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Ken's Continuing Successes with EO's system

  • #3,861
  • Feb 21, 2011 7:25pm Feb 21, 2011 7:25pm
Quoting Kenneth Lee
Nice chart ,, Thanks for your input and views . spot on as well..Ken


Here is a quick scalp i took off a e/j daily line for 37 , Anything that was moving that fast is , to me anyway just a oddity so I get what I can . Sometimes your right like this one other times you leave some on the table.
Did you notice on the above chart how the price spiked above the white s/r line. then closed below and price did finally come down to the next line.

I was out at the grocery store at the time , No news release was scheduled must be the oil thing making a impact.
Good Trading To All ; Ken Lee
  • #3,862
  • Feb 21, 2011 9:01pm Feb 21, 2011 9:01pm
Quoting Kenneth Lee
Here is a quick scalp i took off a e/j daily line for 37 , Anything that was moving that fast is , to me anyway just a oddity so I get what I can . Sometimes your right like this one other times you leave some on the table.
Very brave you are, I missed the 1st rebound from daily line but traded the 2nd rebound for quick 15p. (but the 1st one is usually more prowerful than the 2nd).

Still dont know what's happening but almost all pairs GB / Euro / Jap moving the same at that moment
  • #3,863
  • Feb 21, 2011 9:16pm Feb 21, 2011 9:16pm
Quoting Buildcity
Very brave you are, I missed the 1st rebound from daily line but traded the 2nd rebound for quick 15p. (but the 1st one is usually more prowerful than the 2nd).

Still dont know what's happening but almost all pairs GB / Euro / Jap moving the same at that moment
It is the same idea of trading as close to my stop as I can . I took the same trade on e/u off the 50% fib and closed it with 1 pip, so they don't always workout. But a major area of concern whether it be a major fib ( Trading Zone) line or a S/R - PPA line off a higher frame chart . The only lines on my chart are Daily (red) and 4 hr (white) almost always provide a decent bounce . Plus it is where price will find its top or bottom.

If you get it right you can be in for a decent ride. It was just luck that either some profit taking or what Took place , and I choose to close it when I did.
Good Trading To All ; Ken Lee
  • #3,864
  • Feb 21, 2011 9:36pm Feb 21, 2011 9:36pm
Quoting Kenneth Lee
It is the same idea of trading as close to my stop as I can . I took the same trade on e/u off the 50% fib and closed it with 1 pip, so they don't always workout. But a major area of concern whether it be a major fib ( Trading Zone) line or a S/R - PPA line off a higher frame chart . The only lines on...
Hey Ken,

Thks for the idea to put different colors for daily & H4's s/r levels that you mentioned couple of days before. I did follow the same and a better overall picture I can see it now. In last 2 weeks I really no need to add any additional lines but those existing lines are all working fine.

After all my daily charts seems quite messy (with many lines around), ok for M15 play though

Trade well
Eric
  • #3,865
  • Feb 22, 2011 4:38am Feb 22, 2011 4:38am
Quoting Kenneth Lee
Did you notice on the above chart how the price spiked above the white s/r line. then closed below and price did finally come down to the next line.

I was out at the grocery store at the time , No news release was scheduled must be the oil thing making a impact.
Hey nice scalp, great sense and timing.

And yes close below that s/r line and later pullback and test was something beautiful.
Missed it because mainly i`m watching 1h candle close , but with momentum like that 15m tf could put us in right area.
  • #3,866
  • Feb 22, 2011 9:14am Feb 22, 2011 9:14am
Hey guys, great charts! Here's a long I just took a few minutes ago on A/U. The 15M chart is first, it shows the entry at 1.0009 which was the Asian low (dashed pink line) that price couldn't hold below. The 4H chart shows the reason I am willing to hold on to this trade for a little longer then normal to see how it plays out. I would not be surprised if it can't break 1.004X on the first try and I have to re-enter once, but all we can do is enter and cover.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AU 15M.png Size: 32 KB
Click to Enlarge Name: AU 4H.png Size: 29 KB
  • #3,867
  • Feb 22, 2011 10:29am Feb 22, 2011 10:29am
Quoting dr mongolia
Hey guys, great charts! Here's a long I just took a few minutes ago on A/U. The 15M chart is first, it shows the entry at 1.0009 which was the Asian low (dashed pink line) that price couldn't hold below. The 4H chart shows the reason I am willing to hold on to this trade for a little longer then normal to see how it plays out. I would not be surprised if it can't break 1.004X on the first try and I have to re-enter once, but all we can do is enter and cover.

I had called a short on OZ and U/J as the best options I saw this am. To my sister, The A/D had such a tight retrace, thought more downside and the U/J was sitting in the zone. I tried a short on the gbp but took it to soon on the 50Fib so had some draw down and bailed to soon with only a few.


[8:58 AM] Kenneth Lee:

<<< tight retrace on OZ could mean more downside and U/J looks to be in the trading zone— Kenneth Lee, Today 8:58 AM
Good Trading To All ; Ken Lee
  • #3,868
  • Feb 22, 2011 10:31am Feb 22, 2011 10:31am
but was based on 15 minute just for entries.
if $1.00 holds on oz who knows. Plus how will the Earthguack in NZ affect OZ.
Good Trading To All ; Ken Lee
  • #3,869
  • Feb 22, 2011 10:46am Feb 22, 2011 10:46am
Yeah my long hit BE, didn't take any profit on it -- the PA a few candles ago tipped us off pretty well to an upcoming short opportunity, we had those 2 wicks right below the 50, then a flattop that closed across the 50 but at the same price as the 2 wicks, then the bear candle that tried to go higher but closed below the 50. I didn't take it, just covered my long instead, I haven't gotten completely used to trading against myself yet. I did get the short scalp from the doji/pin that closed at 1.0035 earlier. AU has been giving some really good PA on the 15M lately.
  • #3,870
  • Feb 22, 2011 5:08pm Feb 22, 2011 5:08pm
Something that Infinity used and talked about in his posts - simple trendline....
http://www.forexfactory.com/attachme...1&d=1298415926
It's a dirty job but someone's gotta do it!
  • #3,871
  • Feb 22, 2011 5:19pm Feb 22, 2011 5:19pm
Quoting LaBoca
Something that Infinity used and talked about in his posts - simple trendline....
http://www.forexfactory.com/attachme...1&d=1298415926
Yep a trend-line that has confluence is a very good , spot, Actually any line is a good tool

The whole point is what do your see clearly as a line in the sand or on the chart to affect price. I don't use trendlines to much but the points they connect to are our s/r -ppa line extremes. I PERSONALLY see those easier as I have trained myself to look for them all the time.

Plus like fib levels after a bit of screen time you can see the edge of price angling down or up.

But yes a simple trend-line is as good or better than most indicators.

Nice seeing you drop by, Hope your doing well Ken
Good Trading To All ; Ken Lee
  • #3,872
  • Feb 25, 2011 10:22am Feb 25, 2011 10:22am
Trade i took last night it shook me off a bit early , but I had been up to long and at the Time PA wasn't convincing a bit later the best Price action for the short showed itself.
Attached Image (click to enlarge)
Click to Enlarge Name: Friday.JPG Size: 244 KB
Good Trading To All ; Ken Lee
  • #3,873
  • Feb 25, 2011 11:32am Feb 25, 2011 11:32am
Quoting Kenneth Lee
Trade i took last night it shook me off a bit early , but I had been up to long and at the Time PA wasn't convincing a bit later the best Price action for the short showed itself.

Hi Ken

I always appreciate your analysis.

I am in the midst of an overloaded work load so trading has been limited. Figure I will be back at it big time in a couple of weeks. Planning on setting myself up with multiple monitors as well. This will help me a lot when it comes to watching more than one pair.

Trade safe all

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #3,874
  • Feb 25, 2011 1:12pm Feb 25, 2011 1:12pm
Quoting Kenneth Lee
Trade i took last night it shook me off a bit early , but I had been up to long and at the Time PA wasn't convincing a bit later the best Price action for the short showed itself.

You also have to keep in mind that the white line , where price is consolidating on was a PREDETERMINED area that was drawn off previous price action where price had turned before. That is one thing I can not really help you with if you don't have some ideas where areas of interest may be , you are missing one of the single best trading tools. the best entry was a retest of that line as well as confluence . lower high after a lower low retest, 35/50 reverse trade.

The red line below would have been the TP target for a adjustment or take all being Friday. it has come back and retested the bottom of that line now as well.

Everyone have a great weekend . Ken
Good Trading To All ; Ken Lee
  • #3,875
  • Feb 27, 2011 5:35pm Feb 27, 2011 5:35pm
Quoting Kenneth Lee
Yep a trend-line that has confluence is a very good , spot, Actually any line is a good tool...

Nice seeing you drop by, Hope your doing well Ken
Thanks Ken and yes i'm doing well.

Not much time but always try to keep up with yours, Azim's and Pipeasy's threads as I find these very valuable for learning.

So keep up the good work and have a great trading week.
It's a dirty job but someone's gotta do it!
  • #3,876
  • Mar 4, 2011 9:34am Mar 4, 2011 9:34am
Hey guys, popping in to check the thread. I've been focusing more and more on the charts lately so I haven't had as much time as I still have business obligations as well. Here's a quick scalp from earlier; this is a 4H chart of A/U. The intersection of the 50% fib, neckline, and 150SMA is circled in red. PA printed a rejection pin on the 15M which was my signal to enter after it closed. The candle that WASN'T printed on the 15M is just as important to me as the candle that WAS printed on these-- after a big bearish momentum candle during the NY/London overlap I am looking for another bearish candle to signal that the trend/momentum will continue, but that didn't happen. Instead we get a rejection candle with a very small body, off of an area that we should already be watching.
Attached Image (click to enlarge)
Click to Enlarge Name: USD Spot.png Size: 33 KB
  • #3,877
  • Mar 6, 2011 3:29am Mar 6, 2011 3:29am
Hi Kenneth and everyone,

I have been lurking around this thread and EO thread for sometimes. I like the way you ppl interpret price actions. But I do not like using moving averages on my chart. So I will try to tweak this system abit and trade it using my own way. I will like to discuss and exchange ideas with you ppl if you dun mind that I trade the system my own way.
  • #3,878
  • Mar 6, 2011 9:34am Mar 6, 2011 9:34am
Quoting Ray_1
Hi Kenneth and everyone,

I have been lurking around this thread and EO thread for sometimes. I like the way you ppl interpret price actions. But I do not like using moving averages on my chart. So I will try to tweak this system abit and trade it using my own way. I will like to discuss and exchange ideas with you ppl if you dun mind that I trade the system my own way.

I am all about each person finding what suits them and move forward from there. I might suggest that you open a chart on the pair you trade the most and after a week or so of trading , Go back and compare the trades your taking off whatever your using and see if the MA's could either have alerted you to the possibility of a trade or Maybe they were spot on your entry and TP points. If you find their of no value I as you said wouldn't clutter my chart with them.

I was a naked chart guy myself when i found EO's thread and it took about a month for me to come to grips with the idea that they were of value . If nothing else when I flip through my charts they give me a instant visual that maybe I should look at a area for a possible trade. Some times without a bit of a kick in the butt, we miss things that later are clear as can be.

Feel free to discuss your trading thoughts here but we try and limit it to as close to pure price action as possible with very view indicators. Mainly use just a few tools. Fibs , Pivots, and such

Hope your trading is going as you plan , Ken
Good Trading To All ; Ken Lee
  • #3,879
  • Edited 5:42pm Mar 6, 2011 4:18pm | Edited 5:42pm
A trade i took last week....

http://www.forexfactory.com/attachme...1&d=1299454882

In the past i would have seen the prev day's pin bar and would have automatically gone south. But the htf was north so waited for the retrace - i did not get the tight entry as when I logged on in the morning the 1H had just completed. My first target was the prev day's high but i chickened out and settled for 60pips...

Here's to a happy trading week!
Attached Image
It's a dirty job but someone's gotta do it!
  • #3,880
  • Mar 6, 2011 5:59pm Mar 6, 2011 5:59pm
Ken or Anyone else,

How do you attach images so they show up as 'attached thumbnails'?

Thanks and advance!
It's a dirty job but someone's gotta do it!
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