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B.S. Trading with Kenneth Lee

  • #61
  • Oct 1, 2011 10:19pm Oct 1, 2011 10:19pm
Quoting Kenneth Lee
so basically pick some great clear levels, Then watch it on your time of choice .

Amen

Here is what I was trying to say in too many words...

The steps I go through to pick out a potential zone.

One more thing. The EU is in a strong down trend..IMO.. So if I take this pending order I will more than likely put my entry closer to the "00" say 1.2908 or so. My thinking here is a retest of this psych level, again lowering my risk or at times more importantly able to reach my risk reward ratio quicker.
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #62
  • Oct 2, 2011 5:57am Oct 2, 2011 5:57am
e/u is sitting right at a swap level right now we can see on your charts there were some decent rejection pins . Until the last candle. Will have to see what kind of attitude the market is on after the weekend. Is the euro zone still in panic mode.

I agree most are still in a downtrend which means I ill favor a supply level entry for a short. 1.3445 or 1.3493 and 1.3600 wold be a strong supply if it gets that high it is off the 4 hr.

When trading within a strong trend the closer supply levels are sometimes the only ones you can get in at.

Right now e/u is sitting in a demand level on the 4 hr and I have a daily level top line right below it. a confirmation order for a long (Which means prices moves down into the demand level and we look for a entry as it exits going back up) might be the safest play down here or wait for a break and then retest of a swap line.

Remember there is never any hurry better to get a few great trades than to suffer through a bunch of bad ones .
Good Trading To All ; Ken Lee
  • #63
  • Oct 2, 2011 6:11am Oct 2, 2011 6:11am
Quoting Kenneth Lee
e/u is sitting right at a swap level right now we can see on your charts there were some decent rejection pins . Until the last candle. Will have to see what kind of attitude the market is on after the weekend. Is the euro zone still in panic mode.

I agree most are still in a downtrend which means I ill favor a supply level entry for a short. 1.3445 or 1.3493 and 1.3600 wold be a strong supply if it gets that high it is off the 4 hr.

When trading within a strong trend the closer supply levels are sometimes the only ones you can get in...
Hi Kenneth,

Thanks for all your explanation. Would you mind to illustrate with a chart for the above?
  • #64
  • Oct 2, 2011 7:29am Oct 2, 2011 7:29am
here
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Good Trading To All ; Ken Lee
  • #65
  • Edited 7:48am Oct 2, 2011 7:36am | Edited 7:48am
Quoting Kenneth Lee
here
Hi Ken
I see all pairs are now nearby major demand levels it will be intresting to see how they play out ,,,major bounce perhaps,,,
not sure if FA is supporting this view .

Regards
aligater
born to speculate
  • #66
  • Oct 2, 2011 8:58am Oct 2, 2011 8:58am
Kenneth lee and Rufus thanks so much for clearing this up. So let me say what I believe to understand. When you find an area its not as much as lowering risk but mainly finding clear, great levels. But its ok to drop down to a smaller time frame to find a better entry in that zone. That zone should also be clear of where it should be marked. This is what i gathered from yall. Let me know if I seem to be getting it hehe.

Rufus I do agree with you about round numbers. I also have them on my charts that I posted because I do believe in those round numbers. When I mark zones and see a round number in the zone to me thats just an added bonus and where I would set my PO.

Again KL and Rufus thanks fellas. I am getting there just slow hehe. I personally am starting to feel this is the only way to trade. All the Fibs and indicators and all the other crap is useless. yeah Fibs may react in a trend but no matter what its going to the next S and D zone. All its doing is going A to B to C over and over again.

I do want to ask these questions. What sessions do you trade? And does certain sessions S and D zones created hold different weight? Meaning if a zone is created in the Asian session does it hold weight if the London session gets to it?
  • #67
  • Oct 2, 2011 9:02am Oct 2, 2011 9:02am
Quoting Kenneth Lee
e/u is sitting right at a swap level right now we can see on your charts there were some decent rejection pins . Until the last candle. Will have to see what kind of attitude the market is on after the weekend. Is the euro zone still in panic mode.

I agree most are still in a downtrend which means I ill favor a supply level entry for a short. 1.3445 or 1.3493 and 1.3600 wold be a strong supply if it gets that high it is off the 4 hr.

When trading within a strong trend the closer supply levels are sometimes the only ones you can get in...
Thats another question I want to ask. You mentioned about the demand level the Eu is sitting in right now. I also have it marked myself. The question is this. If there is a gap on the open above current price would you consider this dumb money? If there is a gap below current price would you consider this smart money? Would we look at this gap as a S and D zone?

Thanks
  • #68
  • Oct 2, 2011 9:29am Oct 2, 2011 9:29am
Kenneth lee and Rufus thanks so much for clearing this up. So let me say what I believe to understand. When you find an area its not as much as lowering risk but mainly finding clear, great levels. But its ok to drop down to a smaller time frame to find a better entry in that zone. That zone should also be clear of where it should be marked. This is what i gathered from yall. Let me know if I seem to be getting it hehe.

Just the same thing I had said earlier . We are only looking for the same few things for levels on every time frame. Which amkes this one of the simplest ideas to trade.

Rufus I do agree with you about round numbers. I also have them on my charts that I posted because I do believe in those round numbers. When I mark zones and see a round number in the zone to me thats just an added bonus and where I would set my PO.

True why wouldn't Big money have levels at big numbers. better to say 1.3600 than 1.3582

Again KL and Rufus thanks fellas. I am getting there just slow hehe. I personally am starting to feel this is the only way to trade. All the Fibs and indicators and all the other crap is useless. yeah Fibs may react in a trend but no matter what its going to the next S and D zone. All its doing is going A to B to C over and over again.

I was a very big fan of fibs as well but then you still had to have confirmation of other things to get trading levels then normally some type of entry signal as well , So yes this seems a lot less to think about.

I do want to ask these questions. What sessions do you trade?

I trade when I can LOL, I work a second shift job so work from 3 to 11 eastern, The idea was to be able to trade Frankfurt and London open but it really hasn't worked out that way . it is strange because if you look and think clearly you can find a entry almost anytime of day. You just have to understand that when volume dries up trading gets tighter. But S/D trading is always going to be best with lots of volume BIG MONEY,as that is what moves the market. That Is London, But we as we gain expertise in this Be able to see the place that London would show interest and have PO's set to get in at the spot where big money will begin it's daily move. That is the goal anyway. Sitting for hours staring at the screen really doesn't change any of the trading plan.

 And does certain sessions S and D zones created hold different weight? Meaning if a zone is created in the Asian session does it hold weight if the London session gets to it?

I think they do to certain points. I think what we see on different trading sessions does carry forward , Why if we have a bad euro or London session then a bad U.S. follows. But also remember the big trading houses are Global with office around the world. So a move or level in Asia can be picked up by the main office in London and expanded on .

But I think we are trying to over think the matter , Just look for the clearest best levels know matter what , Because if start trying to cherry pick them based of sessions or what not you start adding more to the plan and the more in the plan the more reasons you have to change it .

Thats another question I want to ask. You mentioned about the demand level the Eu is sitting in right now. I also have it marked myself. The question is this. If there is a gap on the open above current price would you consider this dumb money? If there is a gap below current price would you consider this smart money? Would we look at this gap as a S and D zone?

I find that NORMALLY price will continue in the direction it closed on Friday. You may get a bounce higher as some may have missed their exits and now cash out quick as we have said it is sitting at the bottom of a level where it can bounce. Plus it was the end of a month Blah Blah blah,

So basically we will wait or I will wait for price action to start moving then decide on a course of action . May not see anything until Monday morning.

One thing I do see as a good idea is try and trade pairs that are important during a session , OZ and yens in the evenings. Are good for better moves normally. Then after midnight we start getting pre-moves for London open But I have seen my entries around 11:00 eastern be the right spot for the next 24 hrs.

So it still falls back to if you see a good level it is almost always worth the risk to try the entry. So concentrate on choosing levels and then just mark them on your chart save them and check back later to see which ones YOU choose worked and try and figure out the why, of the ones that didn't

Good luck this week Ken
Good Trading To All ; Ken Lee
  • #69
  • Oct 2, 2011 9:45am Oct 2, 2011 9:45am
Quoting Kenneth Lee
Kenneth lee and Rufus thanks so much for clearing this up. So let me say what I believe to understand. When you find an area its not as much as lowering risk but mainly finding clear, great levels. But its ok to drop down to a smaller time frame to find a better entry in that zone. That zone should also be clear of where it should be marked. This is what i gathered from yall. Let me know if I seem to be getting it hehe.

[color=Blue]Just the same thing I had said earlier . We are only looking for the same few things for levels on every time frame....
Thanks KL. Thats great info and it is clearing up more and more. I really can't wait to go full steam this week. Excited about it and feeling confident. I will post my possible setups if you don't mind. I would like to because if I am messing up someway it can be corrected. Hands on experience.
  • #70
  • Oct 2, 2011 11:52am Oct 2, 2011 11:52am
A hold below 5490 and the lowes should be tested fairly quickly
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  • #71
  • Oct 2, 2011 11:53am Oct 2, 2011 11:53am
e/u now
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Good Trading To All ; Ken Lee
  • #72
  • Oct 2, 2011 10:05pm Oct 2, 2011 10:05pm
Hope someone grabbed that short on e/u.
Good Trading To All ; Ken Lee
  • #73
  • Oct 2, 2011 10:12pm Oct 2, 2011 10:12pm
Quoting Kenneth Lee
Hope someone grabbed that short on e/u.
Nah it opened below the zone so I passed. I do see it bouncing all over my zone before it dropped. Just wasn't sure.
  • #74
  • Oct 2, 2011 10:13pm Oct 2, 2011 10:13pm
chart
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Good Trading To All ; Ken Lee
  • #75
  • Oct 2, 2011 10:16pm Oct 2, 2011 10:16pm
Quoting Kenneth Lee
chart

Yeah I see it now. Just a rookie KL. Opening day for me is new territory with this method. But I do have it noted and will be on the lookout next time I get a chance.
  • #76
  • Oct 2, 2011 10:17pm Oct 2, 2011 10:17pm
Basically my thinking on why I passed is this. If it hit a certain area within that zone it could of possibly shot up with pending orders. Thats why i didn't/
  • #77
  • Oct 2, 2011 10:27pm Oct 2, 2011 10:27pm
yep , those can be hard to take but retest of open price and the supply makes it a bit easier.plus it is a very small stop
Good Trading To All ; Ken Lee
  • #78
  • Oct 2, 2011 10:30pm Oct 2, 2011 10:30pm
Plus you compare it to say the gbp it looks very good. That is one of the main ideas everyone needs to keep in mind. Trade the best setups. I didn't get it either I was at work .
Good Trading To All ; Ken Lee
  • #79
  • Oct 2, 2011 10:37pm Oct 2, 2011 10:37pm
Yeah I will definitly remember that good info. Missed the GBP/USD long also. shit
  • #80
  • Oct 2, 2011 10:47pm Oct 2, 2011 10:47pm
Looks like a fakeout. Price going back up quick to that zone. Its happening on all the pairs I trade. Got a feeling its going to drop once it reaches the zone. Whats your opinion.
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