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B.S. Trading with Kenneth Lee

  • #301
  • Oct 9, 2011 1:06pm Oct 9, 2011 1:06pm
Quoting Kenneth Lee
Friday GBP review
OMG I'm just realized that firday's no.3 drop is the 3rd retest to that area so at no 4 that zone can eazily broken, b coz may be there were no sellers left.
right?
TRADING IS SIMPLE BUT NOT EAZY
  • #302
  • Oct 9, 2011 1:12pm Oct 9, 2011 1:12pm
Quoting green_trader
OMG I'm just realized that firday's no.3 drop is the 3rd retest to that area so at no 4 that zone can eazily broken, b coz may be there were no sellers left.
right?

I don't put a lot of weight on late Fridays movement volume dries up and it tends to get stagnant. I try and wait for it to get some price action going . But the late downgrade of Italy and Spain should at some weight to shorts I think.

But sometimes thinking can get you in trouble.. LOL Ken
Good Trading To All ; Ken Lee
  • #303
  • Oct 9, 2011 1:49pm Oct 9, 2011 1:49pm
don't have time to post a chart off to work , But gbp is down about 40 pips from friday.

will see at 11:00 eastern .
Good Trading To All ; Ken Lee
  • #304
  • Edited 9:24pm Oct 9, 2011 8:46pm | Edited 9:24pm
Market order on the ozzie 15 minutes ago after negative job news.

I waited for the market to spike up to the better Supply zone first.

EDIT: Got out with +14.7 pips... got a bit scared at that swap level.
  • #305
  • Oct 10, 2011 4:34am Oct 10, 2011 4:34am
Hi all,

I am new to forex factory but not new to trading. I have been trading demand and supply for a while now and learnt it from an experienced SA based trader trading commodities. This works in absolutely every market.

It is amazing how similar Ken's pdf is to how I have been taught. People this is the real deal. This is how you trade, ever wonder how the institutional guy's trade? Well this is it.

An important thing or two I want to ad is the take profit levels. The make or break of trading demand and supply is the discipline to let you winners run to your predetermined take profit level. This is crucial. The other factor is only trading what Ken calls fresh supply/demand levels or first touches, the final factor is trading with a trend, if no trend is visible and the market is ranging short and long positions are okay to take.

I will post here now and then with some examples, with this strategy it is very possible to make upwards of 15% a week risking 1% of capital per trade. Once your account is up to where you want it to be you can risk 0.3% and trade this rather risk free. The goal here is not to grow a huge account, the goal is to be able to live off your trading by making 5000+ dollars per month without the crazy stress.

Happy trading.
  • #306
  • Edited 8:07am Oct 10, 2011 7:55am | Edited 8:07am
Quoting FxEuphoria
Hi all,

I am new to forex factory but not new to trading. I have been trading demand and supply for a while now and learnt it from an experienced SA based trader trading commodities. This works in absolutely every market.

It is amazing how similar Ken's pdf is to how I have been taught. People this is the real deal. This is how you trade, ever wonder how the institutional guy's trade? Well this is it.

An important thing or two I want to ad is the take profit levels. The make or break of trading demand and supply is the discipline to let you winners...

I get a bit of a chill , When some sort of topic appears that I have been tossing around in my mind for a few days trying to figure out how to post it and somebody sorta starts the discussion for me. LOL

(Always makes me give a bit of credit to the Quantum Physics idea, Which states you can't have reality without it being in the mind first. In other words think it and it will become true. )

I still haven't got it all sorted but basically want to discuss Consistency the why and hows , Because I see a lot of old member's looking at the thread and I believe that is the final hoop to jump through for most.

WE have seen a good deal of ideas that can work and do work for others but for some reason a lot of people seem to miss some part that keeps them from getting to a level of competence that they seek and deserve.

I STRONGLY believe this type of trading holds some of the keys to gaining that structured trading plan that others don't necessarily lack but maybe just have to many components that can give us a few to many reasons to not trade properly as to do the right thing.

Even books like " Trading In The Zone " that give one a good strategy to overcome some of our trading problems require a strong basic system with few rules to follow to achieve the goal of consistent trading.

I have actually used the 21 times idea in other types of things in my life successfully so know that kind of thing can help one to build good habits.

That is that idea in a nutshell if you force yourself to do something correct for 21 times it will start to ingrain itself into your mind as a common and comfortable normal action. The key is; normal comfortable action.

Most traders failings come from doing anything that is uncomfortable, They can FEEL it before they even do it. It just doesn't FEEL right. That is in itself another component of Quantum Physics. That feelings ( Emotions) can move your own reality in a certain direction , So if your not feeling like a winner you may never become one. ( Just a Thought)

So the flip side of this is that if you do some things that are risky or wrong and they workout and you win. Your underlying thoughts and emotions are going to be very euphoric. As you may even feel smarter than everyone else for getting that win in a way that goes against the very trading rules you are trying to use.

For this very reason one can never go against the rules. Because one win from a bad move will reinforce that and make it a habit so fast it will make your mind spin and a habit form, a bad idea is how addictions are formed.

So you can go from trying to be a trader to just being addicted to gambling in a nutshell.

So to prevent this and become the PROFESSIONAL trader you want to be . Learn the rules of any idea you are comfortable with and that you personally can SEE. Then follow them to the tee, don't vary, don't think just " DO IT ". We all see others succeed using these ideas so there is no reason we can't as well.

I personally think that Supply / Demand trading. Using the same FEW rules for any trade off any trading chart time is the key to be able to do the right thing at the right time. I have shown a lot of people over the years different ideas that do work and will work , But only if they stick to the rules and most had to many rules.

So stay the course and don't follow the song of the sirens, and you will not end up on the rocks.

Cheers Ken
Good Trading To All ; Ken Lee
  • #307
  • Oct 10, 2011 8:40am Oct 10, 2011 8:40am
Words of Wisdom,
Thank you Ken
  • #308
  • Oct 10, 2011 10:51am Oct 10, 2011 10:51am
Set a PO last night. Missed my take profit by 7 pips and ended up losing the trade. I went short. I figured this was the spot if it went back on the down trend it would do it. I was wrong. But still happy about picking the right zone. Just have to figure out where to take profit at ideal areas.

Here is my chart and what I see. This is the EU H1. Any comments from anyone would be appreciated if I made some mistakes.
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  • #309
  • Oct 10, 2011 10:52am Oct 10, 2011 10:52am
Great post Ken,

I think we will be getting along well on your thread, like-minded, and here to make a success. I will be posting my trade setups as I place my orders in chart format, everyone can then see this makes money, people need to get positive about trading, a losing mindset or a "I'm a victim" mentality will get you nowhere fast.

People I have been trading demand and supply for a long time, don't let the post count fool you. Now let's get this success ball rolling, we need some energy in here!! Ken what do you think about maybe asking everyone to post more charts? People learn much faster if they can grasp the idea visually..

Who's with me?
  • #310
  • Oct 10, 2011 11:08am Oct 10, 2011 11:08am
Quoting FxEuphoria
Great post Ken,

I think we will be getting along well on your thread, like-minded, and here to make a success. I will be posting my trade setups as I place my orders in chart format, everyone can then see this makes money, people need to get positive about trading, a losing mindset or a "I'm a victim" mentality will get you nowhere fast.

People I have been trading demand and supply for a long time, don't let the post count fool you. Now let's get this success ball rolling, we need some energy in here!! Ken what do you think about maybe asking...
I just posted a chart of what I believe are good zones. What you think?
  • #311
  • Oct 10, 2011 12:53pm Oct 10, 2011 12:53pm
Hey Nawlins,

Regarding you supply zone, on the 1hour it does look decent and fresh touch, but, here are my worries:

-Uptrend on 1hour since last monday
-4hour pa

The 4 hour pa looks quite disturbing for a short, sure, 4 hour is in an obvious downtrend but recent pa looks like we may see a trend reversal, I outlined my concerns in the chart by drawing what we MIGHT see.

This would be an easy pass for me as with this way of looking at the markets trades are abundant, so wait for the A++ setups.

The demand zones:

I do like them and I am currently watching them. These are bound to give great risk reward profiles and are on my current watchlist.

Any other question will be answered with pleasure, what do you think about my opinion? I can be wrong but that's how I see it, rather wait for all the stars to align than kick yourself in the but for taking sub par entries..

regards,
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  • #312
  • Oct 10, 2011 12:56pm Oct 10, 2011 12:56pm
Here is how it could pan out. It might not happen but this is something I would trade.
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  • #313
  • Oct 10, 2011 1:50pm Oct 10, 2011 1:50pm
here are some PO's for this evening . Which ever gets taken the rest will be removed , ( this is one my Demo account for practice for now)

Will see if I need to adjust anything after work cheers ken
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Good Trading To All ; Ken Lee
  • #314
  • Oct 10, 2011 2:35pm Oct 10, 2011 2:35pm
Quoting FxEuphoria
Hey Nawlins,

Regarding you supply zone, on the 1hour it does look decent and fresh touch, but, here are my worries:

-Uptrend on 1hour since last monday
-4hour pa

The 4 hour pa looks quite disturbing for a short, sure, 4 hour is in an obvious downtrend but recent pa looks like we may see a trend reversal, I outlined my concerns in the chart by drawing what we MIGHT see.

This would be an easy pass for me as with this way of looking at the markets trades are abundant, so wait for the A++ setups.

The demand zones:

I do like them and...
Yes I like your explanation. I do want to say if it turns back south it will be at that supply zone. Is it an A+++ trade..no its not. I just truly believe the euro is picking up steam on hot air. Greece will default imo. Its imminent. All what is happening now is a stall and I truly believe its a stall for the big boys to get their ducks in order before it comes down. Just like the stock market. So I will take a stab at the supply zone. It may not amount to anything but I believe it will net some pips. Thing is to play it tight. This is where I am learning.

I did circle some areas on your chart. I would love to know why not these areas. I know its rally base rally. But if you switch to M30 you can see that it did drop some. It may not be a rally base drop to some. This is where I get confused. I just want to know what you see that makes this not a demand zone. See chart below in circled area. Again thanks for commenting and glad to have you in KL's thread. Kl has something special here and I truly believe its the best thread on FF but still a secret.
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  • #315
  • Oct 10, 2011 2:45pm Oct 10, 2011 2:45pm
Quoting Kenneth Lee
here are some PO's for this evening . Which ever gets taken the rest will be removed , ( this is one my Demo account for practice for now)

Will see if I need to adjust anything after work cheers ken
KL got a question. Why not the area I marked on your chart in the white box. Price came back to this area before taking off. Why set a PO on the above area. The white box is basically the H1. I am just curious as price would be more affected if it hit the white box than your 1st PO. Like I said in my previous post this is where confusion for me sets in.

Another question KL and really anyone who wants to discuss. What is a fresh zone? Every zone going back is an equal reaction to a previous zone. So what is considered fresh.

Thanks buddy and good luck on the OZ. Might hop on board if it hits the white box I marked.
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  • #316
  • Oct 10, 2011 3:25pm Oct 10, 2011 3:25pm
Quoting nawlins51
I did circle some areas on your chart. I would love to know why not these areas. I know its rally base rally. But if you switch
Hey nawlins, This is actually something I struggled with in the beginning, it's good you ask.. You could see it as a demand zone yes, a weaker one. I like to see clear demand, I want to be able to see a strong move off a level, price rocketing off, the area you circled is demand of some form, but not strong demand. I will show you what I mean in the attached chart.

This is how I treat it:

-Trade the best demand and supply you can find, on 2nd touch. That's it, if I miss some trades it's okay.

-Trade less to make more.

-If you are at all confused about about any levels don't trade them, wait for those you are sure about, if you lose a trade then it's only a part of the business.

On to what's going on in my attached chart, I wait for price to enter half way into my supply or demand zone before I enter, This is last weeks AUD/USD. the red circles are the zones I ignored(pay attention to them). I like the demand or supply levels to be the point of a new swing not in a leg of a continuation.. Hope this chart helps, following the above rules you would have gotten 2 good trades the 2nd one being a home run trade (small risk, big reward).

This is obviously a representaion of a perfect week but this should give you the idea.
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  • #317
  • Oct 10, 2011 5:34pm Oct 10, 2011 5:34pm
Quoting FxEuphoria
Hey nawlins, This is actually something I struggled with in the beginning, it's good you ask.. You could see it as a demand zone yes, a weaker one. I like to see clear demand, I want to be able to see a strong move off a level, price rocketing off, the area you circled is demand of some form, but not strong demand. I will show you what I mean in the attached chart.

This is how I treat it:

-Trade the best demand and supply you can find, on 2nd touch. That's it, if I miss some trades it's okay.

-Trade less to make more.

-If you are at...
I appreciate the response and chart but have one more question . If a zone is too big, then why not drop to a lower timeframe and reduce your risk?
  • #318
  • Oct 10, 2011 10:13pm Oct 10, 2011 10:13pm
Quoting nawlins51
KL got a question. Why not the area I marked on your chart in the white box. Price came back to this area before taking off. Why set a PO on the above area. The white box is basically the H1. I am just curious as price would be more affected if it hit the white box than your 1st PO. Like I said in my previous post this is where confusion for me sets in.

Another question KL and really anyone who wants to discuss. What is a fresh zone? Every zone going back is an equal reaction to a previous zone. So what is considered fresh.

Thanks buddy and good...
The green are entries and the red stops levels if you look closely I incorporated both levels in number 1. they were so close. and stop is within tolerance I see i missed my Po by a gnats hair. PO is 46 low was 50 . I am letting in stay being the two levels, we will see.

all the lines are saved so we can see how the price actually works out later.
Good Trading To All ; Ken Lee
  • #319
  • Oct 10, 2011 10:27pm Oct 10, 2011 10:27pm
Quoting Kenneth Lee
The green are entries and the red stops levels if you look closely I incorporated both levels in number 1. they were so close. and stop is within tolerance I see i missed my Po by a gnats hair. PO is 46 low was 50 . I am letting in stay being the two levels, we will see.

all the lines are saved so we can see how the price actually works out later.
Ok KL I see now buddy. So close. Also could you explain again to me what is a fresh zone? This is what I tend to confuse myself over. For example you can see to the left on some charts that an area is a 2nd touch already yet we mark it as a fresh zone. So whats the timeframe for fresh and not fresh.
  • #320
  • Oct 10, 2011 10:35pm Oct 10, 2011 10:35pm
Quoting nawlins51
Ok KL I see now buddy. So close. Also could you explain again to me what is a fresh zone? This is what I tend to confuse myself over. For example you can see to the left on some charts that an area is a 2nd touch already yet we mark it as a fresh zone. So whats the timeframe for fresh and not fresh.
Sometimes level will get a test right after it forms. still some undecided order flow or maybe some retila guys moving a bit but as FX said we are always looking for that definite move away from a level not a strangling bunch of candles but a serious move.

Then for a fresh touch I like to see it move away and in the concept of the chart your watching which would make it different on each chart for it to stay away for awhile . Also one of the factors you can look for is that maybe somw levels in fornt of the fresh one have turned price a bit so when it touches the fresh one the supply or demand is weaker and this is where you can see price really spike away from the level which is what we truly want.

to get your entry and then be at the apex of a wick is golden .

Like on my oz chart price has made it near that first level now twice . but not into it. I would still considered it fresh but the number 2 is fresher at this point. As price hasn't come near it yet. I may leave my po on 1 for now but will watch it if it fails to make a higher high I then will but more faith in number 2 and so on .


Hope this helps if not ask for clarification on any points Ken
Good Trading To All ; Ken Lee
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