B.S. Trading with Kenneth Lee | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Day Trading vs. Swing Trading vs. Position Trading 86 replies

Attachments: B.S. Trading with Kenneth Lee
Exit Attachments

B.S. Trading with Kenneth Lee

  • #41
  • Sep 30, 2011 8:48am Sep 30, 2011 8:48am
Bonjour All,

Great PDF Kenneth!
Still watching Sam’s webinars…
Since few months I am a big fan of the Supply & Demand approach.
Subscribed to the excellent PIE threads, now also yours ..

All the best and Bravo!

Merci
  • #42
  • Sep 30, 2011 10:41am Sep 30, 2011 10:41am
Quoting Kenneth Lee
If you watch Sam's webinars then do a screen shot and exam his layout for each pair he is trading you will see he has multiple time frame charts the fastest being a 2 min. If you had a 5 min up at the time you may have got your entry

Plus your level was a swap level I find that if I incorporate the previous . Demand level into my new supply level I can see a bit better the possibilities.
Just a thought though the 5 min makes it very clear.
Great explanation. I need to look at that more with the 5 minute to get a clearer entry. So this is my plan. I mark key S and D zones on the Daily, 4 hour, 30 minute. When I have those marked I will drop down to the 5 minute and get a clear entry within the zones I have marked. Do you think this is over kill? Do you think I should mark 15 minute zones or 1 hour zones also? This is where my issue comes into play. I am wanting to find the correct zones but sometimes get confused when different timeframe zones are not within the higher timeframe zones. So maybe I should ignore those and only look for zones within zones when dropping to the smaller timeframes. I hope I wrote this clearly. Thanks again bro for the advice and look forward hearing your explanation or someone else's. I think this is where a lot of us get confused.
  • #43
  • Edited 12:00pm Sep 30, 2011 11:44am | Edited 12:00pm
Quoting nawlins51
Great explanation. I need to look at that more with the 5 minute to get a clearer entry. So this is my plan. I mark key S and D zones on the Daily, 4 hour, 30 minute. When I have those marked I will drop down to the 5 minute and get a clear entry within the zones I have marked. Do you think this is over kill? Do you think I should mark 15 minute zones or 1 hour zones also? This is where my issue comes into play. I am wanting to find the correct zones but sometimes get confused when different timeframe zones are not within the higher timeframe zones....
I think this is where each persons own comes into play .I want to know the big picture always so always have a look at 4 hr and daily.

But what I think many are missing is the point that the supply and demand levels. are current pricing action, Like in the pdf the stuff behind the swings has already played out, So any time frame can work you will just have many more with faster charts. and you will have to scale up into longer time frames as you try and find levels that are above or below current swings.

Like on e/u now, say i was trying to spot a new demand level below 1.3360 on my 30 min chart I can't see anything at all. I then start to scale up into longer time frames until i can see the next demand level and in this case I had to go all the way to a daily chart.

Yes I could maybe scroll back far enough but then you also loss sight of the overall picture . Your R;R and maybe the distance traveled from the demand , Once you find the level on your chart then start to zoom in to get the best least risk entries.
Good Trading To All ; Ken Lee
  • #44
  • Sep 30, 2011 11:45am Sep 30, 2011 11:45am
Plus by the way 1.33600was right in that daily demand level. and price rejected good from it 4 days ago
Good Trading To All ; Ken Lee
  • #45
  • Sep 30, 2011 11:58am Sep 30, 2011 11:58am
charts
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chart 7.JPG Size: 197 KB
Click to Enlarge Name: chart 8.JPG Size: 164 KB
Good Trading To All ; Ken Lee
  • #46
  • Sep 30, 2011 12:05pm Sep 30, 2011 12:05pm
The key point is your always looking for the exact same thing on any time frame chart . A decent move away 2:1 or greater a good distance to your target 3:1 is nice , Fresh touches. Time away which if you have to look at your daily it has been away awhile.

But point is you have one set of rules for anything your looking at, try whatever time frame you want , but if you see your getting more losses than you like maybe just switch the time frame on your charts , but always always use the same rules. That is the key to this idea it is rule based. And we can maybe follow some simple rules. But if we have many different types of trades each with different rules . We find ourselves always finding a reason to pretty much do what we want.

Everyone have a great weekend Ken
Good Trading To All ; Ken Lee
  • #47
  • Sep 30, 2011 12:45pm Sep 30, 2011 12:45pm
Quoting Kenneth Lee
The key point is your always looking for the exact same thing on any time frame chart . A decent move away 2:1 or greater a good distance to your target 3:1 is nice , Fresh touches. Time away which if you have to look at your daily it has been away awhile.

But point is you have one set of rules for anything your looking at, try whatever time frame you want , but if you see your getting more losses than you like maybe just switch the time frame on your charts , but always always use the same rules. That is the key to this idea it is rule based....
I appreciate you pointing it out to me. The charts explain it very well and thanks. I think sometimes I may overwhelm myself at times by thinking to much into it. I am going to look back at charts this weekend just to see how my plan would work and try to simplify it as much as possible. I am picking good zones imo. I feel I am getting better locating them. I do see some bad ones though where I need to know when an area is washed out. What makes me hesitant is when you mark a zone. Then you zoom out on your chart and see why the spot you marked went up. Now its been a long time from this area and this is where I am telling myself maybe its not good. I need to do some studying this weekend basically and test what I have learned. Will let yall know.
  • #48
  • Sep 30, 2011 1:22pm Sep 30, 2011 1:22pm
Ken,

I watched Sam's stuff a few years ago. Though educational, it is also boring and trying on one's patience. So far, you've done the best job I've seen of taking S/D and breaking it down into its essence without confusing or boring anyone to death. I've learned a couple of things from you so far, so thanks and good job.
  • #49
  • Sep 30, 2011 1:35pm Sep 30, 2011 1:35pm
Quoting Dopey
Ken,

I watched Sam's stuff a few years ago. Though educational, it is also boring and trying on one's patience. So far, you've done the best job I've seen of taking S/D and breaking it down into its essence without confusing or boring anyone to death. I've learned a couple of things from you so far, so thanks and good job.
Yep Know what you mean they are also very repetitive But I watched almost all of them and when i heard something new , almost always a single tidbit in every video, I marked it down then tried to incorporate into my study. think I have 99% of it , The rest we can fill in ourselves i believe.

Glad you find some use for the info. Ken
Good Trading To All ; Ken Lee
  • #50
  • Sep 30, 2011 2:06pm Sep 30, 2011 2:06pm
Kenneth You just gave me my ah ha moment. I read again your posts directed towards me and the keyword that gave it to me was FRESH. Now since the daily level did reject it even though it was old it was basically being used by a lot of orders. So I guess the point is if you do find an old level on say the daily it will have some orders to reject it most of the time. The level though still must be a good one and the rules layed out must apply.

I am going to mark some zones this weekend. Post my charts and we can discuss. I trade 6 pairs. EU,GU,usd/chf,A/J,AU and E/J. I like them due to low spreads. I am don't care for the cad due to how oil effects this currency so much. Might incorporate it one day but I think I have enough to play with until I am a better trader.
  • #51
  • Sep 30, 2011 4:25pm Sep 30, 2011 4:25pm
Quoting nawlins51
Kenneth You just gave me my ah ha moment. I read again your posts directed towards me and the keyword that gave it to me was FRESH. Now since the daily level did reject it even though it was old it was basically being used by a lot of orders. So I guess the point is if you do find an old level on say the daily it will have some orders to reject it most of the time. The level though still must be a good one and the rules layed out must apply.

I am going to mark some zones this weekend. Post my charts and we can discuss. I trade 6 pairs. EU,GU,usd/chf,A/J,AU...

Plus remember to look at how that fresh touch rejected did it make it into the level or barely outside? Just because it touches once doesn't always make it a failure for a second touch . Plus being a old level newer orders may start coming in and reenforce that demand. Just keep a eye on it and look for fresh levels off your faster charts near or within that level.

Cheers Ken
Good Trading To All ; Ken Lee
  • #52
  • Oct 1, 2011 6:13pm Oct 1, 2011 6:13pm
Alright this is what I have done. I have marked zones on my chart from the H1. After I zoomed down to the M5 (5 minute time frame). I looked for a better entry to limit my risk. What I mean by risk is not having such a wide range for my stop loss. Now can this bite me. Yep meaning I miss a trade by a few pips. But Its the way I am making sure I limit my exposure while learning to find correct zones. I believe this is what kenneth is trying to say. Anyway again the charts I have are from H1. They are marked in the green color that has a candle or 2 highlighted. The blue lines are my zones from M5. You will see some areas have 4 lines. What this means is I have found areas of interest making zones on top of zones. Which is usually a good indication from what I understand. Feel free to let me know I messed up and we can fix it together and have a good discussion. I can only post 2 pics at a time. So next 3 posts counting this one is my charts posted.

AUDJPY then AUDUSD are the charts posted in this thread
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audjpyfh1.jpg Size: 126 KB
Click to Enlarge Name: audusdh1.jpg Size: 116 KB
  • #53
  • Oct 1, 2011 6:14pm Oct 1, 2011 6:14pm
continued....EURJPY then EURUSD are the charts in this post
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpyh1.jpg Size: 106 KB
Click to Enlarge Name: eurusdh1.jpg Size: 104 KB
  • #54
  • Oct 1, 2011 6:17pm Oct 1, 2011 6:17pm
Finally.... GBPUSD then USDCHF are the charts posted in this thread
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusdh1.jpg Size: 114 KB
Click to Enlarge Name: usdchfh1.jpg Size: 88 KB
  • #55
  • Oct 1, 2011 6:59pm Oct 1, 2011 6:59pm
Quoting nawlins51
Alright this is what I have done. I have marked zones on my chart from the H1. After I zoomed down to the M5 (5 minute time frame). I looked for a better entry to limit my risk. What I mean by risk is not having such a wide range for my stop loss. Now can this bite me. Yep meaning I miss a trade by a few pips. But Its the way I am making sure I limit my exposure while learning to find correct zones. I believe this is what kenneth is trying to say. Anyway again the charts I have are from H1. They are marked in the green color that has a candle or...

Hi Nawlins

I will also narrow down my entry by reducing the chart.... But it is a two edged sword. I have missed entries by less than a pip. (I do a lot of pending entries right now) So at times it is better to make the zone bigger and reduce your position size. My rule of thumb is drop no more than two time frames. Sometimes three if my zone is still to wide.

So if S/D is found on a daily chart....I go to 4h and 1h to narrow the zone if need be. If it gets reduced to 50 pips or less (Including my stop distance) and there is 100 or greater pips to the first target..Great. Now if the target is only 80 pips away and I like the zone, then the 30 min comes into play to get the R/R into proper proportions. It just means that I may not get tagged for an entry.

So 1hr chart S/D I will use 15m and 5m still looking at R/R to help determine the validity of the entry.

Hope this makes some sense.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #56
  • Oct 1, 2011 8:36pm Oct 1, 2011 8:36pm
Quoting Rufus
Hi Nawlins

I will also narrow down my entry by reducing the chart.... But it is a two edged sword. I have missed entries by less than a pip. (I do a lot of pending entries right now) So at times it is better to make the zone bigger and reduce your position size. My rule of thumb is drop no more than two time frames. Sometimes three if my zone is still to wide.

So if S/D is found on a daily chart....I go to 4h and 1h to narrow the zone if need be. If it gets reduced to 50 pips or less (Including my stop distance) and there is 100 or greater...
Makes a lot of sense and appreciate the response. Deom your directions I think I did it somewhat right. Only thing is I jumped straight from the H1 to M5. I actually started working it down from H1 to M30 to M15 then M5 and was like WTF am I doing. Just jump from H1 to M5 to find the better entry. But will go back and look at the H1 again and go to the M15 then M5 just to see how it looks. Might color code the zones for proper risk size and work from there. Also if you get some time post some charts. Would love to see your zones and how mine compare. Trying to see if I am missing something. I did miss one on the GBPusd. Its the last swing high before the end of the day on the H1. Should have 3 red candles following that green candle.

Rufus again I appreciate it and glad to discuss.
  • #57
  • Oct 1, 2011 10:14pm Oct 1, 2011 10:14pm
One of the key things I look for is not a certain time frame , but which level is the clearest no matter what time it is. The same with my trades i don't trade a pair I trade the best entries usually.

I will try and post some ideas . plus the zooming down isn't as much trying to shrink a level it is to get a better entry at times WITHIN that level,
Good Trading To All ; Ken Lee
  • #58
  • Oct 1, 2011 10:23pm Oct 1, 2011 10:23pm
it isn't so much having the multiple time frame levels marked on your charts. have the bigger ones for the overall picture then as you search for a entry during price action is when you watch your faster charts for entries that coincide with your larger levels
Good Trading To All ; Ken Lee
  • #59
  • Oct 1, 2011 10:39pm Oct 1, 2011 10:39pm
chart
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chart 9.JPG Size: 194 KB
Click to Enlarge Name: chart 10.JPG Size: 209 KB
Good Trading To All ; Ken Lee
  • #60
  • Oct 1, 2011 10:53pm Oct 1, 2011 10:53pm
so basically pick some great clear levels, Then watch it on your time of choice .
Good Trading To All ; Ken Lee
1 trader viewing now