Ken's Continuing Successes with EO's system

Also make sure you consider the time that the candle occurs at -- 15M a flat top at the 1H turn (closes on the hour) has a lot more weight to it then a flat top that closes during the other three 15M closing times, because (assuming it made a higher high or higher low) it will show up on the 1H chart and also some people's 4H charts. Remember we always want as many traders on our side as possible when we take a trade, some traders don't even look at the 15M. But when you combine a signal on the 15M, 1H, and 4H that closes at a key level then you've got a lot of traders salivating. Another thing to keep in mind is session times-- if you get a flat top right at the open of a session, there's a ton of volatility there, so it is a much better sign of true exhaustion.

I'm posting this chart as an example of some range trades that I was discussing with a thread member. On these particular trades you would have been stopped out at BE or a slight loss, depending upon trade management.

The dashed lines are session highs/lows -- pink is asia, blue is US, brown/yellowish is london.

And here's another example of one that did work for around 100 so far, same trade idea

I had switched from My GFT account to Oanda and had not put my Levels on my Oanda charts yet , So last night I took sometime and put them on 8 pairs. Later on they proved their worth as usual. I had been missing them. I am using Oanda as I have figured a way to hedge it and also the spreads are better abd execution is faster.

Just needed to get the charts setup better. Took each pair and changed it to a daily chart and marked the levels in red then changed to a 3 HR , ( Oanda doesn't have a 4 HR) But levels are levels doesn't really matter.

Then when changed bakc into a 15 the lines are in place for when price approaches , and as you can see they tell all.

Here is a chart changed back to a daily showing both levels . oanda doesn't give you much history so the white lines was all that was showing on the 3 hr.

Thanks for the repleys,

A small summary:

1. Look at the area where the flattie forms. Look for PPA, s/r, trendline or a moving average.

2. A flattie at a one hour or four hour close has more weight then on a 15 min chart.

3. Look at session time. For example at Londen open there is more probability that is will turn because of high volitility.

4. If you are not sure just wait for some conforming price action.

Still lurking this thread and trading away on my account. A lot of great info the last couple of pages.

Dr Mongolia, are you using an indicator to paste those session high/low lines?

Yes I use an indicator to keep them on my charts but I use prorealtime for charting. If you use prorealtime send me a PM and I can paste you the code for it, you'll have to update the session times for daylight savings etc but other then that it works well. If you use MT4 there are probably some good session indicators out there, or you could probably write your own pretty easily (I had no experience writing indicators but was able to make my session indicator in an afternoon or so).

Thanks for the info, I use mt4 so I'm going to give a quick search for an indicator and if not I'll end up putting one together tonight.

If you come across one or even make one would you mind posting it here? Iv searched for one myself, but the ones iv come across just really messes up the charts and as far as programming one myself then I honestly wouldnt even know where to start. Thanks in advance

This kind of hits home for those that maybe thinking they can't achieve the goals of a pro trader because they have small accounts. But if you can add the third part to this process you can be as big as you want to be.

The trading mechanics shown here and on many other threads is solid. You understand Money management , enough to not over risk your equity. Yet your struggling to hit that plateau of consistency that we are all striving for.

It always strikes me as funny that almost all traders say and agree that charts are showing the emotions of the financial world , Yet when we try and impart that portion of conquering our own emotions to succeed it is like we are talking about some weird cultural change we are forcing on people.

The reason I am so passionate about this topic is the fact. That I have watched many achieve the level that always alludes me. I have great days weeks and even months . I was able to trade full time for 2 years. Yet never achieved a comfortable level of consistency.

We look at the results of most traders not only Forex but also Equities .
and the failure rate of around 95% is always tossed around so what if it is only 85 or 90 Percent. It is showing that there is more than just having the tools you must have the mindset to achieve your goal.

I watched many friends during the recent stock crash lose most of their life savings because like most people they couldn't push the button and close those tumbling trades.

In will expand on maybe how we can get passed this point . maybe some shift of thought from following to anticipating a bit. It is in tune with peole struggling to seethe entries at the right levels but then by the time they see it the best opportunity has passed to enter. So they just don't get many trades.

But I KNOW I have to do some work on the control or battle within myself . I have talked of this much but haven't really found away to achieve it myself. May be it is just the idea of another thing I have to WORK at but I am unwilling to give up on trading as I know what I show you guys works and it can be very easy to become a financial power house when that idea is dwindling in our society.

So here is a you tube by Tony Robbins on that subject of the missing aspect of any endeavor. The control of ourselves.

I have some charts I will be posting later tonight after work or tomorrow.

Cheers Ken

The best statement . Is , To do what is uncomfortable now will be the best for us in the long term.

A quote from the book Emotion Free Trading. "Do what is in our best interest."

Especially when it is uncomfortable if it feels uncomfortable it probably is the right thing to do, But as in any training it becomes easier the more we do it. Make doing the right thing for yourselves a LAW not a choice. Don't let good trades go by , don't give your hard earned money away by not changing your bias of the day.

We don't have to BE right, But we absolutely have to do what is right.

We can retrain ourselves do what the vast majority can't make the correct move in spite of ourselves. WE don't want to be one of the masses we want to standout and be different. It will require us to be different in our thoughts and actions.

Have A great Weekend Ken

Ok, Here is part 2.

Tony Robbins is such a ball of positivity if i've ever seen one. great vids you just posted. I've just opened up a proper live trading account with a little cash, as im a broke university student haha. so far im breaking even. may i ask, Ken and other experienced traders, how long it was before they started seeing profit in their accounts? My main concern is to stick to proper money management and trade management, two skills of which this thread has taught me quite a bit.
cheers
Pete

it took me three years to start making money but again i am a slow starter.but every one has their own luck.peace be upon you.thanks

Yes.he is for sure high energy. But try and make comparisons to your own ideas and life , It is the same way with trading information. If the information is relevant and compliments your lifestyle and trading philosophy, keep the bits you see if it is radically different beware and tread with caution.

As for the question I went from 14 k to 36 k in about 3 weeks . then lost it all in about 3 days. I started out news trading , straddle style. The actual thing that got me into Forex was collecting interest off of hedged pairs. Running a long position on both e/u and u/chf. Then placing PO's to maintain the hedge amount . At times they would move in your favor and you would make a nice bonus . Double a 25 k account twice in one year doing that. Then the meltdown of the economy came and we lost all our interest rate and our leverage was taken away. Was using a 400:1 on that strategy. Need the big funds to make any money on interest alone.

But as I first started I wanted to know more about real forex trading and started learning what I could. Being a realist I knew with little more than just what is on the charts a person of reasonable intelligence, Should alone be able to decipher what the market was doing and make a better than average trade.

So price action is all I have ever tried to learn , and mainly just what the charts are showing with very few if any tools. I came across EO's thread and the addition of the MA's to give a alert to a possible area of a decent trade seemed worth the addition to my charts.

As for as being profitable I have seen many go great right off . Only to take a quick fall later. I traded full time and made a living for almost two years , But just wasn't growing the equity like I should so decide to go back to work so I didn't have to take draws out of my account to live.

My goal is at least a 30 k equity balance and bills prepaid for one year prior to going live again. That will emanate the stress of having to make the 20% a week. Plus at that level 10% of one week would pay my monthly bills , so stress is greatlly reduced.

I could go live for a lot less but I want to get the account to the level where I have the possibility to make a years wages in a month. Of course this is my circumstances and everyone's is different. I have made adjustments in my lifestyle to lower my cost of living as low as I can , as it is a two part idea to live off trading . if you just keep increasing how much you spend that goal maybe unattainable.

I always urge new traders if you find yourself making some gains in your trading getting better than 50% right and growing your account. Make sure you write down exactly how your trading , This way when you hit a rough patch you can go back and see where the good times were and how you did it. many will find themselves adding bits and pieces from different sources not realizing until they start losing that they have changed their basic core trading idea along the way.

There are so many ways to succeed doing this . The only good advise i can give is start from the beginning cutting losses and learn to see the bigger trades after a tight entry. If you can do that right off you will be better than 95% of everyone else.

The idea of entering as a scalper and holding as a long term trader is the ultimate goal. Scalping is good and a person can make a living off it. but as we can all see after the fact week after week the best gains normally could be had by entering and leaving the damn thing alone.

I am more guilty than anyone thinking that at some point I will be able to catch every minute swing catching 200 pips out of a 100 pip swing. It could happen and maybe one day will but until I can be confident I have a living made already . The emotional strength isn't there to play that high risk game.

So in a nutshell kep your head down focus make notes and if you change your trading ideas at all make sure to add that to your notes .

And of course best of luck to you and trade happy, Ken

chart

and OZ

U/J

cable