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B.S. Trading with Kenneth Lee

  • #341
  • Oct 11, 2011 4:40am Oct 11, 2011 4:40am
so currently the the first po on oz got stopped out. The second has been tripped and has made up that loss and is right now up 45 pips. I also had a po on e/u trip and it is up 20, a po on gbp was missed so far.

The level FX has posted is the the best near term level having the best movement away from the base , I just wasn't sure it would re trace that much this soon after such a big upward move.

But that PO will stay active until tested

The lesson learned form this would be that with those multiple near touches on that first OZ level with a gradual lower insertion into that level. To cancel that PO would mean The trade would be up a net 45 now instead of 17,


Cheers ken
Good Trading To All ; Ken Lee
  • #342
  • Oct 11, 2011 7:32am Oct 11, 2011 7:32am
charts
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Good Trading To All ; Ken Lee
  • #343
  • Oct 11, 2011 7:42am Oct 11, 2011 7:42am
As FX said we do want to let trades run to our Targets , But we also want to know when to take possible gains if it isn't looking like profits are being offered up.
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Good Trading To All ; Ken Lee
  • #344
  • Oct 11, 2011 7:45am Oct 11, 2011 7:45am
My stop on e/u was sitting right where another PO entry could have been. 1.3569

But Oz is now +60
Good Trading To All ; Ken Lee
  • #345
  • Oct 11, 2011 7:56am Oct 11, 2011 7:56am
Someone mentioned that we are sitting right below a daily supply level 1.5669, This level was tested a couple of times already. but turned price a bit quicker the last time. My gbp trade is to just retest that level not break it. Though if we had , had some decent carry through of yesterdays move it was a possibility.

All levels will break at some point. But the safest trading is to go with what you can see on the charts. If The gbp had moved near the high of yesterday quickly I would have just moved my stop up. but as it is painfully moving up a retest is all I would look for now.
Good Trading To All ; Ken Lee
  • #346
  • Oct 11, 2011 8:18am Oct 11, 2011 8:18am
hi keneth !!
i took some time to re-read ur pdf and all the posts on the thread as im trying to master and understanding this method better.

some of my earlier Q's looks kinda dumb in a second reading after i had understood some stuff yet you still were kind enough to take the time to answer so thank you very much!! u have amazing patience and explanations.
very much appreciated.

gonna post some charts shortly with my zones.
hope u will be around to comment.

thx again and happy trading!!
  • #347
  • Oct 11, 2011 8:55am Oct 11, 2011 8:55am
for some reason i can not load charts

while i was trying to post here my zones actually got broken and i actually had a loss but would like to hear ur opinion once im able to share my charts to understand if i marked my zone in wrong or it was just my luck to get stopped.
is anyone else having issues loading charts?ugh..frustrating!!!
  • #348
  • Oct 11, 2011 9:00am Oct 11, 2011 9:00am
Quoting Kenneth Lee
so currently the the first po on oz got stopped out. The second has been tripped and has made up that loss and is right now up 45 pips. I also had a po on e/u trip and it is up 20, a po on gbp was missed so far.

The level FX has posted is the the best near term level having the best movement away from the base , I just wasn't sure it would re trace that much this soon after such a big upward move.

But that PO will stay active until tested

[b]The lesson learned form this would be that with those multiple near touches on that first OZ...
To me that is very important info that is in bold. Thanks KL for posting that. I was wondering last night how to handle that situation and glad you shared with us what should be done. Nice trading also buddy.
  • #349
  • Oct 11, 2011 9:46am Oct 11, 2011 9:46am
Thanks for the great info and for sharing your hard work...I am "lurking-n- learning"...reading and re-reading, trying to digest it all...Will post more as I get a fuller grasp of it all...
Thanks, Don
  • #350
  • Oct 11, 2011 9:51am Oct 11, 2011 9:51am
im giving up on trying to load charts.
im done for the day!

hope to be able to post them later.
good day everybody!!!

p.s-
my charts and trades i wanted to share are on corn furure market.
if no one objects i will consider it ok to post them here as this concept of SD applies to all markets.
if u want to focus just on currencies pls let me know and i will pass on the idea of posting it.(if it will ever stop freezing on me).
  • #351
  • Oct 11, 2011 11:08am Oct 11, 2011 11:08am
OZ update
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Good Trading To All ; Ken Lee
  • #352
  • Oct 11, 2011 11:14am Oct 11, 2011 11:14am
so what is now fresh
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Good Trading To All ; Ken Lee
  • #353
  • Oct 11, 2011 12:07pm Oct 11, 2011 12:07pm
KL I am on your level 4. Thats where I am waiting to go long. I feel more comfortable there than level 3.

Also want to ask this. Whats the best way to manage the trade? I understand where to take profit but what is the best way to let them run? Do we take profit by closing half our order at the appropriate level and move the other half to break even? This is where I am seriously struggling at. I know we need to let the winners run but what exactly are we doing here? I do understand different tactics due to each individuals style of money management.
  • #354
  • Oct 11, 2011 1:09pm Oct 11, 2011 1:09pm
Hi Kenneth, how abt EU and GU?
TRADING IS SIMPLE BUT NOT EAZY
  • #355
  • Oct 11, 2011 1:15pm Oct 11, 2011 1:15pm
Hi Ken

Great thread really enjoying your trading style.

Can I ask you how you go about your daily analysis routine?

How do you decide which pair to trade?

Do you just look for supply and demand zones and just trade them as they come along?

What time frame do you start on 30min , 1 hr or daily?

Many thanks again for sharing.
Feel the Fear and do it anyway!!!
  • #356
  • Oct 11, 2011 1:20pm Oct 11, 2011 1:20pm
Quoting nawlins51
KL I am on your level 4. Thats where I am waiting to go long. I feel more comfortable there than level 3.

Also want to ask this. Whats the best way to manage the trade? I understand where to take profit but what is the best way to let them run? Do we take profit by closing half our order at the appropriate level and move the other half to break even? This is where I am seriously struggling at. I know we need to let the winners run but what exactly are we doing here? I do understand different tactics due to each individuals style of money management....

If you studied any of the video's Sam made. The first tp can be used to just move your stop to Break Even. I know a Lot who once price has moved about 20 or 30 pips move their stop to be as well. This is really a personal choice . I have traded long enough to know that with time you will start to hold for longer targets.

It is fear of losing this tiny amount of gains that drives most to tp to soon. But it isn't the tiny wins we are trying to get .

I used to be a Ninja Scalper, Taking gains of less than 10 pips 30 or 40 times a day. but the time required and the stress is not the main goal. My main goal isn't to make loads of money just to be free from the daily grind.

Just keep picking your entries . also you must pick targets when you pick your levels , how can you be picking levels without targets any how it is part of the rules. minimum of 2:1 remember.

Also you need to decide what is your personal goal per trade. What will grow your account how often is your picks right. it all weighs in .

Yes the swap level may not turn price but I have grown to appreciate them for what they are breakout retest. . I will risk the 20 pips or so to see. You can also see the yellow line on my chart within the 3rd level that will be the 1st tp for 4 as it will have to re break that level on the run from 4. That one I would look to just move to BE at that point.

I kinda look at the deeper retraces are like a rubber band the further the faster and further they can shoot the other way. until the break the previous swing and then the rubber band snaps and price will continue to fall. Just a metaphor.

Hope this is clear if not re ask Ken
Good Trading To All ; Ken Lee
  • #357
  • Oct 11, 2011 1:25pm Oct 11, 2011 1:25pm
Quoting green_trader
Hi Kenneth, how abt EU and GU?
E/U was Stopped mentioned earlier. it was stopped right at another level. Hit by a pip or two , the levels haven't been great so many on top of each other.

But that was my point to show that with proper management we can still come out ahead. Both the first OZ trade and the e/u could have been taken for over 30 each or Break Even .

But even with the two losses and gbp not really doing much The account had a nice profit today. Plus it is a way to learn to trade a plan. Since it has been over 24 hrs . I will close the gbp on the next positive move and look for some new PO areas. To set.

Ken
Good Trading To All ; Ken Lee
  • #358
  • Oct 11, 2011 1:28pm Oct 11, 2011 1:28pm
Quoting Kenneth Lee
If you studied any of the video's Sam made. The first tp can be used to just move your stop to Break Even. I know a Lot who once price has moved about 20 or 30 pips move their stop to be as well. This is really a personal choice . I have traded long enough to know that with time you will start to hold for longer targets.

It is fear of losing this tiny amount of gains that drives most to tp to soon. But it isn't the tiny wins we are trying to get .

I used to be a Ninja Scalper, Taking gains of less than 10 pips 30 or 40 times a day. but the...
Great advice!!!!! It is a struggle and will practice with it for sure. I can see the TP levels and they get there. What hurts my pride you can say is when I am up 30 pips and give it all back trying to let one run. Then I go negative and it turns into 100 pips. Truly the hardest thing about trading is removing the fear aspect of giving it back for that home run. Its difficult and confidence in my opinion is the only solution. That is where my focus is . Confidence...I think once I achieve that I can let them run. its getting there. Its a constant battle to win the war.
  • #359
  • Oct 11, 2011 1:35pm Oct 11, 2011 1:35pm
Quoting clivepackham
Hi Ken

Great thread really enjoying your trading style.

Can I ask you how you go about your daily analysis routine?

How do you decide which pair to trade?

Do you just look for supply and demand zones and just trade them as they come along?

What time frame do you start on 30min , 1 hr or daily?

Many thanks again for sharing.
I look basically at my 30 Min chart as I have narrowed it down to be the best for my personality and trading style. If one is more a investor and less a speculator. A longer time frame chart could be used.

Then once you spot the levels your interested in, Make sure you always then change the chart times with your levels on the chart and you can see like on the gbp the different levels that you can either be with or fighting.

I am long on the gbp against a supply (Selling) level on the daily.It is ok to be Counter Trend but it effects your choice of TP and how much time you would like to give it to workout.

I look at a lot of pairs and look basicly for the best levels to trade not the pair per se' . I personally don't make any marks on my charts I just know where my interest lye and watch the price line running across my chart to touch those levels.

But I am striving to use more PO's and free my time up. Also trying to let folks see. My ideas . But these aren't trade calls . I never give trade calls .

I only try and help others to see for themselves what they can see.

WE are learning together Ken
Good Trading To All ; Ken Lee
  • #360
  • Oct 11, 2011 1:50pm Oct 11, 2011 1:50pm
Quoting nawlins51
Great advice!!!!! It is a struggle and will practice with it for sure. I can see the TP levels and they get there. What hurts my pride you can say is when I am up 30 pips and give it all back trying to let one run. Then I go negative and it turns into 100 pips. Truly the hardest thing about trading is removing the fear aspect of giving it back for that home run. Its difficult and confidence in my opinion is the only solution. That is where my focus is . Confidence...I think once I achieve that I can let them run. its getting there. Its a constant...
Well then concentrate on the ones that did fail , Was there some sign that you didn't read, Usually they let you know that your barking up the wrong tree, Like the first trade on oz and the e/u trade, there was plenty of chances to get out with profit or at the very least No loss.

It will come just takes time . Then the willpower to do the right thing is what a ot can't seem to conquer, So you MUST absolutely MUST, from the start learn to move your stops UP for less losses . and never ever slide them back plan your trade, then trade the plan. If they are not working out . Work on the plan . You can't fix something that is broken while it is running. Trading is the same.

Cheers Ken
Good Trading To All ; Ken Lee
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