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B.S. Trading with Kenneth Lee

  • #181
  • Oct 4, 2011 2:51pm Oct 4, 2011 2:51pm
Had a swap level tp picked off the daily OZ chart and almost posted it but didn't think it would get hit . Oh well don't think just do,, LOL Ken
Good Trading To All ; Ken Lee
  • #182
  • Oct 4, 2011 2:53pm Oct 4, 2011 2:53pm
Quoting elliotrader
hi keneth!!
pls let me start by expressing my appreciation to ur wonderfull thread.thank you very much for ur pdf,posts and great explanations.
very kind of you.

would u or anyone else mind to comment on my charts?
will u guys consider this as a good supply level?the risk is not that big and it looks like price dropped in a very fast manner.i tried to go to lowerfaster TF to try even lower my risk but couldn't find it.
any thoughts?
im not gonna take it as im still getting used to this method but was wondering if im on the right path.
thank you...
Yes it is a good level , Plus your one minute chart and whatever oscillator you are using is showing overbought in line with Sam's all star entry as well.

Nice charts
Good Trading To All ; Ken Lee
  • #183
  • Oct 4, 2011 3:01pm Oct 4, 2011 3:01pm
Quoting elliotrader
hi keneth!
one more Q if u don't mind-
is it correct to assume that when price is approching supply or demand level we would want to see a fastfeverish PA and not a slow small candels?
does slow PA into a zone have a better chance to actually blow throw a level?
i know there are a lot more factors to whether a zone might hold or not such if its a fresh one,candelsticks formation indicating rejection,etc..but was just wondering about my above assumption.

Yes big solid candles are great. , The idea is the same as picking levels, The run into a entry level is the same as a move that forms a level. To pick quality TP's we need a nice swing with no stalling areas . That way our target is very clear.

Hope this is clear . Ken
Good Trading To All ; Ken Lee
  • #184
  • Oct 4, 2011 5:27pm Oct 4, 2011 5:27pm
Quoting the-game
Hi Ken,

Thank you for explaining Supply and Demand and defining them so clearly.

Now for some learning.

After going from higher TF's, I stopped looking for fresh levels at M30 on the EURJPY pair.

I've marked my entry, SL and TP. Anything I'm doing incorrectly?
I got stopped out, in hindsight though (LOL!), there was another supply area in the 102.750 area that it found a few hours ago.

I'm in it with a market order, but my R:R is 1:1 because I got in late.
  • #185
  • Oct 4, 2011 5:28pm Oct 4, 2011 5:28pm
Was so tempted to go in again with a Market order, but set a PO instead as I saw a better Supply area above it.
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  • #186
  • Oct 4, 2011 6:43pm Oct 4, 2011 6:43pm
Quoting the-game
Was so tempted to go in again with a Market order, but set a PO instead as I saw a better Supply area above it.
Take a look at your 5 min at the spot I marked.
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Good Trading To All ; Ken Lee
  • #187
  • Oct 4, 2011 6:52pm Oct 4, 2011 6:52pm
here is the 5 min view of the swp line /supply entry.
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Good Trading To All ; Ken Lee
  • #188
  • Oct 4, 2011 7:02pm Oct 4, 2011 7:02pm
Thanks Ken, that was such an obscure Supply level that I had missed out on it.

EDIT: In it with a Market order at 0.95283 with SL at 0.95950 & TP at 0.94300
  • #189
  • Oct 4, 2011 7:22pm Oct 4, 2011 7:22pm
it will come , Was a classic support becomes resistance retest entry , But using supply demand to spot the actual order levels we risk less.

Plus don't worry about not spotting them all some folks take a lot less trades and make a lot more $$$ than those that take to many and end up trading more like a gambler than a tactician.

Cheers Ken
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Good Trading To All ; Ken Lee
  • #190
  • Oct 4, 2011 7:29pm Oct 4, 2011 7:29pm
Great definition of a swap level, thanks again!
  • #191
  • Oct 4, 2011 7:34pm Oct 4, 2011 7:34pm
Hi kenneth,

see attached EURUSD 30m chart

Is this the correct Supply level zone?

thanks
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  • #192
  • Oct 4, 2011 7:41pm Oct 4, 2011 7:41pm
Quoting reddevilpin
Hi kenneth,

see attached EURUSD 30m chart

Is this the correct Supply level zone?

thanks

looks good to me ..
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Good Trading To All ; Ken Lee
  • #193
  • Oct 4, 2011 7:47pm Oct 4, 2011 7:47pm
Quoting the-game
I got stopped out, in hindsight though (LOL!), there was another supply area in the 102.750 area that it found a few hours ago.

I'm in it with a market order, but my R:R is 1:1 because I got in late.
TP hit! +51.5 pips
  • #194
  • Oct 4, 2011 7:50pm Oct 4, 2011 7:50pm
Quoting the-game
TP hit! +51.5 pips

Nice
Good Trading To All ; Ken Lee
  • #195
  • Oct 4, 2011 7:52pm Oct 4, 2011 7:52pm
Hi Kenneth,

Thanks for your previous reply.

How about this GBPUSD H4 chart?

One of the criteria is the amount of time candle spend away from the level.

When you consider this "time" factor, is it in the context of the time zone that you drawing the S/D level on?
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  • #196
  • Oct 4, 2011 7:58pm Oct 4, 2011 7:58pm
Quoting reddevilpin
Hi Kenneth,

Thanks for your previous reply.

How about this GBPUSD H4 chart?

One of the criteria is the amount of time candle spend away from the level.

When you consider this "time" factor, is it in the context of the time zone that you drawing the S/D level on?
Yes but it is pretty huge , it was a decent scalp for a quick bunch but I wouldn't try fighting these shorts yet.Bad news seems to be the only news lately and we can get caught in a bad way. I had that daily swap level on oz and it would have been nice for a long . but didn't take it

Butgood eye. I would rarely take the trade off the 4hr but when price hits that level look for a entry off a faster chart even as fast as a 1 min as it will show the first demand level in a turn . In conjunction with your bigger picture it isn't as risky as most would have you believe.
Good Trading To All ; Ken Lee
  • #197
  • Oct 4, 2011 8:02pm Oct 4, 2011 8:02pm
Quoting Kenneth Lee
looks good to me ..
Thanks.

But for this case, when price re-visit this level again, it will not be considered as a "FRESH LEVEL". Am i correct?

so the risk is higher in a way the zone might not hold?
  • #198
  • Oct 4, 2011 8:13pm Oct 4, 2011 8:13pm
Quoting reddevilpin
Thanks.

But for this case, when price re-visit this level again, it will not be considered as a "FRESH LEVEL". Am i correct?

so the risk is higher in a way the zone might not hold?
yes correct. it has been hit once . But that doesn'[t mean there isn't a trade just not a PO trade.
Good Trading To All ; Ken Lee
  • #199
  • Oct 4, 2011 11:57pm Oct 4, 2011 11:57pm
Any opinions on my zones marked. Some are adjusted by going to smaller time frames to narrow the zones. I also have included the cureency traded and time frame in the top right corner of each picture.
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  • #200
  • Oct 5, 2011 12:11am Oct 5, 2011 12:11am
watchlist
.
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