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B.S. Trading with Kenneth Lee

  • #361
  • Oct 11, 2011 4:05pm Oct 11, 2011 4:05pm
Quoting Kenneth Lee
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....
I made a great trade last night I posted. But my main problem in the past is letting the winners run like I stated. The real good thing about this method is seeing your target and not waiting for some candlestick formation or a candle crossing a MA. I have included in my plan if its counter trend to just take the 1st TP area and be happy. Going with the trend is where I will be more flexible and will practice letting them run. Is this kinda how you do it counter trend. Now if it blows through an area counter trend where it should of turned then I will hang on it and look for rejection of the swap level because it will come back. This will tell me a new trend is forming and I caught the tip of it. Is this kinda your thinking on CT? Or will you take profit at the mark anyway and wait for it to retest the swap level and get back in?
  • #362
  • Oct 11, 2011 4:10pm Oct 11, 2011 4:10pm
Hi Ken

Have a look at the chart below I have marked out some supply zones with some queries for you. For reference count the supply zones from 1 to 5 from top to bottom.

Supply zone 1 - I like this one as price didn't hang around very long and very quick exit from zone. Would you say this is a aaa trade setup?

Supply Zone 2 - would you count this as a supply zone as price did hang around for about 9 candles before dropping. Do you prefer a quick turn around?

Supply zone 3 - Do you find these mini pullbacks (1 or 2 candles) in a strong move up or down are very reliable zones?

Supply Zone 4 - This supply zone wasn't actually touched but would you count the close vicinity of the price as good enough and not use it again in future? Or would you consider it still fresh so use it again in the future?

Supply Zone 5 - How would you view this supply zone? Is it part of the one above so as it has beeen touched no longer count it going forward? Or would you view it as a new fresh zone?

I have seen quite a few supply and demand zones broken through so rather than just put an order in place at start of zone, I prefer to watch price as it approaches and once it enters zone watch the price action on a lower timeframe like 5 min or even better 1 min for confirmation of a reversal.

Do you think that is a good idea?

Lastly Dean Guile uses Fibonacci Levels, would you discount any zone that doesn't coincide with a recognisable fib level?

Can't thank you enough for your time and advice, many thanks.
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Feel the Fear and do it anyway!!!
  • #363
  • Oct 11, 2011 4:17pm Oct 11, 2011 4:17pm
Quoting nawlins51
I made a great trade last night I posted. But my main problem in the past is letting the winners run like I stated. The real good thing about this method is seeing your target and not waiting for some candlestick formation or a candle crossing a MA. I have included in my plan if its counter trend to just take the 1st TP area and be happy. Going with the trend is where I will be more flexible and will practice letting them run. Is this kinda how you do it counter trend. Now if it blows through an area counter trend where it should of turned then...
I like the second option on CT trades this way you keep most your gains , Of course there are the ones that get a kick in the butt by news and just fly , But those are also so the ones that can come right back against you just as fast or faster,

I guess I am not being much help, I just think there is a feel to it and you will find your way, just don't be so stressed over it. We don't need to add worry to the process.

Ken
Good Trading To All ; Ken Lee
  • #364
  • Oct 11, 2011 4:52pm Oct 11, 2011 4:52pm
Quoting Kenneth Lee
I like the second option on CT trades this way you keep most your gains , Of course there are the ones that get a kick in the butt by news and just fly , But those are also so the ones that can come right back against you just as fast or faster,

I guess I am not being much help, I just think there is a feel to it and you will find your way, just don't be so stressed over it. We don't need to add worry to the process.

Ken
You are being plenty of help. You don't realize how much my trading has improved in just a couple weeks because of you. I am starting to see the light. I will take your advice and not stress to much over it. Thanks bro.
  • #365
  • Oct 11, 2011 6:14pm Oct 11, 2011 6:14pm
Quoting clivepackham
Hi Ken

Have a look at the chart below I have marked out some supply zones with some queries for you. For reference count the supply zones from 1 to 5 from top to bottom.

Supply zone 1 - I like this one as price didn't hang around very long and very quick exit from zone. Would you say this is a aaa trade setup?

Supply Zone 2 - would you count this as a supply zone as price did hang around for about 9 candles before dropping. Do you prefer a quick turn around?

Supply zone 3 - Do you find these mini pullbacks (1 or 2 candles) in a strong move...

Supply zone 1 - I like this one as price didn't hang around very long and very quick exit from zone. Would you say this is a aaa trade setup?

Yes with the amount of time it has already spent away it should be very nice. The only thing is that price did try and retest i but turned a good deal below it.

Supply Zone 2 - would you count this as a supply zone as price did hang around for about 9 candles before dropping. Do you prefer a quick turn around?

The base is pretty Big lots of candles, The bigger the base the more orders get filled. So may not be much left on prices return . Why a good base is 2 to 5 candles but that is very relative as change the time frame and you can increas or decrease the amount of candles. You can get a feel for it by just comparing to other areas within the same chart.

Supply zone 3 - Do you find these mini pullbacks (1 or 2 candles) in a strong move up or down are very reliable zones?

This is a swap level if you draw your entry line across to the right you can see where it swapped from originally. I personally will try a swap level as they are a common traded idea, Not sure I would use them with PO's unless it was a swap with a trend. Like almost any level they will reject price and if your present you will have a chance to exit or scalp a few pips.

Supply Zone 4 - This supply zone wasn't actually touched but would you count the close vicinity of the price as good enough and not use it again in future? Or would you consider it still fresh so use it again in the future?

I see these as a first touch but you can see it didn't move into the level which usually means the level has a good deal of orders within it.The current price action did not reject real well from it the last time. So i would want to watch it to enter.

Supply Zone 5 - How would you view this supply zone? Is it part of the one above so as it has beeen touched no longer count it going forward? Or would you view it as a new fresh zone?

Yes it is a touch of the last 4th level but if price pulls away from it it could be the continuation of the trend. WE have seen in many trading ideas that small pull backs. Are relativity safe to trade, In EO trading it was the 1 and 5 o'clock trades In Ponsi's book he uses a 10 ema .
This is no different than that . Last friday we choose the closest level for the continuation turn on the gbp and it was the area price made a 200 pip run from .

Today the OZ trade the retracement wasn't very deep either. You have to work within your risk level and comfort zone. Some look for the very best levels which could be days or weeks apart, I look for daily trades on a bit faster chart.

I have seen quite a few supply and demand zones broken through so rather than just put an order in place at start of zone, I prefer to watch price as it approaches and once it enters zone watch the price action on a lower timeframe like 5 min or even better 1 min for confirmation of a reversal.

Yes or as Sam's idea is once price moves into a deep level put a PO to trigger when price leaves in your direction . But as a rule the closer your entry to your stop the better at the very least your loss is less.

Do you think that is a good idea?

See Above

Lastly Dean Guile uses Fibonacci Levels, would you discount any zone that doesn't coincide with a recognisable fib level?

I was a big fan of fibs , myself But I don't see the need for them with this trading style plus the less you have to consider the less you have to doubt. it is very easy to see when your within a fib trading zone and it as will any basic major trading idea will have it's share of traders adding their orders to help us on our way.

But I don't see much weight for or against them . In the past even with S/R trading the level could be any of many fib lines so not as accurate as most think and just because it is close we think they are working. I will try and keep my eye on Supply and Demand and concentrate on these levels instead.

But if they help you to see or trust a trade better , That is your call.
The second entry on OZ was between the 50 and 61.8 last night but it was between ?, a good entry for fib traders but the level was spot on . ????

If not clear ask again Ken
Good Trading To All ; Ken Lee
  • #366
  • Oct 11, 2011 6:41pm Oct 11, 2011 6:41pm
Oz getting close. Also am I wrong or right seeing a swap level which may not get back to an original TP level. It sure looks like it to me. Price at 9912 is the swap level I am talking about.
  • #367
  • Oct 11, 2011 6:47pm Oct 11, 2011 6:47pm
Quoting nawlins51
Oz getting close. Also am I wrong or right seeing a swap level which may not get back to an original TP level. It sure looks like it to me. Price at 9912 is the swap level I am talking about.
yep the po that worked out for the trade today .9910
Good Trading To All ; Ken Lee
  • #368
  • Oct 11, 2011 7:12pm Oct 11, 2011 7:12pm
Quoting Kenneth Lee
yep the po that worked out for the trade today .9910
Glad I am seeing this better. I will say this looks like it stalled so may get a shot to hit it short at that level and ride it to the demand zone. Reverse our trade and cash out for the night. Thats my plans and would be sweet for it to work that way. Unless the round number sends it back south before we can jump on the down trend
  • #369
  • Oct 11, 2011 8:19pm Oct 11, 2011 8:19pm
the 3rd level on OZ turned price moved stop to BE though, the price almost went to the stop before turning back. If it comes back the level looks to break easy.
Good Trading To All ; Ken Lee
  • #370
  • Oct 11, 2011 8:42pm Oct 11, 2011 8:42pm
Quoting Kenneth Lee
the 3rd level on OZ turned price moved stop to BE though, the price almost went to the stop before turning back. If it comes back the level looks to break easy.

closed the 3rd po Oz long at .9920
Good Trading To All ; Ken Lee
  • #371
  • Oct 11, 2011 8:49pm Oct 11, 2011 8:49pm
Quoting Kenneth Lee
closed the 3rd po Oz long at .9920
Nice trading. I didn't take the swap. Didn't see a hard rejection when it occurred. Think I will just wait to hit the supply zone above or demand below in your 4th level.
  • #372
  • Oct 11, 2011 8:52pm Oct 11, 2011 8:52pm
Quoting nawlins51
Nice trading. I didn't take the swap. Didn't see a hard rejection when it occurred. Think I will just wait to hit the supply zone above or demand below in your 4th level.

I took it actually reversed the long tp at .9889

check the swap level on the 5 min and you can see price went about 1/2 through tight stop.
Good Trading To All ; Ken Lee
  • #373
  • Oct 11, 2011 8:57pm Oct 11, 2011 8:57pm
Quoting Kenneth Lee
I took it actually reversed the long tp at .9889

check the swap level on the 5 min and you can see price went about 1/2 through tight stop.
Yep see it now. Well fudge.
  • #374
  • Oct 11, 2011 9:00pm Oct 11, 2011 9:00pm
well I have 9954 marked to short and 9840 to long. Will have to wait on those.
  • #375
  • Oct 11, 2011 9:03pm Oct 11, 2011 9:03pm
Quoting nawlins51
well I have 9954 marked to short and 9840 to long. Will have to wait on those.

nice ones have the long not the short , but it is a clear possibility and narrow level as well not a huge stop which is always a plus.
Good Trading To All ; Ken Lee
  • #376
  • Oct 11, 2011 9:10pm Oct 11, 2011 9:10pm
Quoting Kenneth Lee
nice ones have the long not the short , but it is a clear possibility and narrow level as well not a huge stop which is always a plus.

Good to know you on board with one. Figured the short is low risk high reward like you been preaching to us. Figured worth a shot. Plus I see it this way. If we are going back down then it will make a lower high staying on course. If it goes back up and matches the other high then we are clearly in consolidation meaning playing tops and bottom zones.
  • #377
  • Oct 11, 2011 9:12pm Oct 11, 2011 9:12pm
Ken whats the cable look like to you. To me it looks like poo. A lot of crap on top of crap. I see some zones just not positive about them. This pair has been weird lately.Too me anyway.
  • #378
  • Oct 11, 2011 9:15pm Oct 11, 2011 9:15pm
Here is a pic for the cable. Just a cluster F$%k.
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  • #379
  • Oct 11, 2011 9:18pm Oct 11, 2011 9:18pm
Quoting nawlins51
Ken whats the cable look like to you. To me it looks like poo. A lot of crap on top of crap. I see some zones just not positive about them. This pair has been weird lately.Too me anyway.
1.5586 for more down side

1.5540 or 1.5529 for possible longs

30 min
Good Trading To All ; Ken Lee
  • #380
  • Oct 11, 2011 9:20pm Oct 11, 2011 9:20pm
yep more levels on top of levels. youcna try combining some or just try for the lower ones or be present and try to spot the turn .
Good Trading To All ; Ken Lee
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