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Ken's Continuing Successes with EO's system

  • #4,241
  • Edited 10:25am May 6, 2011 10:15am | Edited 10:25am
Quoting Kenneth Lee
From some of Rufus's comments in previous post, I know we see things a bit different which is the way of the world . None of this has to fit on the head of a PIN, sometimes broad strokes work best .

His areas and his trading is very good. At my level (which is new) to this S/D trading I am...
Thanks, Ken for taking the trouble to write such a detailed and useful response.
Thank you too, Rufus.

Last question before the weekend:

how about levels taken from M15 charts ? do they work well?
one advantage i see is smaller stops...

Have a great weekend, guys.
  • #4,242
  • May 6, 2011 10:40am May 6, 2011 10:40am
Quoting pgd
Thanks, Ken for taking the trouble to write such a detailed and useful response.
Thank you too, Rufus.

Last question before the weekend:

how about levels taken from M15 charts ? do they work well?
one advantage i see is smaller stops...

Have a great weekend, guys.

check out post 4219 That supply level which isn't the greatest wouldn't have even been seen on anything longer except as a couple of wicks.

at times i might see a spot i am interested in and just can't figure out where to place my lines and dropping down may give me somewhere to place them ..
Good Trading To All ; Ken Lee
  • #4,243
  • May 9, 2011 7:23pm May 9, 2011 7:23pm
chart
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #4,244
  • May 10, 2011 6:08am May 10, 2011 6:08am
Hello Ken, and Hello Everybody here,
for some reason I can't post my graph today, I suppose I've got a limited quote as junior member.

By the way, I'd like to share my trade, with words

yesterday morning (CET time, GMT + 2), at the opening of London Session,
I put 2 PO:
sell limit 1,6430, tp 6385, sl 6455 (retracement at a R1 Daily and Ema 62 area)
buy limit 1,6350 tp 6400 sl 6355 (holding of bottom of asian channel)

the second one doesnt triggered for 2 pip plus spread, but it would be right.
The idea was the holding of the bottom channel

the second one was in the area of 62 ema, a retracement that enter tonight and got to profit this early morning

this morning,
before the opening of London Session, I put 2 PO:
buy limit 1,6345 t/p 1,6395 s/l 1,6320
sell limit 1,6385 t/p 1,6365 s/l 1,6400

the first is a retracement under the test of the bottom of the asian channel, above 50% fib level.
It was triggered, a big spike but the s/l survived, I closed at BE cause of my scare, but the trade was good, 30+ and plus.

I saw that is better to use the area between 50 and 61,8, it would be better as a lower entry

the second one was a sell in a rally (5oclock), considering the final destination down toward the test of the bottom of the channel. I took the ema5 as reference.
The time of a coffee and the trade was triggered and went to t/p (+20)

My main problem at the moment is psycological: I close too quickly good trades, and after I saw it would be a good trade. The trades with PO "set and forget" is better than other I can monitor....

What about this kind of way of trading? I mean "set and forget"? And what is a good time to wait the struggle between buyers and sellers before plug a trade? I cant make money with ONLY BE trade...

Thanks a lot for this big work (I'm rereading for the second time the ken's PDF a great work!)


Alessandro
  • #4,245
  • May 10, 2011 9:01am May 10, 2011 9:01am
Quoting Kenneth Lee
chart

So what am I showing with this chart ?
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Good Trading To All ; Ken Lee
  • #4,246
  • May 10, 2011 9:10am May 10, 2011 9:10am
My 2 charts as cable is showing me a lot of good trade crystal clear like in this strategy!!!

3 trades of my latest post may be an idea about my own questions:

set and forget; good when you cant monitor your trade, use relatively larger s/l and possible t/p from your higher TF s/r

when you can, it is better monitor, but you have to trust your entry at least one candle (?) in order to decide if you plug or not

may be te matter is solved if you pick up a good entry with little or nothing drawdown at all????


what do you think?

good life and good trading.

Alessandro
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  • #4,247
  • May 10, 2011 9:18am May 10, 2011 9:18am
e/u you can see by the arrows I took a short on this to early rethought and got out , I was thinking about just sliding the stop up but the distance above the next level was to great. should have placed a PO on it as I had to leave the house.
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Good Trading To All ; Ken Lee
  • #4,248
  • May 10, 2011 9:30am May 10, 2011 9:30am
Quoting fxtrader-ale
My 2 charts as cable is showing me a lot of good trade crystal clear like in this strategy!!!

3 trades of my latest post may be an idea about my own questions:

set and forget; good when you cant monitor your trade, use relatively larger s/l and possible t/p from your higher TF s/r

when you can, it is better monitor, but you have to trust your entry at least one candle (?) in order to decide if you plug or not

may be te matter is solved if you pick up a good entry with little or nothing drawdown at all????


what do you think?

good life and...

This is the main reason I am looking into Supply and Demand levels verses Support and resistance levels. Although some just re name them , They are totally different creatures.

I can now see where my trades should end, not just good entries .This has been the bain of my trading as well so very sad to see the perfect entry give me 10 or so and others getting the 100 plus offered up.

So trying to figure it all out and the best way to play it. a PO entry to me is probably as good or better than any other. If you happen to get distracted the order gets filled . if you have a issue of entering to soon this will help there as well.

Once your in and if all the limits are set correct then it should be a no hands on trade anyway.

Maybe all you should do is slide your stop to protect from a loss when in the right spot..
Good Trading To All ; Ken Lee
  • #4,249
  • May 10, 2011 10:17am May 10, 2011 10:17am
Quoting Kenneth Lee
This is the main reason I am looking into Supply and Demand levels verses Support and resistance levels. Although some just re name them , They are totally different creatures.

I can now see where my trades should end, not just good entries .This has been the bain of my trading as well so very sad to see the perfect entry give me 10 or so and others getting the 100 plus offered up.

So trying to figure it all out and the best way to play it. a PO entry...
Thanks for your kind reply, from what I have to begin to learn something about s/d level and the difference between our s/r? And how can I integrate this in the strategy of this thread?

Alessandro

good life and good trading
  • #4,250
  • May 10, 2011 10:54am May 10, 2011 10:54am
Quoting fxtrader-ale
Thanks for your kind reply, from what I have to begin to learn something about s/d level and the difference between our s/r? And how can I integrate this in the strategy of this thread?

Alessandro

good life and good trading
last 10 pages or so of this thread so far

Or Sam Sieden google

This is what I am looking at anyway
Good Trading To All ; Ken Lee
  • #4,251
  • May 10, 2011 11:23am May 10, 2011 11:23am
Quoting Kenneth Lee
last 10 pages or so of this thread so far

Or Sam Sieden google

This is what I am looking at anyway
well, I'm going to learn something new, and I'd like to share this with you, and the other members here,

good life and good trading

alessandro
  • #4,252
  • May 11, 2011 9:20am May 11, 2011 9:20am
Googling a little about the matter,
only to share and to have some confirmation....

Support and Resistance: an area of congestion, below or above current price.

S and D are different:
Demand Level: an area where buyers outsize sellers, an area of imbalance, with a preceding and following price rally
Supply Level: an area where sellers outsize buyers, an area of imbalance, with a preceding and following price sell off

The pattern is this:
demand level RALLY - BALANCE (CONGESTION) - RALLY, so you can identify a real objective area of imbalance (buyers > sellers)
supply level SELL OFF -BALANCE (CONGESTION) - SELL OFF, so you can identify a real objective area of imbalace (sellers > buyers)

Time is important factor: quick reversal, good level (real imbalance), long congestion bad level (because is a proof of NOT real imbalance)

The strategy is
to buy Demand level on the first "fresh" pullback to Demand area,
or to go short on the first "fresh" rally to Supply area.
The s/l is below D area and above S area.
The target is the respective opposite level of Supply and Demand.
it is better to have a R:R di 1:3

Time frame: I think higher TF for good S e D area (4h and Daily)

Ken, I think is a very good naked approach, may be a stand alone strategy. Clear entry and Clear exit, almost in theory as always.

Am I right?

And Your idea is to integrate in the original strategy using "confluence" (short at Supply Level when 62 ema touch, for example) or to develope a new stand-alone strategy?

I like to know this in order to try to help in this search to improve my (little) trading skills and to share with you and others here!

good life and good trading

Alessandro
  • #4,253
  • May 11, 2011 1:46pm May 11, 2011 1:46pm
Quoting fxtrader-ale
Googling a little about the matter,
only to share and to have some confirmation....

Support and Resistance: an area of congestion, below or above current price.

S and D are different:
Demand Level: an area where buyers outsize sellers, an area of imbalance, with a preceding and following price rally
Supply Level: an area where sellers outsize buyers, an area of imbalance, with a preceding and following price sell off

The pattern is this:
demand level RALLY - BALANCE (CONGESTION) - RALLY, so you can identify a real objective area of imbalance...
I am coming to the believe that the Supply and Demand ideology. May be the SINGLE most verifiable and constant , use of price action trading.

Which has always been my desire, The addition of EO's ma's and entries was a step in that direction which most to this day still struggle with , Because the signals and entries can and do appear in bad positions as well as the best .

It has always been the human factor that most of us struggle with , why Ea's are always searched for to take the decision making process from .

But it isn't the decisions that is at issue, it is the complexity of ones system. I have come to see this S/D stuff with great clarity and for as simple as it is.

So to develop it with the least amount of rules is the goal for myself. I know I may loss some in the transition but we are all on our own paths .

But for those that are very set to use the MA's , the use of S/D levels to help set your levels can be nothing but a plus. We have gone over all that information and if your have done any testing you should be able to see clearly the advantages. If not re-read and reapply the idea.

So yes and no , we should be able to apply the S/D ideas to any system for greater results . OR like most really great traders seem to come to a point . That less is more.

It is your choice . but where are you in understanding , Do you take enough time to process new ideas or are you like so many just a collector of ideas from TO MANY sources and always on the edge of misunderstanding? Just a Thought

I tend to try and throw away something with each new idea inputted to keep from not being able to see the trees from the forest.

Ken
Good Trading To All ; Ken Lee
  • #4,254
  • May 11, 2011 1:48pm May 11, 2011 1:48pm
Quoting fxtrader-ale
Googling a little about the matter,
only to share and to have some confirmation....

Support and Resistance: an area of congestion, below or above current price.

S and D are different:
Demand Level: an area where buyers outsize sellers, an area of imbalance, with a preceding and following price rally
Supply Level: an area where sellers outsize buyers, an area of imbalance, with a preceding and following price sell off

The pattern is this:
demand level RALLY - BALANCE (CONGESTION) - RALLY, so you can identify a real objective area of imbalance...

demand level RALLY - BALANCE (CONGESTION) - RALLY, so you can identify a real objective area of imbalance (buyers > sellers)
supply level SELL OFF -BALANCE (CONGESTION) - SELL OFF, so you can identify a real objective area of imbalace (sellers > buyers)

But the best are the rally - base - drop
or drop - base - rally

a V formation the top or bottoms of current price action
Good Trading To All ; Ken Lee
  • #4,255
  • May 12, 2011 1:34am May 12, 2011 1:34am
Quoting Kenneth Lee
I am coming to the believe that the Supply and Demand ideology. May be the SINGLE most verifiable and constant , use of price action trading.

Which has always been my desire, The addition of EO's ma's and entries was a step in that direction which most to this day still struggle with , Because the signals and entries can and do appear in bad positions as well as the best .

It has always been the human factor that most of us struggle with , why Ea's are always searched for to take the decision making process from .

But it isn't the decisions...
Ken,
I like deeply your way of seeing, I'm interested to learn by doing, to be sticky to a PA approach, to study and test S/D.

Where am I? I started 3 years ago with the idea of auto-trading, and the belief of holy-grail... I extensively read a lot of forums and books and tried to make my own EA, I wrote myself the code.... I quitted that path, and after I tried to learn better the subject of trading and to find a "mechanic system", a set of trusted rules in order to relieve my own resposability.
On this path I read a book by Raghee Horner, and the first clarity about market appeared.
In this period I've been searching an approach fitted for my self... what kind of trader am I? And I arrived at the idea of "(quite) naked trading", a basic approach based on PA, simple, where (as you say) less is better, a discretionary approach (not from guts!, with guidelines!).
With my live account (little little) I lost about 20% of risk capital and now I'm trading demo.
On this path I have trouble with my impatience and lack of discipline, but I believe that If we go deeper and deeper with a trading approach fitted to us, the success is near (not so far ...).
For me MA's are only a way to help me to read PA, to focalize on PA. After I posted yesterday, it became clear that in every case S/D approach is stand.alone and at the same time a good "framework"/"filter".

This is the first time I post on a forum, because I feel this is a right place where to share something valuable.

The trader path is made of solitude, but the words here are for me important.

I'm here to learn and to share.

Thanks ken
  • #4,256
  • May 12, 2011 11:47pm May 12, 2011 11:47pm
chart
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Good Trading To All ; Ken Lee
  • #4,257
  • May 12, 2011 11:49pm May 12, 2011 11:49pm
chart 2
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Good Trading To All ; Ken Lee
  • #4,258
  • May 12, 2011 11:50pm May 12, 2011 11:50pm
chart 3
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  • #4,259
  • May 12, 2011 11:50pm May 12, 2011 11:50pm
and 4
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Good Trading To All ; Ken Lee
  • #4,260
  • May 13, 2011 2:02am May 13, 2011 2:02am
Thanking EO and Infinity ane ken for coming up with this information and then being willing to share it, just doesn't seem possible. How can you thank someone that has changed your life?

I was trading since 2004 but recently i have understood what's forex, after 10 times reading your pdf & threads

I'm presenting to you this poem from the great Iranian poet:
Human beings are members of a whole,
In creation of one essence and soul.
If one member is afflicted with pain,
Other members uneasy will remain.
If you have no sympathy for human pain,
The name of human you cannot retain.

thanks bro.
david
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