Ken's Continuing Successes with EO's system | Page 203 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The System Behind the System, by Merlin Jeffries 16 replies

FX Trading Journal & Continuing Education (warrensapp) 2 replies

Continuing Direction following new Daily Low or High at Close 5 replies

Just basic question on trading successes 10 replies

Would you trade this system? New system #2. 10 replies

Attachments: Ken's Continuing Successes with EO's system
Exit Attachments

Ken's Continuing Successes with EO's system

  • #4,041
  • Apr 11, 2011 11:50am Apr 11, 2011 11:50am
Quoting Poke
Hey guys,...
1 and 5 O'clock trades are taken as TOUCH trades , This means when the price touches the MA area , ( at times the MA's are moving away from price as it approaches because the fast MA's move quick ).

So you may actually take the trade where the MA"s were. The best and most successful entries are of course where confluence exist. This means if you have seen where price has made a breakout and now a retest of a LINE it can be a S/R PPA line a session high or low the Asian is a common one that is used at Frankfurt and London open. In a strong trend it can just be a quick retrace caused by some profit taking .

The most important thing about these trades is the fact that we can use a tight stop which equates into low risk trades which is our favorite type also it can get us into a new trend as price crosses over itself.

Crap forgot your question

Yes it doesn't require a lot of thought to takes these trades what it takes is a bit of courage at most times your entering the opposite direction of a candles direction. Which is what most find hard to do. Kinda liking falling backwards trusting someone is back there to keep you from hitting the floor.

Bust as you progress you find that taking trades AWAY from the MA's is normally the proper move in any case. Long above and Short below. Even if they are the wrong trades they tend to be forgiving giving us time to exit with little or no damage.

Cheers Ken


In the 1 o'clock trade below the entry would be when the circled price touches that 5 ema and then starts pulling back. so the candle would be solid RED ,
Attached Image (click to enlarge)
Click to Enlarge Name: Monday.jpg Size: 207 KB
Good Trading To All ; Ken Lee
  • #4,042
  • Apr 11, 2011 12:03pm Apr 11, 2011 12:03pm
Another thought about the 1 and 5 O'clock trade is normally when they appear it is after price as finished messing about at the open of a session and is finally settling into a direction . Which is one reason I tend to think they are one of the safest trades to take .

We aren't getting fooled by a stop run or whatever. we see a lot of times price push past a top or bottom to a new low or high for just a bit. Either as a stop run or bigger traders needing to go there to fill their massive orders has to be a willing other side to fill a order. They hell we all know where stops are which is the opposite side of a order.

Then it will pull back CROSS the area where price was consolidating between sessions and head the other direction the 1 or 5 o'clock trade after that cross is a very safe entry most of the time and even can get you a decent entry.

If you entered right at the cross you can see some gains then see them start to dwindling as the 1 o'clock trade forms . Because price has to retrace to get that trade entry. It is learning to see and understand what price is doing that will make us some of the best traders out here.

To many focus on trying to see just entry signals and never truly learn to understand what is causing them to appear. Once you start seeing the total picture it becomes easier to take all the different trades.

But never rush yourself, if you can't clearly see or understand certain trades it is best to leave them alone till you do. Just focus on one or two and learn them well and you will start to see them all in time .

Because in reality one trade just leads into another .
Good Trading To All ; Ken Lee
  • #4,043
  • Apr 11, 2011 12:33pm Apr 11, 2011 12:33pm
Cheers Ken,

Regarding that trade, would that pin bar (sorry if i call them pin bars but the very first thing i read on Forex was the James16 thread) cause concern since it hit a Big Round Number or would yesterdays highs override? that concern.

Also i keep forgetting about session high and lows (so much to think about when you first start).......something else aswell, do you take o'clock trades off 15 min s/r aswell as 1 hr i only ask because at the moment im using 4hr and daily s/r and as you can expect price hits it then reverses most of the time.

(Brain fart...cant remember my other questions i was going to ask, will have to post later when i remember them)

Anyway thanks for the help
  • #4,044
  • Apr 11, 2011 1:28pm Apr 11, 2011 1:28pm
Quoting The Captain
Trotty, would you mind directing me to the info you are talking about?
I've PM'd you as I didn't know if Ken would want me polluting his thread with this stuff.
  • #4,045
  • Apr 11, 2011 11:19pm Apr 11, 2011 11:19pm
Quoting Poke
Cheers Ken,

Regarding that trade, would that pin bar (sorry if i call them pin bars but the very first thing i read on Forex was the James16 thread) cause concern since it hit a Big Round Number or would yesterdays highs override? that concern.

Also i keep forgetting about session high and lows (so much to think about when you first start).......something else aswell, do you take o'clock trades off 15 min s/r aswell as 1 hr i only ask because at the moment im using 4hr and daily s/r and as you can expect price hits it then reverses most...
All the entries with exception of the 1 hr 62 ema touch trade which is on the 1 hr. are based on the 15 minute chart. The reasoning is to keep risk to as small as we can.

The big number a fade trade is one part that helped move the price back down to allow us to get a entry from that PPA line. There is a stand alone trading idea that is a scalpers for almost always a few is fading zeros. But it is something different. But can and does help move the price back .

yes there is a lot of information to try and remember this is why it takes time to get really good at seeing everything , But with time you will start to see how all the parts fit together to provide a usable picture with a definite and tradeable price Action. With nuances that repeat over and over with surprising results. The number obstacle for most is the overcoming of our own predisposition and believes that it can't be so easy to just SEE the same patterns lay out before us.
Attached Image (click to enlarge)
Click to Enlarge Name: Monday.jpg Size: 217 KB
Good Trading To All ; Ken Lee
  • #4,046
  • Apr 11, 2011 11:23pm Apr 11, 2011 11:23pm
Quoting Trotty
I've PM'd you as I didn't know if Ken would want me polluting his thread with this stuff.
If you want to share with all I have no issue with it . But I am not sure i personally know anything about it. So answering queries may fall to others.
Good Trading To All ; Ken Lee
  • #4,047
  • Apr 12, 2011 4:17am Apr 12, 2011 4:17am
Quoting Kenneth Lee
If you want to share with all I have no issue with it . But I am not sure i personally know anything about it. So answering queries may fall to others.
Thanks Ken.

If people are interested, it's really the basic principles of recognising where buyers and sellers are likely to be gathered. There are a few threads knocking around on FF regarding supply and demand but they are all rooted in the plethora of Sam Seiden webinars available for free around the net. here are quite a few:

http://www.fxstreet.com/search/contr...1-e9bf77216d2f

In no way does it revolutionise one's trading but it does help to give a clearer view on the market and helps me make cleaner entries. Hope it helps someone.
  • #4,048
  • Edited 5:40am Apr 12, 2011 5:25am | Edited 5:40am
Quoting Trotty
Thanks Ken.

If people are interested, it's really the basic principles of recognising where buyers and sellers are likely to be gathered....
http://www.fxstreet.com/webinars/ses...3-13d3a6771192

Funny I was watching this webinar and all I could see is the relationship between buying at those levels and our 1 or 5 O'clock trades, A pullback to the top or bottom of a S/D Zone. It is always amazing how much of trading is the same know matter what we choose to look at for our decisions to enter.

Just to throw something out here. I have been trying to teach my sister to trade as she had a baby and wants to try and stay home with the little Monster , Oh I mean darling.

I kept seeing her take the trades at the worst spots . So one thing I told her was to just look at the candles and just look to see the color of the majority and the size of them. Then think which direction based off just that would be the best way to take the trade ? I told her let the baby trade if there are more and bigger GREEN look for a long , if there is more and longer REDS a short .

That along with never buy a top or sell a low, Should be all we ever need to trade.

Thanks for sharing the link .
Good Trading To All ; Ken Lee
  • #4,049
  • Apr 12, 2011 10:41am Apr 12, 2011 10:41am
chart s/d and MA trading combined
Attached Image (click to enlarge)
Click to Enlarge Name: Monday b.JPG Size: 91 KB
Good Trading To All ; Ken Lee
  • #4,050
  • Apr 12, 2011 10:45am Apr 12, 2011 10:45am
The reason I can tell that those are the possibilities as with price moving sideways with just a little upward movement the MA's have time to close in on the price. The faster emas will close first forming the 1 :00 trade. The second B is clearly around a 50% retrace and the 35/50 will have had time to aproach the price by then .

And the third C I am not sure but think it would be worth watching for a 62 ema trade in this area.

The chart is from those webinars.

Everything is the same just different . ken
Good Trading To All ; Ken Lee
  • #4,051
  • Apr 12, 2011 10:49am Apr 12, 2011 10:49am
Quoting Kenneth Lee
Just to throw something out here. I have been trying to teach my sister to trade as she had a baby and wants to try and stay home with the little Monster , Oh I mean darling.


Quoting Kenneth Lee
I kept seeing her take the trades at the worst spots . So one thing I told her was to just look at the candles and just look to see the color of the majority and the size of them. Then think which direction based off just that would be the best way to take the trade ? I told her let the baby trade if there are more and bigger GREEN look for a long , if there is more and longer REDS a short .

That along with never buy a top or sell a low, Should be all we ever need to trade.
Yeah it's funny how complicated we can make it sometimes, when really to trade continuations and retracements this is all we ever need to know.
  • #4,052
  • Apr 12, 2011 10:54am Apr 12, 2011 10:54am
Quoting Storeball
Another key thing it does is it basically takes a lot of the pressure out of having to trade with a really high winning percentage. Im not quite sure what my personal win percentage is, but as an esstimate I wouldnt be suprised if out of 10 trades I take I might just end up with profiting on around 3-4 depending upon the setup. I still manage to make some nice pippage in a week.


I think for most people this is probably the best way to trade. Then maybe add in some 70-80% scalp setups for the slower days and you're unstoppable.
  • #4,053
  • Apr 12, 2011 10:55am Apr 12, 2011 10:55am
Quoting Kenneth Lee
http://www.fxstreet.com/webinars/ses...3-13d3a6771192

Funny I was watching this webinar and all I could see is the relationship between buying at those levels and our 1 or 5 O'clock trades, A pullback to the top or bottom of a S/D Zone. It is always amazing how much of trading is the same know matter what we choose to look at for our decisions to enter.

Just to throw something out here. I have been trying to teach my sister to trade as she had a baby and wants to try and stay home with the little...
Bang on Ken!

It's exactly what's been in my mind when watching the webinars. It's so complimentary to what we have, maybe for someone with your experience maybe even superfluous but for me, it's given some really nice confirmation when entering that I am indeed entering where I need to enter.

Out of interest, has that advice of yours made the right changes with your sis?
  • #4,054
  • Apr 12, 2011 11:05am Apr 12, 2011 11:05am
Quoting Trotty
Bang on Ken!

It's exactly what's been in my mind when watching the webinars. It's so complimentary to what we have, maybe for someone with your experience maybe even superfluous but for me, it's given some really nice confirmation when entering that I am indeed entering where I need to enter.

Out of interest, has that advice of yours made the right changes with your sis?
To soon to tell, She doesn't have a lot of time to trade, Her baby is only a few months old so no set schedule yet with sleeping and eating.
Good Trading To All ; Ken Lee
  • #4,055
  • Apr 12, 2011 11:08am Apr 12, 2011 11:08am
grabbed a quick 45 off e/j off that S/D to the left . Long . I will post a chart
Attached Image (click to enlarge)
Click to Enlarge Name: Monday c.jpg Size: 207 KB
Good Trading To All ; Ken Lee
  • #4,056
  • Apr 12, 2011 11:10am Apr 12, 2011 11:10am
Quoting Trotty
It compliments the EO/Ken approach perfectly and just helps you make much more sense of the charts.
I like some of that stuff a lot as well. The Sam Seiden stuff made me want to pound my head into a wall (the webinars were so slow moving) but the threads on FF have some really great advanced material on sizing up PPA, etc.
  • #4,057
  • Apr 12, 2011 11:18am Apr 12, 2011 11:18am
Quoting Kenneth Lee
To soon to tell, She doesn't have a lot of time to trade, Her baby is only a few months old so no set schedule yet with sleeping and eating.
Can imagine juggling the two being a fair old challenge (not advocating juggling babies by the way!). I'm sure with your guidance she'll get there Ken.
  • #4,058
  • Apr 12, 2011 11:37am Apr 12, 2011 11:37am
Quoting dr mongolia


I think for most people this is probably the best way to trade. Then maybe add in some 70-80% scalp setups for the slower days and you're unstoppable.
Hey whatsup doctor! Your still baking in the sun over the pond?

I definitely think so. Going for about a 3:1 in risk reward doesnt mean either that you have to go for 60+ pips each trade, what im doing alot lately especially when my trigger is a candlestick pattern, im just simply more patient in waiting for a retracement up the candle, and if I miss the trade I miss the trade, no biggie. But when you can get in with a stop loss of 10 pips or less going for 3:1 RR isnt the hardest play in the world. I do this alot with trades taken of the 200 and 50 ema. I see The Captain is also taking alot of trades similar like that. All standard stuff basically, but its easy to get caught up in having a high win rate when having a good risk:reward is just as important, if not more imo.
  • #4,059
  • Apr 12, 2011 11:41am Apr 12, 2011 11:41am
Quoting dr mongolia
I like some of that stuff a lot as well. The Sam Seiden stuff made me want to pound my head into a wall (the webinars were so slow moving) but the threads on FF have some really great advanced material on sizing up PPA, etc.
LOL!

I know exactly what you mean about the webinars but the principles in there are great and very useful to know. You can pick it all up from the threads though, of course.

Hope you're still creaming the markets Doc
  • #4,060
  • Apr 12, 2011 11:48am Apr 12, 2011 11:48am
Quoting Storeball
All standard stuff basically, but its easy to get caught up in having a high win rate when having a good risk:reward is just as important, if not more imo.
Yeah the tendency is always to post winning trades, so on some level you start getting the impression that everyone is hitting 90%+ . But of course, to make money, you just need to make money! Doesn't need to be fancy.
6 traders viewing now