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B.S. Trading with Kenneth Lee

  • #541
  • Oct 17, 2011 2:49am Oct 17, 2011 2:49am
Quoting Iamfx
Appears to be a nice swap level around 3810---20
Missed it by 5
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We are all One. Be present. Be the Observer
  • #542
  • Oct 17, 2011 3:49am Oct 17, 2011 3:49am
Quoting xxxxLearner
FX can I ask you why you didnt mark of this zone to??


Attachment

Just look a bit left, that was the 2nd touch of that demand
  • #543
  • Edited 4:23am Oct 17, 2011 3:55am | Edited 4:23am
Quoting FxEuphoria
Just look a bit left, that was the 2nd touch of that demand

Ok I see that thanks FX.

So even though it moved a good distance with a reasonably strong move,

The area in the square is cannot be considered a demand zone in its own right?

I am not second questioning you, just trying to clarify my understanding.
  • #544
  • Oct 17, 2011 4:15am Oct 17, 2011 4:15am
Quoting xxxxLearner
Ok I see that thanks FX.

So even though it moved a good distance with a reasonably strong move,

The area in the square is cannot be considered a demand zone in its own right?

I am not second quesiing you, just trying to clarify my understanding.
Sure there could still be demand at this level as it was a strong move, but, as I see things there are enough opportunities to trade fresh touches. So I tend to stay away from 3rd touches, doesn't make anyone wrong or right, get an approach that suites you and implement it consistently. That's the real key
  • #545
  • Oct 17, 2011 4:22am Oct 17, 2011 4:22am
Ok Thanks FX, that helps!!

I appreciate your reply.
  • #546
  • Oct 17, 2011 8:24am Oct 17, 2011 8:24am
Check out EU. Breaking down?
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  • #547
  • Oct 17, 2011 8:25am Oct 17, 2011 8:25am
But check out 4 hour chart.
  • #548
  • Oct 17, 2011 9:00am Oct 17, 2011 9:00am
oz
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Good Trading To All ; Ken Lee
  • #549
  • Oct 17, 2011 9:55am Oct 17, 2011 9:55am
it wouldn't stop falling
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  • #550
  • Edited 1:15pm Oct 17, 2011 12:55pm | Edited 1:15pm
Quoting ejiexe
Probability Enhancer Result = 8 or 9

1. Strength of the move. It moves away with a gap. (2)
2. Reward/risk 3:1 (2)
3. Big picture is UP but we are approaching 4hr Supply level (same area with 30min chart) with divergence (1)
4. Retracement/Test. It is a fresh touch (2)
5. Time at Level. Spent least time (1)
6. Arrival. Not determine yet as at the time of posting. (either 1 or 0)

So I will trade the level with confirmation if weak arrival while trading with PO if strong arrival.


TP1 hit and TP2 missed by just 3 pips which is the spread anyway. It is also a demand level but the arrival to the level is weak so I will need to see a confirmation to go long by the opening of Asia session. Let see how this will unfold. TP3 is so far to reach in this up move. I want to be part of buyer on AU and that is what I am looking for.

Thanks Ken. You share more light to this trading idea with you chart analyis. Thanks

EDIT: TP2 finally hit @ 1.0206.

I will grade this level like I said earlier using probabilty enhance. Trade well ALL.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #551
  • Edited 2:19pm Oct 17, 2011 1:51pm | Edited 2:19pm
Any comment please


EDIT:

I got a pin after the close of the 30 min so that was my confirmation
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THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #552
  • Oct 17, 2011 2:12pm Oct 17, 2011 2:12pm
Quoting ejiexe
TP1 hit and TP2 missed by just 3 pips which is the spread anyway. It is also a demand level but the arrival to the level is weak so I will need to see a confirmation to go long by the opening of Asia session. Let see how this will unfold. TP3 is so far to reach in this up move. I want to be part of buyer on AU and that is what I am looking for.

Thanks Ken. You share more light to this trading idea with you chart analyis. Thanks

EDIT: TP2 finally hit @ 1.0206.

I will grade this level like I said earlier using probabilty enhance. Trade well...

Great Trade ,
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #553
  • Oct 17, 2011 2:24pm Oct 17, 2011 2:24pm
Quoting ejiexe
Any comment please


EDIT:

I got a pin after the close of the 30 min so that was my confirmation

Countering this would require getting in right at the touch that way you have the wick on this 30 min pin as a buffer and you can move stop quickly , No use risking much right now as after a big move and now in low volume . the real move may take a bit to get going. But it is a nice spot to continue the up trend if that is their idea. We follow as we don't have the money to move the market ourselves. Just my thought. Ken

But any level off higher time frames are a scalper spot to pounce, this one even gave a quick 20+ on that one green candle , Just depends what is your style. If you can combine , enter as a scalper and hold like a position or swing trader is ultimate profit making , but tends to be hard to control.
Good Trading To All ; Ken Lee
  • #554
  • Oct 17, 2011 2:42pm Oct 17, 2011 2:42pm
Plus if your going to combine trading systems the entry off a pin is best, as far down the wick as possible ( which is as close to your stop as well) less risk.
Good Trading To All ; Ken Lee
  • #555
  • Oct 17, 2011 5:35pm Oct 17, 2011 5:35pm
Quoting Kenneth Lee
Plus if your going to combine trading systems the entry off a pin is best, as far down the wick as possible ( which is as close to your stop as well) less risk.
Thanks. I was stopout as quick as possible. I think this is part of the problem I have when I close all trade in a winning direction. My TP3 for the early trade has not be reached before I finally jump the gun. I was looking for counter trend trade which is risky anyway.

Good we learn from mistake and good for us.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #556
  • Oct 17, 2011 6:22pm Oct 17, 2011 6:22pm
Well USDCAD hit 4 hour demand causing a nice retracement. Currently seems to be bouncing of supply zone. Have not entered. I hate trading Asian session. EU, AU both hit 4 hour supply zones today causing a nice correction to demand areas. I think the current 4 hour trend is still in play. Will be interesting to see how this plays out.
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  • #557
  • Oct 17, 2011 6:48pm Oct 17, 2011 6:48pm
Been working but you are right Winston will be interesting. I hate the Asian session also.
  • #558
  • Oct 17, 2011 8:23pm Oct 17, 2011 8:23pm
Well I ended up taking a short on USDCAD during Asian session. Up about 15 pips. LOL.
  • #559
  • Oct 17, 2011 10:34pm Oct 17, 2011 10:34pm
see there was a nice clean short on OZ off a swap line . should have placed a PO for that.
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Good Trading To All ; Ken Lee
  • #560
  • Oct 18, 2011 1:22am Oct 18, 2011 1:22am
Ken,

This will problem sound silly, but.

When you identify the trend for the day prior to placing orders, and as most the the postions are intraday.

Do you only take positons in the direction of the current price trend? So when price is trading above its daily open, only place trades pulling back to a demand levels , and vicea versa?

Or would you still play short postions againest the trend of the day.

For instance today with EU, price has dropped(overnight for me), 150 or so pips. And for the last week or so we have been in a long rally. Also price has broken a trend line easily seen on a 4hour chart.

So would the safest play be considered short for the mean time?

Just trying to understand.


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