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Ken's Continuing Successes with EO's system

  • #3,901
  • Mar 15, 2011 6:42am Mar 15, 2011 6:42am
I can't convince people that those lines are already on my charts nor would I even care to, But without them I consider myself blind.

If your not drawing major levels on your charts your missing the best tool you have, price doesn't play off those lines because they are on your chart ,

They play off them because for some reason those levels have been important to some traders in the past and there is reason to think that they MAY be important today as well.

Even if they break there is always that doubt when they are approached, which offers us a scalping opportunity at the very least.
Good Trading To All ; Ken Lee
  • #3,902
  • Mar 15, 2011 6:57am Mar 15, 2011 6:57am
See how the lines are a great help
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Good Trading To All ; Ken Lee
  • #3,903
  • Mar 15, 2011 1:59pm Mar 15, 2011 1:59pm
Hey guys just checking the thread. Here's a chart to think about, U/CAD 15M. If you put some session lines on your charts you'll notice that it's rare for price to trend strongly in the same direction for 3 sessions in a row, and when it does you tend to see some of the same PA that will give you a heads up. We don't know if it will be a true reversal or just a retrace but either way we can get in, cover, and let PA tell us when to get out. Anyway, U/CAD 15M, price trends upward strongly during Asia and London and then gives us the huge red pin that closes inside the body of the previous momentum candle, right around the US open. That's our signal to go short or reverse our long.

The same thing happened today on 5 out of the 6 pairs I trade (price trended strongly during asia/london, then reversed right around US open) but I only took the u/cad trade.. trying to keep things simple lately and it was the cleanest setup, if I can get away with 1 trade per day that's what I prefer right now.
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  • #3,904
  • Mar 15, 2011 3:27pm Mar 15, 2011 3:27pm
Quoting dr mongolia
Hey guys just checking the thread. Here's a chart to think about, U/CAD 15M. If you put some session lines on your charts you'll notice that it's rare for price to trend strongly in the same direction for 3 sessions in a row, and when it does you tend to see some of the same PA that will give you a heads up. We don't know if it will be a true reversal or just a retrace but either way we can get in, cover, and let PA tell us when to get out. Anyway, U/CAD 15M, price trends upward strongly during Asia and London and then gives us the huge red pin...
Very sweet pin doc!

What was your stop for this trade?
  • #3,905
  • Mar 15, 2011 3:57pm Mar 15, 2011 3:57pm
SL went a few pips above the last green candle before the pin, if it goes any higher then that I want to reenter up the wick. Too big for me to put the SL above the top but if you use bigger stops that would be the best place for it.
  • #3,906
  • Mar 16, 2011 2:41am Mar 16, 2011 2:41am
Quoting dr mongolia
SL went a few pips above the last green candle before the pin, if it goes any higher then that I want to reenter up the wick. Too big for me to put the SL above the top but if you use bigger stops that would be the best place for it.
Cheers fella. It did have me wondering as a stop behind the pin would have been 30+ and certainly too big for my tastes. Interesting idea putting it behind the last bullish candle though.
  • #3,907
  • Mar 16, 2011 5:41am Mar 16, 2011 5:41am
I didn't trade this am I was up till almost midnight
but here are a few observations
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Good Trading To All ; Ken Lee
  • #3,908
  • Mar 16, 2011 10:24am Mar 16, 2011 10:24am
hope some got that almost perfect short on OZ or E/U before that news came out
61.8 fib on OZ right after a lower low and lower high

That is like a neon sign saying Money
Good Trading To All ; Ken Lee
  • #3,909
  • Mar 16, 2011 10:42am Mar 16, 2011 10:42am
chart
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Good Trading To All ; Ken Lee
  • #3,910
  • Mar 16, 2011 11:46am Mar 16, 2011 11:46am
[12:34:23 PM] Kenneth Lee: [12:33 PM] Kenneth Lee:

<<< took another 25 off a long from the bottom of the OZ
in at 9840 fib extension i have there closed at 10ema
Good Trading To All ; Ken Lee
  • #3,911
  • Mar 16, 2011 3:09pm Mar 16, 2011 3:09pm
Hey, here's an entry from earlier, 15M U/CAD, it's a retest entry from the same trade I took yesterday. It hasn't completed yet but it's looking decent so far. I like retests when the prior PA was strong and we had a lot of sellers (or buyers, in the case of a long) jump in quickly on the way down. Here you can see that we didn't get a 15m close back across the 10ema or even the 5 for quite a while. When PA got back in the area you can see it start to struggle on the way up, and then we get good reversal PA right inside the wick of the PPA that we are watching.

Ken has a lot of great PPA/retest examples on the thread, EO has some good ones on the old thread as well.
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  • #3,912
  • Mar 18, 2011 9:48am Mar 18, 2011 9:48am
here is a chart outlining some of the thoughts that run through my head as I am looking for ENTRIES , This is the idea entry after price has tested a MAJOR Level like that 50% line . You can play it safer by waiting for the first change on the 15 showing the first turn happening.
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Good Trading To All ; Ken Lee
  • #3,913
  • Mar 18, 2011 9:50am Mar 18, 2011 9:50am
That isn't the best chart as the Intervention by BOJ and G7 happened right after that made a higher high why the next candle had big wicks both ways. But did workout
Good Trading To All ; Ken Lee
  • #3,914
  • Mar 19, 2011 1:41am Mar 19, 2011 1:41am
I'm writing my trading plan. Have had a lot of luck with shampoo and double top/bottoms. So i included those... I really like these as I have a price target when I set them.

thinking about adding tweezer tops and hangman trades also..

I would like to add a few more trades to my plan...

What are you guys favorites trades to take?
The only system that will work is one designed by and for yourself.
  • #3,915
  • Mar 19, 2011 7:25am Mar 19, 2011 7:25am
Quoting bloodpoodle
I'm writing my trading plan. Have had a lot of luck with shampoo and double top/bottoms. So i included those... I really like these as I have a price target when I set them.

thinking about adding tweezer tops and hangman trades also..

I would like to add a few more trades to my plan...

What are you guys favorites trades to take?
Some of the safest trades to take and ones that are pretty plentiful are the 1 and 5 O'clock trades they happen after a confirmation that price has turned
or when price breaks through some area of interest, They allow us to get in to trades we might not be able to enter due to time issues , So they should definitely be in the tool box.

All the trade entry signal are good but in the beginning it is normally hard for most people to determine that they are in the proper location within the price movement, So be careful not to confuse one with another .

That is why most just pick one or two and learn them very well then add to that as they start to really see how price moves through its cycles.

Good luck with your plan . I jsut woke up I will post some examples of 1 and 5 O'Clock trades later and the reasoningn behind them.

Hope everyone is enjoying their weekend . Cheers Ken
Good Trading To All ; Ken Lee
  • #3,916
  • Mar 19, 2011 9:35am Mar 19, 2011 9:35am
Sorry a friend from Boston , Showed up so off to the park for the day , Charts later promise , Cheers.


http://www.bahiahondapark.com/guests-photo-gallery.cfm
Good Trading To All ; Ken Lee
  • #3,917
  • Mar 19, 2011 9:35am Mar 19, 2011 9:35am
Ken,I absolutely agree with you that 1 and 5 o'clock so powerful for entry,low risk and high probabillity.
  • #3,918
  • Edited 11:40am Mar 19, 2011 11:20am | Edited 11:40am
I created a little program for personal use.. calculates what size of lots you should be trading. No guarentee's on its performance or that its bug free... but i'll upload it for anybody who wants to use it. I made it for USD accounts but can be used for any I think. It dosn't account for spread, so you will have to figure that in.
http://my.jetscreenshot.com/5685/20110319-fttq-13kb.jpg

Also i found a Tick-value.mq4 indicator for mt4 to tell you how much each pip is worth at 1 lot. You should be able to find it doing a search of the web if your interested.
Attached File(s)
File Type: zip trade calculator.zip   208 KB | 645 downloads
The only system that will work is one designed by and for yourself.
  • #3,919
  • Mar 19, 2011 11:47am Mar 19, 2011 11:47am
I'll add in the 1's and 5's on my trading plan too after a little more practice with them. I have been brushing up on my PA skills and getting good at predicting where price is going next. 1's and 5's would be a good way to jump on the train if its already left the station.
The only system that will work is one designed by and for yourself.
  • #3,920
  • Mar 20, 2011 12:10pm Mar 20, 2011 12:10pm
chart
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Good Trading To All ; Ken Lee
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