Observation from today did you see it ?
Thanks Kenneth for your coments.
Sasa
Quote:
Originally Posted by tdeu
Hi Ken,
Would you still trade the 5 o’clock setups (selling 5/10/21EMA) after the 1hr PIN from 9GMT?
Got some nice pips too from the 62EMA this morning but didn’t manage to reverse at 35SMA - just took partial profit.
Couldn’t get on the steep down move - no 5EMA pullback :-(.
Cheers
Thomas
Yes i would if they present themselves you have to compare the 1 hr candle to the 15 min to see exactly how it was formed, when the move up to the 35/50 trade is what formed it then if you add that to the next one hr they nullify each other and make a short signal.
It would have bben hard to reneter this drop but. if you look closelly you will see price stall at major MA areas and S/R the low of yesterday as wellthese are testing those areas . I believe the doward movement is even greater when it doesn’t move past and back up as that shows no buyers just sellers waiting to see if any mess up their trade . after a moment or 15 min in some cases other sellers join in or they add to there position pushing it lower. It is a gamble to enter on these arreas . But on a smaller time chart a small retest did happen. If you think about doing it … just use small psotiton to begin with and tight stops…
I see a retest of the 62 ema break and the low of yesterday and 1.6551 support area.
Godd Trading ken
Here is a 5 min chart showing those area … You don’t have to use a 5 min chart just pay attention at these areas and you will see the movement.
Hey Ken,
Thanks for the newer posts they have really helped with my understanding.
Will you be adding these new charts into the final PDF?
I’ve been practicsing the 35/50 cross trade and the new charts on that trade were great
Thanks
Jack
No i don’t think so unles something new is created, I am not doing the PDF it is someone else off the other thread and the only reason is that it is to big to download. the links provided on post no.2 are the most accurate ones. The pdf one post no.1 is just a collection of posts from then original thread mostlly by EO the thread originator.
I am not sure how I will continue this thread . May just post some charts showing the different entries everyday… Liike a daily review.
Trade well KenKenneth, is there any one link that just covers the details of the 35/50 strategy you’re talking about? I read the other PDF but it stopped short of that part and I’d like to compare what you are trading to what we are doing in the “BB trading with MAs” thread we’ve been running in the newbie forum.
Should you choose to go, do, and be, at the end of your life, shocked and dismayed, you’ll likely exclaim that because of all the uncanny events, wild timing, weird coincidences, and sheer chance encounters, all of your life’s good fortune must have been your destiny.
Or, should you choose to wait, wish, and hope, at the end of your life, shocked and dismayed, you’ll likely exclaim that because of all the uncanny events, wild timing, weird coincidences, and sheer chance encounters, all of your life’s bad luck must have been your destiny.
Do you see what the difference is?
No nothing but what has been posted here I wll try and organize some of the reasoning behind that setup and post it this weekend. We had a 35/50 that failed on gbp this morning easy to see why … But nice retest .
Happy Friday KenThe liknks to the pdf hve become inactive some how so I moved the manual and flash cards to 4 share . here is the new link … I also changed it on post no. 2
Hope everyone is having a great weekend. ken
4shared - free file sharing and storage - share folder - EO New Notebook by Ken
I see the difference of “taking action” vs 'not taking action"
If you act you will create “your life’s good fortune”.
You should have no regrets in the end as you will only regret the things you didnt do/try - Do it now - what ever “it” is for you. No waiting for tomorrow as tomorrow never comes…“it is always a day away”
Quote:
Originally Posted by tdeu
Hi Ken,
Managed to pull these two nice longs from the 5 and 10EMA (green circles). Where would you (if not scalping ;-)) cover these 1 o’clock trades?
Then I tried to short when price was going up the wick of the red marked pin at the 663x level. Anything wrong with that? Did the close and confirmation (pin) above the 200MA close out a short?
Have a nice WE.
Cheers
Thomas
Hope this helps… Maybe someone else has a different view… Ken
Also the shooting star was not at the end of a uptrend as price had started to consolidate. A mian point in it’s description…
Hey,
I’m a new trader and I’ve been reading through quite a few of these forums threads, trying different things and trying to get a better grasp on everything.
I’ve read the PDF about the system on post 2 twice now. I’m understanding it fairly well I think, I just need more practice actually using it.
One thing I don’t fully understand how to do is previous highs/lows and support/resistance line. We trade mostly off the 15m timeframe. What lines do I want on this chart though?
- Yesterdays high?
- yesterdays low?
- last weeks high/low?
- Last months high low?
- S/R for the last day/week/month
I’m not sure how many lines I want to be putting on my charts. Potentially I could be adding dozens if I just added it for everything I could find for the last month.
The imdeiate one would be yesterdays high and low . It is like all trading as one level is broken look to the next. If we get past the daily look to the weekly high or low. I use s/r off the daily and the 4 hr charts . But what i do is change my 15 min chart to a daily get my s/r lines those are red. then change it to a 4 hr chart mark those they are white. Then I change it back to 15 min . That way all my levels are right on my main trading chart.
My platform also highlights the high and low zones . My 15 minute chart is set to daily my 1 hr Weekly. That is how I mange my lines the only one left is trndlines off the 1 Hr and 4 hr and daily . Mark those then writedown the ones that may come into play the soonest when a new candle prints on those time frames go and recheck them. na take notice of any changes.
Hope this Helps KenSo very true Jack , As the sign in the pub states free beer tomorrow.
Cheers for that Ken.
Just clarifying one part.
When you get support and resistance lines off the 4hr and daily charts, how many candles back do you look?
eg. On the daily chart there might be a high 14 candles ago (2 weeks), but there might have been an even higher high 60 candles ago (2 months).
How far back do you look on the daily and 4 hr chars?
Thanks
Don’t understand the question . S/R lines are just the collective swing extremes where price has turned . you use as many as you can see on your chart I even make my chart tighter to get more on the screen. The more hits the better. if I get to a area without any history i will move up a time frame till i do have history. here is my 4 hr chart that is marked up. I then turn this to a 15 min it looks crowded but when it is a 15 min chart only about 4 or 5 lines show at one time the red lines are the more important ones that come off the daily time frame chart.
Oh…wow.
That answers my question. I had no idea you had that many lines on your graphs. I was playing around and having 3 lines at most showing at any one time. Thats completely changed my approach. Thanks!!!
Do you find that with that many support and resistance lines that they don’t help, as you can ALWAYS justify a signal by it being on a line. It seems that since each line is really an “area” that you will always be in an area that could cause a reversal.
And if fibonacci lines wee added, it would be even more so.
Don’t understand the question . S/R lines are just the collective swing extremes where price has turned . you use as many as you can see on your chart I even make my chart tighter to get more on the screen. The more hits the better. if I get to a area without any history i will move up a time frame till i do have history. here is my 4 hr chart that is marked up. I then turn this to a 15 min [B]it looks crowded but when it is a 15 min chart only about 4 or 5 lines show at one time[/B] the red lines are the more important ones that come off the daily time frame chart.
Hey Ken,
You’ve explained it very very well. I understand completely now. Sorry about the wierd question, probably just because I’m a bit new and am not sure how to talk about things clearly 
Cheers