I have the same problem as u... i didn't hold the trade and i closed it (even though i managed to close it at 5545). I am more afraid to lose the gain than to see PA getting my S/L. That is why for every euro i make in my real account... i make at lest 3 on a demo... considering that the S/L is at the same place... u can do the math!! It really is stronger than me. I remember i started by taking all the profit at +10 pips... now i kinda hold till 20, when the trade could be even 50 pips profitable! For example i had a line in the sand that...

You can become a rich man doing just that . But it will become easier to hold just as you said you used to close at 10 now 20 or better. At some point you will see your next major line as your tp target and hold for it .
I have been trading long enough to know the different levels that we cross emotionaly that come with trading.

The key is to understand that and just keep taking the right trades with the trend and leave some on the table. Then as you continue to see that every trade could give you 20 or 30 more , you will slowlly start to hold for a bit more every trade.

If you have less than 60% success in picking your trades it will be harder as you will always doubt yourself.

Great Trading ..
Good Trading To All ; Ken Lee
  • #3,425
  • Dec 17, 2010 5:55am Dec 17, 2010 5:55am
Quoting Kenneth Lee
You can become a rich man doing just that . But it will become easier to hold just as you aid you used to close at 10...
ehehe took me 1 year to get from 10 to 20 ... i hope i will just double up my profit every year (that would be not bad already) instead of adding 10 pips per year. By the way, as u said u trade since longer, so may i ask u if u think that there is a difference in trading in different period of the year? like.. i don't know... first quarter is more calm, second and third are more volatile, third is just violent spike up and donw... or something like this?
I don't want a job, i want money!
  • #3,426
  • Dec 17, 2010 6:01am Dec 17, 2010 6:01am
chart
Attached Image (click to enlarge)
Click to Enlarge Name: Friday a.jpg Size: 190 KB
Good Trading To All ; Ken Lee
  • #3,427
  • Dec 17, 2010 6:03am Dec 17, 2010 6:03am
Quoting dario1002
ehehe took me 1 year to get from 10 to 20 ... i hope i will just double up my profit every year (that would be not bad already) instead of adding 10 pips per year. By the way, as u said u trade since longer, so may i ask u if u think that there is a difference in trading in different period of the year? like.. i don't know... first quarter is more calm, second and third are more volatile, third is just violent spike up and donw... or something like this?

I hear guys say that all the time , and then when it doesn't happen they just start blaming everything. It does seem a bit slower during the summer when some traders take holidays. But I have never seen where you can't trade. This is suppose to be prime trading time now.
Good Trading To All ; Ken Lee
  • #3,428
  • Dec 17, 2010 7:13am Dec 17, 2010 7:13am
Quoting Trotty
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.....
Hey Trotty,
I forgot ask how did u managed that trade.Did you take full bar loss?
  • #3,429
  • Dec 18, 2010 6:45am Dec 18, 2010 6:45am
Going through my trades this week I noticed, ironic enough, that my best day was yesterday, friday, and that was also the day that I had the least amount of chart time

Though it had pretty much all to do with this one trade. Im also very prone to take the quick pippage when it presents itself. So I might just have to physically leave my computer to get a higher pip average on my trades

I have a couple of daily charts up on a few pairs that I take a peek at every once in a while. This usd/chf setup was to good to let go. Pretty easy textbook trade in reality but by just following the basic principle of resistance turning to support, and moving my stop up locking in some gains while still giving me a sound chance for a runner, turned this into a great trade. That and keeping my jumpy trigger finger a safe distance away

Have a good weekend all!
Attached Image(s) (click to enlarge)
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  • #3,430
  • Dec 18, 2010 7:17am Dec 18, 2010 7:17am
Quoting Storeball
Going through my trades this week I noticed, ironic enough, that my best day was yesterday, friday, and that was also the day that I had the least amount of chart time

Though it had pretty much all to do with this one trade. Im also very prone to take the quick pippage when it presents itself. So I might just have to physically leave my computer to get a higher pip average on my trades

I have a couple of daily charts up on a few pairs that I take a peek at every once in a while. This usd/chf setup was to good to let go. Pretty easy...
Great Trade ,

Thanks for the charts and explanation.
Good Trading To All ; Ken Lee
  • #3,431
  • Dec 18, 2010 7:26am Dec 18, 2010 7:26am
Quoting Kenneth Lee
Great Trade ,

Thanks for the charts and explanation.
Thanks mate
What is it they say, even a blind squirrel gets a nut every once in a while?

Btw I came across a post on eos thread where you said you live on a houseboat? I find that truly really awsome! As for myself i'd probably just end up suffering from a constant seasickness Weak norwegians
  • #3,432
  • Dec 18, 2010 9:31am Dec 18, 2010 9:31am
Quoting Storeball
Thanks mate
What is it they say, even a blind squirrel gets a nut every once in a while?

Btw I came across a post on eos thread where you said you live on a houseboat? I find that truly really awsome! As for myself i'd probably just end up suffering from a constant seasickness Weak norwegians
pic
Attached Image
Good Trading To All ; Ken Lee
  • #3,433
  • Dec 18, 2010 9:38am Dec 18, 2010 9:38am
Quoting Kenneth Lee
pic
Nice! That is to cool man I like your surroundings alot, sand and sun! Cant say we have to much of that in Norway.. Can I ask how you came to live on a houseboat?
  • #3,434
  • Dec 18, 2010 9:51am Dec 18, 2010 9:51am
Quoting Storeball
Going through my trades this week I noticed, ironic enough, that my best day was yesterday, friday, and that was also the day that I had the least amount of chart time

Though it had pretty much all to do with this one trade. Im also very prone to take the quick pippage when it presents itself. So I might just have to physically leave my computer to get a higher pip average on my trades

I have a couple of daily charts up on a few pairs that I take a peek at every once in a while. This usd/chf setup was to good to let go. Pretty easy textbook...
Great trade mate.
  • #3,435
  • Dec 18, 2010 11:18am Dec 18, 2010 11:18am
Awesome trade store!

On this same subject, I was chatting with store and trotty earlier this week about a method for staying in trades with full position that may have some merit to. On big reversal moves, the 5EMA does a really good job of showing you where the movement is slowing down. Using a short as an example, let's say you go short off a reversal pattern, trying to catch the right shoulder of a H&S. Price begins moving downward steeply and crosses the 5/10EMAs etc. Unless the trade is a scalp, it doesn't make much sense to allow yourself to even consider closing the trade until price has closed back across the 5. At that point, after the close, you can see what it looks like and decide if you want to take some profit, close the trade entirely, or stay in it. Same thing with the 1H -- once price has closed acorss the 1H 5EMA, it doesn't make much sense to close the trade until price has closed back across it (maybe close half if it closes back across the 15M 5EMA, leave the other half running until it closes back across the 1H 5EMA). And of course same with the 4H if you find yourself in a really big move (maybe close half if it closes back across the 1H 5EMA, then close the other half once it crosses the 4H 5EMA).

For me, this takes some of the guessing out. This way I can't even think about closing the trade until I get a close back across the 5. And once price retraces a bit it is usually easy to find a new place to reenter -- a retest of broken S/R, a 50/50 bounce, a 35/50 cross, a touch of the 10 ema at PPA, etc.

I'm trying to get some rules in place for myself to at least set a "framework" to make some parts of trading as constant as possible, even if there will always be a lot of discretion to the other parts.
  • #3,436
  • Dec 18, 2010 11:20am Dec 18, 2010 11:20am
Quoting Kenneth Lee
pic
Ken, just curious, do you use satellite Internet? Or does the local cable or dsl provider setup a drop for each slip?
  • #3,437
  • Dec 18, 2010 7:39pm Dec 18, 2010 7:39pm
Quoting Kenneth Lee
Sometimes the best we can get is scalping trades. But how to tell. If we aren't sure like friday we had come out of Londodn without much to show the way. It maybe prudent to take our gains as we see them and re-enter the trade if it shows to continue. This way we will assure ourselves of gains. If we can see the levels correctlly we can also create more gains withing the same trades. This is how we can make 150 pips out of a 100 pip move.

The main thing to watch for is our swings when we startb losing lower lows and lower highs we need to think...

hello ken...i am a new follower to this thread....may i know if u are entering these all position u wait for the candle to close first rite...??

post 356 page 24 ken....i wonder why the image is not pop out in here....
  • #3,438
  • Dec 18, 2010 9:21pm Dec 18, 2010 9:21pm
Quoting steven_leo
hello ken...i am a new follower to this thread....may i know if u are entering these all position u wait for the candle to close first rite...??

post 356 page 24 ken....i wonder why the image is not pop out in here....

If there are many reasons for a area to hold I will take it as a touch trade. confluence is the word we use. The key is to always know where the trade dies , your stop area then the closer you can enter to your stop the better as it will actually be safer than a lot of bigger stops.

I went to the post and had know problem copying it . or having it enlarge Pop out.

Welsome to the thread .. ken
Good Trading To All ; Ken Lee
  • #3,439
  • Dec 18, 2010 9:22pm Dec 18, 2010 9:22pm
Quoting dr mongolia
Awesome trade store!

On this same subject, I was chatting with store and trotty earlier this week about a method for staying in trades with full position that may have some merit to. On big reversal moves, the 5EMA does a really good job of showing you where the movement is slowing down. Using a short as an example, let's say you go short off a reversal pattern, trying to catch the right shoulder of a H&S. Price begins moving downward steeply and crosses the 5/10EMAs etc. Unless the trade is a scalp, it doesn't make much sense to allow yourself...
Helo Dr.

That is just what the Dr. ordered....I will be looking into this for my trading plan for next year. (I update every year)

I have always set targets in relation to the charts S/R, S/D etc. But what if price stalls before getting there? Closing with the 5 ema may be the ticket for me. (If I am not in bed) A defined location that leaves guess work out of it. Then also leaves the ability to scale out of a position if it is a mover, or continues to move after a pull back.

I like to take guess work out of the equation.



Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #3,440
  • Dec 19, 2010 2:27am Dec 19, 2010 2:27am
Quoting Fxfighter
Hey Trotty,
I forgot ask how did u managed that trade.Did you take full bar loss?
I don't think we should over analyse this one but I guess one interesting thing is that I gave myself a wider stop than I normally do, that's probably an indication that I wasn't so sure of the trade myself.

I had my stop behind the 35/50 mas and when the intial rejection failed to move my way, I was looking for a 35/50 & 50 fib bounce. I got another good pin rejection off this level so held after that but obviously it was another fake signal. So yeah, I took the full loss when I had chances to come out with a smaller loss but had my reasons for sticking in there.

But, it's sparked an interesting discussion so was perhaps worth the hit for that purpose

Great trade btw Store!
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