I am reposting the same stuff as before as on this site it doesn’t open in another window very good either. The formatting will be wrong but it will be readable… Sooooo Sorry… ken
Ken’s Rant !!!
Happy weekend everyone , As the thread has grown there are more people coming and going. We are all here to learn and share. Trading is a lonelly job we sit
there in front of our glowing screens trying to make a Dollar , Pound or Yen. So we tend to gravitate towards threads like this to fill those boring times. EO has
started what I feel is one of the best threads I have seen on the Interenet. There is a group of guys here willing to share there vast knowledge which has taken them
years to gather. It has been put into a form that is pretty easy to understand. As I have said in the past the hardest concept is the straight PA trades (Price Action, which
really should be called PPA Previous Price Action ).
As the thread gains members and grows, the same questions get asked over and over. Normally why did you do this or why didn't you give us a heads up. I can under-
stand your frustrations you may have been trading years and still not have gained that edge you seek. Yet you see people with less time in pulling fanastic amounts of pips.
You then ask for the reasoning behind the trade. Your not sastified with a simple answer you want charts and text. In other words you want people to stop making money
to show you what has been written in a E-Book (pdf) and many charts have downloaded to that book as well. For lack of effort on your part reading we end up with
pages of bull that takes away from the overall good exprience we all have here. If your looking for trading areas. They are here but your going to have to collect them on your
own, again some effort on your part required. .
Through out the day many people give where and why they got in a trade. They also talk of areas they are interested in. Those are the areas you are looking for write them
down. But a line on your chart would even be better. Then with time you will start to see where they pull those areas from. S/R areas are the simplest as they are just straight
lines across your charts. Trendlines are bit more dynamic but still varilly simple. You are only connecting points ! When those charts you Soooo desire do show up which a
lot ARE posted here. Use them to learn, transfer those lines to your own charts. To be successfull you have to learn this stuff, We can’t depend on other people to always
be here to tell us what to do… Plus if it gets to frustrating to be in the thread guess what people leave and then your all alone again.
So in summary ENJOY the company here. Show some respect for others. Be patient with people , maybe they don't have time right now. And number one do your part
it is your trading anyway. So trade happy and be happy. Why would you want to be anything else.
Now For Something Completelly Different …
The thread is very popular because there is information that is pretty much going to make it possible to trade during almost any type of market conditions. That being
said most of the main players here had started from Higher time frame trading. Which is probablly the best way to start as you then already know the areas they are looking
at to enter and you have predetermined profit targets choosen. And the number one issue for me anyway your used to holding for those profit targets. So that in a nutshell
is the PPA trading based off longer term trading. But with a major difference from a lot of Higher time frame traders and this is where we have the problem of understanding.
I posted a nice PDF a week or so ok. It was written by a guy named Phil… He uses a higher time frame trading method and he is pretty successfull at it. The main point of
posting that PDF was two fold. Like us he uses higher time frame S/R and trendlines plus he has great insight as to stop placements. I think you will see our entries let us
get the edge over what he is using. But not knowing him personnally I can’t know his thought or time frames behind trades taken. Might place PO’s and trade absenty.
But now let us look at the differences of the masses to the ideas in EO’s thread. The entry areas are arrived at in the same way. Just study your higehr time frame charts.
Choosing the areas where price has either turned up or down the most times as the most likelly areas for it to turn at again. If you notice most of the charts posted here
by what I feel are the more successfull traders. ( Based on the fact that their areas tend to get hit the most) That they don’t fill there charts with lines . Normally 2 support
and 2 resistance then possiblly a trendline… If your into fibs as I like them some what. Place your fibs as well adn where your fib and a S/R or trendline cross even better.
Then you have the fib traders and the S/R guys onboard at that level. So that is a very basic idea as to where this areas come from. Again when those charts are posted
use them and transfer the information to your own.
Ok, So we all use the same ideas as the masses to pick areas what is the difference ? Simple we jump where most are afraid to go. But should they be? NO! Most traders
look for some type of trigger to enter a trade. We do to but more so on the lower time trades. With the Higher time trades a lot of times it is a leap of faith to get that great
entry. Most people will say you can’t do that, you must have some confirmation. Well we do. Price has turned here before and normally it has stalled and started to turn
and then we enter. If we wait for some candlestick patterns that require up to 3 candles to print, The trade maybe over in a ranging market. Also the placement of the stop
is the same so we are risking less by entering earlier. If we are wrong it cost us less and we can possiblly enter 2 to 4 trades risking the same amount if we had waited
for some signal. This is why it is hard to eplain to people why did you do it.
Also the process of taking some profit and covering , Basiclly producing a risk free trade after 20 to 40 pips and having locked in some profit also. Is another technique
used here that makes these entries extremelly successfull. Because a lot of people just let their trade run it’s course and lose what they may have gained. No. 1 rule
never let a winner turn into a loser… Now a example… We will look at the E/J trade from Thursday as a example.