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Ken's Continuing Successes with EO's system

  • #3,801
  • Feb 6, 2011 11:30am Feb 6, 2011 11:30am
Quoting Kenneth Lee
chart
I had 3 probes on this pair from the previous week to the one that you have shown...all at BE and at one point amounting to a large pip value.

Last week I closed the smaller probe for around 60pips and lost the remainder 2 larger posn's in last weeks move up. That's the way it rolls..will try to rinse and repeat.

As always good learning.....happy trading for this week.
It's a dirty job but someone's gotta do it!
  • #3,802
  • Feb 6, 2011 1:16pm Feb 6, 2011 1:16pm
Sunday Open
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Good Trading To All ; Ken Lee
  • #3,803
  • Feb 6, 2011 1:40pm Feb 6, 2011 1:40pm
Now don't take this information as a be all idea, the thought should be if price closed above a line even if it crosses back and you get stopped, It can and very well continue back across and to the next line

It is a very similar idea to that PDF about fibs posted a couple of weeks ago
If price closes past the 31.8 fib line then price will visit 61.8 at some point as well. maybe not straight away but before it continues on.

Money management is your number one ruling factor, just don't forsake your trades just because you get stopped out.

off to work now , Trade well Ken
Good Trading To All ; Ken Lee
  • #3,804
  • Feb 6, 2011 2:48pm Feb 6, 2011 2:48pm
Quoting tweeks5
how long it was before they started seeing profit in their accounts?
I think if someone is very disciplined in their approach then they can become profitable very, very quickly by focusing on 1 specific setup at a time until they have learned to see the market through the lens of that setup. You won't instantly hit huge returns like this but you'll be profitable, and most people go weeks and often months without ever being profitable. After you've got one setup in your toolkit, you can then move on to the next one. There is a big difference between learning the basics of the 35/50, the 50/50, the PPA scalps, the 1/5 o'clock, or any other trade idea trades versus learning to trade them profitably and consistently. You need to know what specifics to look for prior to taking each individual setup. For example a lot of people get caught taking 1/5 o'clock trades before price has even broken out of its range, or they get caught taking the first reversal candlestick signal they see at the london open when price is testing the asian range.

No one really wants to trade like this, though, especially in the beginning, so that's why I preface it with "if someone is very disciplined in their approach". Like Storeball says, everyone wants to make a million their first week, so they try to learn everything at once and as a result end up mastering nothing.
  • #3,805
  • Feb 7, 2011 1:12pm Feb 7, 2011 1:12pm
When watching many pairs take the clearest signals.
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Good Trading To All ; Ken Lee
  • #3,806
  • Feb 7, 2011 7:29pm Feb 7, 2011 7:29pm
Quoting Kenneth Lee
When watching many pairs take the clearest signals.
So how big of your screen then for this desktop setup, a 50" LCD?

Yes, it get bored to watch those pairs over hours, do some other stuff to relax.

Cheers
Eric.

Happy trading Ken and all.
  • #3,807
  • Feb 7, 2011 8:52pm Feb 7, 2011 8:52pm
Hey Everyone,

Some of you may know me from EO's thread. Joined that thread in 2009 and still use that system as my primary trading method, with a few modifications of MA's to better suit my style. I did not think I would have much time to trade for the next 6 months, but there was a change of plans and I will have some free time so I would love to jump on board with you guys who are trading a similar style.

I will contribute as much as I can to help others, the same way as so many generously did to me, Ken included.

Just took one of my favorite trades that I will post - GU. Off an S&R level, when I get a close through the 15 minute 50's I will take the trade in the same direction, as long as there are no other MA's (15minute, 1 hour, 4 hour, daily) in the way. I love trading away from the MA's and Ken has talked about this many times. I always look at a trade as it is either going up or down and all you have to do is be on board.

Here's GU daily, I am long here at 6118 off the support at 6100 as price closed through the 15 minute MA's, price is above all MA's, 1 hour is about to close bullish and daily trend is up.
Attached Image (click to enlarge)
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Cap
  • #3,808
  • Feb 8, 2011 3:10am Feb 8, 2011 3:10am
Great trading Captain, good to have you here

I finally found a decent indicator that can draw your session highs and lows if anyone is interested. Made by hanover and is a very versatile little tool http://www.forexfactory.com/showthre...80#post4379980
  • #3,809
  • Feb 8, 2011 3:16am Feb 8, 2011 3:16am
Quoting Storeball
Great trading Captain, good to have you here

I finally found a decent indicator that can draw your session highs and lows if anyone is interested. Made by hanover and is a very versatile little tool http://www.forexfactory.com/showthre...80#post4379980

Hi Storeball
i didn't know u were looking for such indi...if u want i can send u mine.. it gives H/L of day (u have to set manually what u mean by "day") and daily pivots and it tells u quickly the actual daily range (that is forming), and the previous daily range in pips
I don't want a job, i want money!
  • #3,810
  • Feb 8, 2011 7:54am Feb 8, 2011 7:54am
Like most things in life, getting what you want, or doing something new, or being really honest with yourself, is typically very, very hard for first timers, but then... it becomes patently, ridiculously, absurdly and preposterously EASY for the rest of eternity.

I'd say do it right, nail it, whatever it takes, because "easy" is good, and eternity is long.

Comprende?

The Universe
Good Trading To All ; Ken Lee
  • #3,811
  • Feb 8, 2011 7:59am Feb 8, 2011 7:59am
Quoting Buildcity
So how big of your screen then for this desktop setup, a 50" LCD?

Yes, it get bored to watch those pairs over hours, do some other stuff to relax.

Cheers
Eric.

Happy trading Ken and all.
It is actually 3, 20" or 19" monitors, two behind and to the side of first are oriented vertically ( up and down) but when I push PRT/SC this is how it saves all the screens in my mouse.

I normally crop the chart I want and that is how I post on thread.

A huge lcd or led monitor would be nice also. If I ever get a OFFICE . I would love big screens on a wall across the room from my desk that could show loads of data at a single glance left.
Good Trading To All ; Ken Lee
  • #3,812
  • Feb 8, 2011 9:15am Feb 8, 2011 9:15am
Quoting Storeball
Great trading Captain, good to have you here

I finally found a decent indicator that can draw your session highs and lows if anyone is interested. Made by hanover and is a very versatile little tool http://www.forexfactory.com/showthre...80#post4379980
Thanks Storeball!
Cap
  • #3,813
  • Feb 8, 2011 10:44am Feb 8, 2011 10:44am
Quoting Kenneth Lee
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.
Good thoughts there. Am right there watching it happening to me. I think Trading in the "zone" is what we are looking for. Trading on Auto-pilot. Those beautiful days when we know whats happening and keep clicking right buttons and keep making money without even a trace of emotions. Anyone who has experienced it ever will surely fight long and hard to achieve it as a routine.
Making money is easy- Just dont take losing trades
  • #3,814
  • Feb 8, 2011 6:56pm Feb 8, 2011 6:56pm
Having trouble with entrys in a profitable spot.

First trade I did last night was a 1:00 off the right sholder of the inverted shampoo. I got up 8 pips only to be taken out by a 36 pip death candle at london open. I was trading away from Ma's and with the trend.

tryed another few entrys during the night.. all went bad as suprise news about china raising interst rates.. then was mostly range bound.

I put a pending at S1 for a long. thats my next area of interest.

Any advice to finding better entrys that I can profit off of would be good.
I keep taking bad trade after bad trade. And loose a lot more then i win.

http://my.jetscreenshot.com/5685/201...agtl-137kb.jpg
The only system that will work is one designed by and for yourself.
  • #3,815
  • Feb 8, 2011 7:47pm Feb 8, 2011 7:47pm
Quoting bloodpoodle
Having trouble with entrys in a profitable spot.

First trade I did last night was a 1:00 off the right sholder...
I'd be glad to help you out, but I can't see the trade. Can you post your 15 minute chart zoomed in more with the candle highlighted that you took your trade from?
Cap
  • #3,816
  • Feb 8, 2011 7:58pm Feb 8, 2011 7:58pm
http://my.jetscreenshot.com/5685/20110209-0vlg-96kb.jpg

I took trade here.. had broken out of asian range.. 1:00 and above resistance. and with the trend.

my target was the R2 area.
The only system that will work is one designed by and for yourself.
  • #3,817
  • Feb 8, 2011 8:14pm Feb 8, 2011 8:14pm
Quoting bloodpoodle
http://my.jetscreenshot.com/5685/20110209-0vlg-96kb.jpg

I took trade here.. had broken out of asian range.. 1:00 and above resistance. and with the trend.

my target was the R2 area.

Here is my take. The entry was great, and had I been around I probably would have taken it as well. It is a clear break out trade of the pattern shown below on my H1 chart.

Note the bearish candles on my H1 - 3 in a row. As these printed I probably would have exited the trade. Based on those 3 candles, and the fact that it was a clear breakout yet price was having a very tough time heading North would have made me nervous and either I would have closed or put my SL to BE. Sometimes shit just happens, and trades don't do what you expect. All part of the game.

Hope this helps, great initial trade though, it sounds like you are on the right track. One thing I can suggest is to make sure your trendlines are drawn accurately. In your 15 minute chart you posted, you have the lines above the price, but as shown on my H1, we were in fact above the trendline.

Cheers
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Cap
  • #3,818
  • Feb 8, 2011 11:26pm Feb 8, 2011 11:26pm
http://www.chartpatterns.com/headandshoulders.htm
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Good Trading To All ; Ken Lee
  • #3,819
  • Feb 8, 2011 11:29pm Feb 8, 2011 11:29pm
A false breakout as the head is a nice bit of price action. followed by a shallower push fro the right shoulder , really shows the buyers are waning.
Good Trading To All ; Ken Lee
  • #3,820
  • Feb 8, 2011 11:39pm Feb 8, 2011 11:39pm
a revisit to the e/u I posted yesterday. But now with the results.
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Good Trading To All ; Ken Lee
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