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

  • #4,201
  • Edited 8:16am May 3, 2011 2:18am | Edited 8:16am
Took this trade on Ucad.. wish me luck... going agenst the trend is always difficult. Almost got stopped out twice at +1
actally looks like it may be inverted shampoo.. took 1/2 at +43 other 1/2 got stopped at 58

http://my.jetscreenshot.com/5685/20110503-almz-81kb.jpg
The only system that will work is one designed by and for yourself.
  • #4,202
  • May 3, 2011 5:11am May 3, 2011 5:11am
http://my.jetscreenshot.com/5685/20110503-slg9-58kb.jpginteresting weekly chart here!

http://http://my.jetscreenshot.com/5...-slg9-58kb.jpg
The only system that will work is one designed by and for yourself.
  • #4,203
  • May 3, 2011 11:43am May 3, 2011 11:43am
Hi Ken. Can you please explain what I have done wrong in this chart. My Entry and sl on the chart. Is it that my entry was early or my sl is close
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THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #4,204
  • May 3, 2011 1:10pm May 3, 2011 1:10pm
Quoting ejiexe
Hi Ken. Can you please explain what I have done wrong in this chart. My Entry and sl on the chart. Is it that my entry was early or my sl is close

Not a bad spot it did turn in this area . But your chart isn't showing the problem. It is that price didn't pop out of here it was a mess before. So I would incorporate that into my trade adjusting risk if need be, But look at it on the 4 hr and it really clears up the issue.

Another one that really makes you see the value of the higher time frames is the gbp/usd look at the breakout of the range then look at it on a daily chart. very clear,


I am not a expert with this style trading at all myself and also learning the details as well. But this is how I am seeing it.

Cheers, Trade well ken

Ps. I have been on the sidelines a good deal , as not sure how the news would effect everything . it stopped me on a few trades sunday so leaning towards the caution side. But seems to be working out .
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Good Trading To All ; Ken Lee
  • #4,205
  • May 3, 2011 1:19pm May 3, 2011 1:19pm
4 hr
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Good Trading To All ; Ken Lee
  • #4,206
  • May 4, 2011 12:23pm May 4, 2011 12:23pm
Quoting Kenneth Lee
4 hr
Thanks for the insight
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #4,207
  • Edited 10:10pm May 4, 2011 9:50pm | Edited 10:10pm
Quoting Kenneth Lee
4 hr
hi ken!

i have reattached your chart with some noting.
my query is:
why have you preferred wick 1 to wick 2 for drawing the lower line ?

thanks.
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  • #4,208
  • May 4, 2011 10:29pm May 4, 2011 10:29pm
Quoting pgd
hi ken!

i have reattached your chart with some noting.
my query is:
why have you preferred wick 1 to wick 2 for drawing the lower line ?

thanks.

Those are the lines I see off the 30 minute chart attached on Post 4204

This chart is just showing how the 4 hr can clean up some of the NOISE on the faster charts . But left the lines in the same place a as reference point.
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #4,209
  • May 4, 2011 10:35pm May 4, 2011 10:35pm
Quoting pgd
hi ken!

i have reattached your chart with some noting.
my query is:
why have you preferred wick 1 to wick 2 for drawing the lower line ?

thanks.
I picked that lower point as the levels were so close I see it more as a complete base bottom, Which is even more clear on the higher time frame charts.

But using just the 4 hr and higher charts , the areas can become very wide and if it fits your style you can use those alone . they are normally more clear.
Good Trading To All ; Ken Lee
  • #4,210
  • May 4, 2011 10:39pm May 4, 2011 10:39pm
Quoting Kenneth Lee
Those are the lines I see off the 30 minute chart attached on Post 4204

This chart is just showing how the 4 hr can clean up some of the NOISE on the faster charts . But left the lines in the same place a as reference point.
Thanks, Ken.

however, for clarity, in case the lines were drawn directly on an H4 chart, would the place i marked be the appropriate one?

thanks again.
  • #4,211
  • May 4, 2011 10:44pm May 4, 2011 10:44pm
Quoting pgd
Thanks, Ken.

however, for clarity, in case the lines were drawn directly on an H4 chart, would the place i marked be the appropriate one?

thanks again.
That would be fine but with that bottom wick being so close i would still place my stop beyond it , it just isn't that far away. The stuff I am studying from Sam Seiden , His placement of a stop is a HANDFUL of pips below the lower line so it is still a bit of a personal choice anyway.
Good Trading To All ; Ken Lee
  • #4,212
  • May 4, 2011 11:36pm May 4, 2011 11:36pm
Ken,

Please look at the attached AU chart. there are a bunch of ma's etc. on the chart which please ignore.

Long entry is taken as shown from D-area (green band).

Latest S-area is marked above (red band). that is a reasonable target, i suppose.

now, since here we are talking about PO's and touch trades, what will help us decide whether the marked S-area should be used to just exit or also enter a short?

Thanks.
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  • #4,213
  • May 5, 2011 12:54am May 5, 2011 12:54am
Quoting pgd
Ken,

Please look at the attached AU chart. there are a bunch of ma's etc. on the chart which please ignore.

Long entry is taken as shown from D-area (green band).

Latest S-area is marked above (red band). that is a reasonable target, i suppose.

now, since here we are talking about PO's and touch trades, what will help us decide whether the marked S-area should be used to just exit or also enter a short?

Thanks.
Very Nice level check out your 4 hr charts as well.

That short area isn't great price hung out there to long just watch when price is there. I personally wouldn't set a PO on the short. Your long even is a 2nd touch off that zone on the 4hr. May go a bit lower. Plus the trend is still up off the 4 hr and daily.
Good Trading To All ; Ken Lee
  • #4,214
  • May 5, 2011 1:57am May 5, 2011 1:57am
Quoting Kenneth Lee
Very Nice level check out your 4 hr charts as well.

That short area isn't great price hung out there to long just watch when price is there. I personally wouldn't set a PO on the short. Your long even is a 2nd touch off that zone on the 4hr. May go a bit lower. Plus the trend is still up off the 4 hr and daily.
Ken,

the D-area level is in fact from H4.
I will keep a close watch on price action if price does get back to the short area.

when you say, "price hung out there to long", are you referring to the encircled price action (see attached chart)?

thanks.
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  • #4,215
  • May 5, 2011 2:05am May 5, 2011 2:05am
Quoting pgd
Ken,

the D-area level is in fact from H4.
I will keep a close watch on price action if price does get back to the short area.

when you say, "price hung out there to long", are you referring to the encircled price action (see attached chart)?

thanks.

yes
Good Trading To All ; Ken Lee
  • #4,216
  • May 5, 2011 2:17am May 5, 2011 2:17am
Ken,

here's the H4 chart from where two D-areas are taken, one from 26-Apr which you saw in the M30 chart and the other from 19-Apr.

pl confirm they are correctly drawn.

Thanks.
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  • #4,217
  • May 5, 2011 2:32am May 5, 2011 2:32am
Quoting pgd
Ken,

here's the H4 chart from where two D-areas are taken, one from 26-Apr which you saw in the M30 chart and the other from 19-Apr.

pl confirm they are correctly drawn.

Thanks.

They look right
Good Trading To All ; Ken Lee
  • #4,218
  • May 5, 2011 6:55am May 5, 2011 6:55am
Hello everybody,
I'm a beginner since I've been trading live only for 1 year with only a loss of 20% and a return to demo for not to burn totally my account. At the moment my problem is the undertrading for my lack of trust.
Sorry for my english, I'm not a native speacker.
My idea is that I must learn to read PA and to trade with them, with a quite naked chart.
I appreciate a lot the approach of this thread, and it is fitted for me.
I've read the PDF and I'm trying to apply to my charts, using the tradesheet, I think a very valuable document, very usefull not to be distract.

I've got 2 specific questions about setup.
I post 2 chart of this morning, 15 minutes and 1h.

First question
at 8.30 (GMT+2) on the 15m chart the Cable is on a range (my green line)
the PA tested the range and breackup a little.
At the same time on the 1h chart the Cable is touching the 62EMA.
The idea is to be short, (fading the 15m R-top of channel) and the 62ema setup, (in fact it would be a good short)
the question is about TIME,
I mean is better to enter at the moment of ema62 touch or is better to wait some PA? and how much wait?

Second question
Later on the price bounce back, in the 15m chart go trough 35/50ma, the question is also about TIME, is it right to go short after the closing of the big bull candle? it is the only way to make a good trade.

third question
where I'm wrong because my 4h seems to support a bullish bias but I see only short setup.

I hope my questions is clear, a gratefull thancks at all people who supports newbies in this difficult path to success in trading forex.

Alessandro
(Italy)
Attached Image(s) (click to enlarge)
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  • #4,219
  • May 5, 2011 1:57pm May 5, 2011 1:57pm
Quoting fxtrader-ale
Hello everybody,
I'm a beginner since I've been trading live only for 1 year with only a loss of 20% and a return to demo for not to burn totally my account. At the moment my problem is the undertrading for my lack of trust.
Sorry for my english, I'm not a native speacker.
My idea is that I must learn to read PA and to trade with them, with a quite naked chart.
I appreciate a lot the approach of this thread, and it is fitted for me.
I've read the PDF and I'm trying to apply to my charts, using the tradesheet, I think a very valuable document, very...
The 62 ema touch trade is just that taken when the price touches the 62 ema . But the better entries will have price within the fib retracement levels . The closer to 50 and 61,8 the better .
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: answer a.jpg Size: 227 KB
Good Trading To All ; Ken Lee
  • #4,220
  • May 5, 2011 2:04pm May 5, 2011 2:04pm
Quoting fxtrader-ale
Hello everybody,
I'm a beginner since I've been trading live only for 1 year with only a loss of 20% and a return to demo for not to burn totally my account. At the moment my problem is the undertrading for my lack of trust.
Sorry for my english, I'm not a native speacker.
My idea is that I must learn to read PA and to trade with them, with a quite naked chart.
I appreciate a lot the approach of this thread, and it is fitted for me.
I've read the PDF and I'm trying to apply to my charts, using the tradesheet, I think a very valuable document, very...


Second question
Later on the price bounce back, in the 15m chart go trough 35/50ma, the question is also about TIME, is it right to go short after the closing of the big bull candle? it is the only way to make a good trade.

The 35/50 cross trade is taken after ONE SINGLE candle crosses and closes the other side of the 35/50 ma's , Again the favorite trade is the one that the price is within the fib trading zone.


If you draw a fib from your 62 ema entry to the bottom you will see that that on the 15 min the price is right above the 61.8 at that entry .
Good Trading To All ; Ken Lee
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