And now stopped out with a sudden spike up:(
What warning signals did I miss? Or where was I wrong in what I looked at?
Thanks
Jack
Ok - I see a Doj candle on the 1hr chart now. That candled had not closed when I entered the trade…but I should have noticed that it was due to close soon and that it was going to be a Doj or very close. Is this where I went wrong?
Thanks
No I don’t think you were wrong. It was a good trade if you had scalped it and taken the 20 or 30 offered. Or even if you had closed 1/2 and covered you could have made a gain. I don’t trade the geppy because of it’s big spikes. It is traded by others but most who do try and get the outer trades.
Like the shooting star from the top.
When taking the retest trades form the major ma’s you have to realize your in at possiblly the middle of a trade . The start being from the top. A 50 pip target on the Gbp/Jpy isn’t asking for much. But as in everything it doesn’t always work. That is why we cover our trades as soon as possible. Because even if you don’t make much or anything on this one you can live to play again.
But overall it was a good secondary entry from the trade off the top.
Winalot : I will post the colors and my Ma amount later I want to verify wnat is supppose to be there. Mine are actually what is listed…
KenThanks Ken, I appreciate your time and attention. I have looked all over for what is real and will fit me as a trader. This seems like a good fit however, I see that I need quite some time to absorb information and attempt some demo trades. I feel like for right now I most need to have my chart set up, ma’s correct to move forward. I look forward to your post about the the ma’s.
John (winalot2)
Hey Ken
Thanks a lot mate, I can’t tell you how much I (I am sure most of the folks here will be) am greateful to you for your effort, and thanks to EO and infinity as well.
I used to have a job and started trading around 5 months ago. As you mentioned, I started suffering a string of losses, mainly due to high leverage, faulty broker and platform, bad money management, and bad decisions. This ultimately led me to depression and hey, all of a sudden my job seemed to be a burden.
But this strategy has given me hope, and I am back at my job, a fully rejuvinated guy, ready to face the world and FOREX.
I am currently performing a few demo trades, but I can’t seem to understand when the markets are active (by active I mean constant price fluctuations for atleast small amount of time to the tune of 2-4 hours), and when they remain dull. I mean, yes, the price action plays its part, and I am sure that break even and small 30-40 pip profit trades are always there, but I was glancing at the eur/usd and gbp/usd charts for 11th and 12th nov 2009, and on 11th, the GBP moved down a lot, but the EUR seemed stalling, but today the EUR moved down a lot while the GBP seemed to stall.
I am not talking about correlation trading, but what do you suggest, should I watch both charts, or should I concentrate on a single pair and take the trades as they trigger?
Help will be much appreciated, and I am sorry if I missed something here. I am reading the entire thread twice, and started the second time, so hopefully I will pick some more information again.
Peace
M
Glad your getting soemthing from all this … I personally trade the Eur/Jpy and gbp/usd. I don’t find the eur/usd worth trading small moves most the times. Everyone trades it because the low spreads but the spreads charged are equal to what you can gain… That is why the GBp/JpY is so high large gains or losses.
I have marked up a chart from today showing a lot of entries both longs and short on the GBP/USD . you can see that the major ma’s held price down and the Support line at the bottom was the otherside. Entries off the bottom are confirmed by some of our signals. So it should have been a good trading day all day long. I traded through out the day. My last trade was off the e/j a reversal off the s/r line of 134.01. About 2 hrs ok. The only time I find it hard to find a trade is from 4 to 7 eastern time U.S. and somedays those times are good also. I normally try to find a trade late US session from a extreme
that can normally just drift dwon or up . In price after getting covered of course. This happens time and again from 2;30 till 3:30 normally…
As far as taking trades I only trade off the charts of the pair I am trading. If you start using I see this on e/u so gbp/usd might do that. Doesn’t always work so can cost you trades. This is one reason i traded the two pairs that I do as they don’t have a common currency between them . PLus during Asia the Yen pair can be better to trade. So looks for Price Acyion then for signals to enter…
luckylady
Member Member Since Jul 2009
230 Posts
Quote:
Originally Posted by wmloto
Hi all especially eo & ken. Just want to say since following this thread my trading has improved massively so thanks one and all. I read a few posts back someone was preparing a PDF of this strategy. If that is so can someone point me in the right direction so I can find it, if indeed I missed it. Thanks in advance and congratulations on such a professional clean thread. Best regards wmloto (uk)
Ken has written brilliant and very detailed lessons which I am in the process of turning into a pdf. Its taking longer than I thought, mainly because of trading during the week. But it should be finished this weekend…promise
When I grow up I want to be eohater
See I aint Lying… LOL Hopefully soon… 
Thanks Ken,
This surely helps, and yes, I noticed this phenomenon as well. But I was more concerned with the activity, and I see your point with eur/usd. I guess it must have been a part of my downfall as well.
The pair was so attractive when offered with low spread, but I see the point of low spread, low gain! 
I also noticed that GBP/USD pair moved the greatest in terms of pips when compared to EUR/USD, at the very least 150-200 pips a day, which is very advantageous.
I am still getting the hang of price action, and I am worried about spikes. I am learning more about the meaning of different candles, as well wait for the candles to close, which should help me gain more profits.
I am also trying to get control over my emotions, which is something that I would like to gain eventually.
Once again, thanks for your instructions, advice and charts. I hope to interact with you more in this forum.
Peace
M
I think all signals that are shown here are not usefull, becaue the moving average linies are always changing on the livebar and the most signals drawing later on the chart as signals are a joke.
[B]If I am not right, please give me just one signal and i will make now a backtest for the last year till today with the exact rules for the signal you give me. Then we can see if it really work. Give me a good signal and I make the test now and show you the result.[/B]
Yes you are correct they are always moving which is why they do work …Oh so very well… But you are intitled to your own opinoin. Pick your own and back test it. I am not trying to prove anything . I and others use these startegies day in and day out with great success.
I think maybe your missing something but not sure what. as you haven’t asked anything, but you are looking for something that doesn’t work which you will surelly find… So just move along this isn’t for you…
Trade Well Ken.
Ken doesn’t have to prove anything to you.
Either try it in demo and see yourself if it works for you, or don’t and go somewhere else.
Also, maybe you should wait for candles to close, that way the lines won’t move around… and those signals won’t be “a joke” either.
My son loaned me some space on his server for a PDF of the startegy that is just copies of all the postings as it was written. I am sure Lucky lady will complete the one she is working on. But she is having to rewrite the whole thing. There are 2 pdf’s on this server … One is the manual the second is flashcards showing trades one candle at a time. You should read the notebook first then the flash cards will make some sense to you…
I will post this to the first page as well.. Ken
I did this offer just because i feel with other people which read here and then think o what a good stratgie I would like to learn it and spent so much time for nothing. The most signals are not usefull, i look at the pictures and see there are much entrys are painted but in livebar you can not see that there was a entry point, just after the candel has close but then the price has change long ago. So my problem is that other people think maybe this is somethink usefull and loose they time in it.
I will not argue this with you here or anywhere. If you truly want to try and see if this works look at the pdf flascards which show entry candle by candle… . These startegy I don’t believe could be programed as a ea or even for back testing as it is very dynamic. As you yourself said the lines and price are constantlly moving towards and away form each other. But the entry signals are very accurate. But as I have stated in the past . Any good trading startegy will require effort on the traders part…
KenHey Piptradertim, I think each person should use their time as they choose. I have read many threads with many different strategies, most have not worked well for me but, I almost always learn something even if I did not choose to continue with a particular strategy. To me it is all about being open minded and willing to learn more each day.
I don’t know at this point if this method is the exact fit for me but I can say that I greatly appreciate what Ken and others are doing on this thread. I for one do not have the knowledge and even the willingness to teach others but when someone does (and by the way it is free!) then I am am willing to learn.
I hope you find what you are searching for piptradertim, maybe this is it and maybe it isn’t. Either way God Bless.
John (winalot2)
P.S. Thanks again Ken for all that you are doing. Have a great weekend!
Simply you have to learn to trade in the market hours you have available to you and ajust each method to suit. Kenneth has put together some very simple yet effective trading ideas in this thread, take what you can from it and apply it to your own trading.
Cheers
Ken
The flash cards are suberb - for me they are a really helpful addition in gaining better understanding of how you use the MA’s. I get the price action part but in real time when watching the MA’s as well as price, PA dominates and I can’t really see how the MA’s work. After seeing the flash cards I can see I have misunderstood in many ways their purpose - Have crossed wires in parts - so got a bit confused when price would just blast thro them as if they weren’t there in the opposite direction to they way they were trending. I read the information but making it stick is another story!
Also, I notice on your 15 min chart you have the one hour 62ema - How do you calculate this for a 15 minute chart, do I just multiply it by 4?
Thanks again, apologies for not adding anything constructive to the thread, i’m still at the nibbling stage in learning/implementing what you have given.
Appreciate what you have done.
cheers
Typed about a 6 praragraph reply then lost it some how trying to use spell check. have to run will reply when I return …
:D Ken
Thanks for that I will give it a try… reminded me I wanted to download Firefox on this machine as Internet explorer has been a pain…
Thanks Ken