1 and 5 oclock trades
Here is a review of some trades today refrencing the session times . it is always amazing how they can workout. Just a extra information
Nice work Kenneth
[B]Food For Thought[/B]
[B] This week I was priviliged to be able to chat to another person who is turning the corner using this Strategy. The process seems to be the same for all the ones that seem TO GET IT… They all have seem to been marginal traders to start with having some great days or weeks but still having those losing streaks that cost as much in emotional distress as well as finnacial.
The emotional side can be the worste as it makes us question our resolve and abilities to succeed. But once they start to see the error of their ways the transformation is extrodinary. The main change of course is in their confidence. This of course must remain in check as we have all had the unfortunate instances of thinking we can't fail only to be shown that it isn't so.. LOL.
I would like to try and discusse what (I) think happens to help these few to turn the corner. What I find kind of sad is the fact that it is a few. The information is great in this thread. It is the ability to apply it that can only be the down fall. So let us try and dissect the reasoning behind the winners and not (yet) winners.
The ones I think that have the best chance to apply these ideas and really become successful with the least struggling would be the new traders. Not having gone through the gambit of ideas and different Strategies that leave you more confused and questioning than not. They all seem to have postive trades and losing trades. But not a solid success with any one that is why they are still looking.
If you have something that is working for you and your just reading out of boredom I would suggest you stop it. Even with this thread you can contaiminate the information confusing yourself by trying to absorb to much . It can become fractured and the different parts seeming the same but different can make it impossible for you to ever become succsessful. So give any idea you want to try a fair trial then move on .
We all have that person we know who has all the Knowledge in the world smartest guy you know . But has the most problem doing the simplest things even within what you think was his specialty.
That can happen to us. It is probablly my problem having more trouble UNLEARNING than learning. Which brings me to how I see those that get it.
I understand this thread has gotten very long and I don't know many that would suffer through reading all the posts as a lot of it is just back and forth banter. But if you are serious about using this information it could be very well worth your time.
One of the small details you might miss is the fact that EO and Infinity. (and remmeber these are successfull traders with YEARs of positive exprience) Don't use much outside information . They see news releases as Noise. They only trade off the currency pair charts they trade. They don't look at other pairs to see what may happen.
Not to say they don't understand the dangers of some news releases, If you read the thread you will see if they aren't covered well they will wait to enter a trade after a release. So it isn't blindness , It is just not what they are using to trade successfully and if your interested in gaining the results they have, you must be willing to aproximate their trading.
Their main focus is the study of the higher frame charts for the areas where price may turn using S/R and trendlines, such as channels. Also noticing what type of signals the candles are telling you. This can be done quickly once or twice a day. You just need to be aware. This gives them the possible direction of the trading day as well as any possible retrace into a wick or such. Then they go to their 1 Hr and 15 MIn charts the majority of trades are taken off the 15 Min chart but some are based of the 1 Hr. and 4 Hr. But any move normally starts at the lower times and just moves up the time frames.
This has been said time and agian in this thread to leave the PA trades alone at S/R area in the beggining. That is the fastest way to lose in this game trying to turn price or chasing as it is called. If you just wait for a signal to form you will save yourself lots of grieve. The problem is that at times it does work but the question is are you a profitable trader is your account where you want it? I bet it isn't so that isn't working for you. If you lose 60 pips to make a 100 you only made 40.. Easy math But if you waited and made only 80 because you waited you still make more.
So what happened to turn the new winner.. He finally realized that all he needed to use was the basic entry ideas put forth here and his already good Money management skills to turn the corner. He quit using a lot of external stuff that was clouding his judgement and just trades the charts. The funny thing is that people that use all that outside information , don't seem to understand that all the things they think are going to influence the market already have and are being represented on the charts right now. So there isn't any difference in using the charts to trade as by the time you read it posted somewhere the effect has normally already happened or isn't going too.
So try dropping any thoughts of a directional BIAS because of what you read. Take the trades because of what you see not what you think, sound familiar. Start just trading with the trend until you get it. The trend being set by the higher time frames and then trades generally away from the MA's . Don't take trades towards the MA's without a confirmed signal. Then Cover quicklly to protect your equity.
I have been scalping to try and succeed bacause a lot of the PA entries are like scalping . My problem has always been that when scalping against the trend a gain of only a few pips might only be possible so that influences your profit taking even when you get into trades that are with the trend. As price must always bounce around. as a scalper I won't allow it to develop. I know that if I only take the trades with the trend for a while I will start to allow them to develop as They tend to move into profitablity quicker which calms down the scalper in me. Then I will be able to lock in the profits the scalper would have made and let the trade be risk free.
I hope you find some of htis worth while. I understand some may not agree and your side is always welcome as usual. I will try and finish up the startegy this weekend as well I know I have taken to long to complete it.. So trade well and I hope we have more to turn the corner soon...
Ken Lee[/B]Great info thanks Ken
You’re putting a lot of work into this Ken!
Well done. 
I Just hope some try the ideas out, they are very good… I am doing it mainly because of like a lot of threads the one this came from the material was out of order with some things missing. So it is a attempt to make a complete system out of it start to finish. Plus when people ask for informtion I have it covered… Plus it helps me to reaffirm the main points.
Hope your doing well with your trading ..I know you have put more into study than most of us.. Ken
The person I was talking about who got it … had 43 trades last week 4 losers one being hit the wrong button… Best trade was 369 pips. total for week over 2000.
That’s good to hear!
Another thing about doing a work like you’re doing here: there are few better ways to learn something than to teach it to someone else.
In my experience a sure way to know that you’ve learned something properly is when you can teach it to someone else.
