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B.S. Trading with Kenneth Lee

  • #721
  • Oct 20, 2011 1:24pm Oct 20, 2011 1:24pm
Quoting nawlins51
I closed my EU short for 28 pips. Got to run some damn errands. Prolly should of moved it to breakeven and let it run. Oh well here is my trade. Happy to be making cash. Oh had to zoom into the M15 to find a supply zone incase anyone wants to know. This pic is me managing my trade on the M30.

Very nice yes clear entry on the 15.
Good Trading To All ; Ken Lee
  • #722
  • Oct 20, 2011 1:25pm Oct 20, 2011 1:25pm
Nothing to base it on , but think you did right closing that

Think move was rumor based and they rarely hold up.

If you can start to distinguish rumor from fact. ( Fact is normally some kind of Numerical value ) Rumor ( is just SO and So said this ) . You will start to see a emotional move to both but the rumor move will at times just do a full retrace pretty quickly.

Just my two pence worth.. Ken
Good Trading To All ; Ken Lee
  • #723
  • Oct 20, 2011 1:29pm Oct 20, 2011 1:29pm
Quoting Kenneth Lee
Nothing to base it on , but think you did right closing that

Think move was rumor based and they rarely hold up.

If you can start to distinguish rumor from fact. ( Fact is normally some kind of Numerical value ) Rumor ( is just SO and So said this ) . You will start to see a emotional move to both but the rumor move will at times just do a full retrace pretty quickly.

Just my two pence worth.. Ken
Thanks for the compliments. Ken could you tell me more about this rumor. This is interesting. Will read it when i get back. Thanks bro again and nice trading by you also. Doesnt get better. Thread has evolved into a good group of guys.
  • #724
  • Oct 20, 2011 1:38pm Oct 20, 2011 1:38pm
Quoting nawlins51
Thanks for the compliments. Ken could you tell me more about this rumor. This is interesting. Will read it when i get back. Thanks bro again and nice trading by you also. Doesnt get better. Thread has evolved into a good group of guys.

Nothing in particular just last real news was U.S. builds and that was a bit positive so thought we should got a boost from that. I don't watch the news other than the red realizes, I know some that have all the news services on all the time. i couldn't trade that way would drive me bonkers . half of that news is nothing but paid advertising by the big boys to move the markets their way.

Do a study of the U.S depression, Scarey crap. Lead the American public to the slaughter while they made tons. You see it everyday now also in stories in the US Today .

Just my 2 cents . Ken
Good Trading To All ; Ken Lee
  • #725
  • Oct 20, 2011 1:43pm Oct 20, 2011 1:43pm
Hmmm... I'm still a bit confused. When price crossed the zone, didn't it then become a swap level where we look for the opposite trade? I.e. short trades in this case.

With that and the pin spike it looked like a decent short trade to me, but hit the stops pretty quickly. Seems like I'd better do a bit more reading!

PB


Quoting Kenneth Lee
That wasn't s level
  • #726
  • Oct 20, 2011 1:50pm Oct 20, 2011 1:50pm
Quoting pixelboy
Hmmm... I'm still a bit confused. When price crossed the zone, didn't it then become a swap level where we look for the opposite trade? I.e. short trades in this case.

With that and the pin spike it looked like a decent short trade to me, but hit the stops pretty quickly. Seems like I'd better do a bit more reading!

PB
yes but the swap zone will be different to the demand, as the swap would have took place slightly higher to take out the demand, go down timeframes and you should see it
  • #727
  • Oct 20, 2011 2:00pm Oct 20, 2011 2:00pm
Eu limit sell placed for 2nd supply zone entry with a buffer amount anticipating traders can't wait for it to turn. Couldn't be easier.

I missed the first chance to short it for 20 pips assuming it turned south a little before the supply zone #1 shownas price frequently does when alot of orders are being anticiapted, as Kenneth teaches...

If you can fail your way to success I still have a chance at making it.

Steve
Attached Image (click to enlarge)
Click to Enlarge Name: eu limit sell.gif Size: 14 KB
  • #728
  • Oct 20, 2011 2:22pm Oct 20, 2011 2:22pm
Quoting pixelboy
Hmmm... I'm still a bit confused. When price crossed the zone, didn't it then become a swap level where we look for the opposite trade? I.e. short trades in this case.

With that and the pin spike it looked like a decent short trade to me, but hit the stops pretty quickly. Seems like I'd better do a bit more reading!

PB

Wasn't one on the 30 min, But Nawlins found it on the 15 min. Any base which forms the level has certain , Basic rules.

Just because a level gets broke doesn't mean it is going to build a level ,, normally they will but not always. We still need to grade them to make sure they meet the requirements.
Good Trading To All ; Ken Lee
  • #729
  • Oct 20, 2011 2:27pm Oct 20, 2011 2:27pm
Quoting Kenneth Lee
Nothing in particular just last real news was U.S. builds and that was a bit positive so thought we should got a boost from that. I don't watch the news other than the red realizes, I know some that have all the news services on all the time. i couldn't trade that way would drive me bonkers . half of that news is nothing but paid advertising by the big boys to move the markets their way.

Do a study of the U.S depression, Scarey crap. Lead the American public to the slaughter while they made tons. You see it everyday now also in stories in the...
Ok was wondering about the rumor. Makes sense.

I hear you about the US depression. Watched a documentary about the Fed Reserve and how these guys got it to work under Wilson. Then how they loaned a shit load of money then just stopped lending. Those big boys called in all loans and caused a panic nationwide. Allowed them to purchase a lot of assets for pennies. Truly evil people are still in control today. Thats my 2 cents.

On a side not seems like we just need to play tops and bottom S and D zones. Nothing in the middle to hold long term.Quick scalping. Eventually this little zig zag game will compress and have to make a move.
  • #730
  • Oct 20, 2011 2:29pm Oct 20, 2011 2:29pm
Quoting Kenneth Lee
But to each their own some will always want a crutch to help them to see and trade. We have to follow our own destiny. ken


Not a crutch at all. What you're doing is simple to see and execute, that's a huge advantage. But as much as we'd like it to be, the Forex market, and trading, are not as simplistic as we want it to be. I'm not suggesting changing anything about it at all as far as getting in. But the big money is made in getting out. Just looking at the charts posted here I keep seeing lots of small winners (yes, 3-1 is small in the larger scheme of things) and some are taking a lot less than that. I haven’t seen one trade left to run, bits and pieces of a position aside.

What I was referring to is this: instead of just looking only at any given pair in isolation, which is what you do, by watching the currencies as a whole, and as the two separate components that make up a pair, you very well may find a setup on a pair that is getting primed to take off for a big move. It’s simple really. If the GBP is gaining across the board in the GBP pairs and you then see the JPY taking a pounding across the board, and then you are able to find a long setup in the GBPJPY, then let it run as the strength and weakness combined are going to make for a nice run that very well may last days.

On the other hand, if you see a setup in let’s say the AUDCAD and you then see that neither of them are doing much, or both are showing weakness, or both are showing strength, then you’re trading right into the chop.

This is not to say that you should, or need, to do this for every trade. But the forex market is vast and your approach is a bit myopic. When there is information available, for free, then why not look at it.

As far as the thread I linked to, it’s a bit off topic, as most threads get, but the core idea is what matters, not all the bullshit that comes along. You don’t need to use what they’re using either, just figure out what the essence of it is and then it’s quite simple to figure how to do it your own way.

It was just a friendly suggestion, nothing more so there’s no need to feel defensive, which is what your words transmit. I will say that what you are doing is great, but it does have weaknesses, one of them being the frequency of the trades, because of the short profit taking. That sort of trading burns people out eventually. Maybe not you, but it does get to folks.

Anyway, good thread, you’re a good guy to put out so much time and effort for these folks. I hope they appreciate it.
  • #731
  • Oct 20, 2011 2:31pm Oct 20, 2011 2:31pm
You can see from nawlin's and steve's posted charts that they both got a trade but used a different approach. Nawlins zoomed into the 15 min chart to see a level. and took his off when it did it's first retrace. Steve waited for the 30 min level and has got a entry as well.

Neither is wrong the higher level is always a safer level as some of the demand is used up. I went short on OZ as well but waited for the very top level as the spiky mess wasn't looking good. So the least risk was to wait for it.

As a general rule though the higher time frame charts will provide a bigger target for profits. Just a basic concept Bigger candles engulf more less formed bases. Other traders just say it is less noise.
Good Trading To All ; Ken Lee
  • #732
  • Oct 20, 2011 2:34pm Oct 20, 2011 2:34pm
Quoting nawlins51
Ok was wondering about the rumor. Makes sense.

I hear you about the US depression. Watched a documentary about the Fed Reserve and how these guys got it to work under Wilson. Then how they loaned a shit load of money then just stopped lending. Those big boys called in all loans and caused a panic nationwide. Allowed them to purchase a lot of assets for pennies. Truly evil people are still in control today. Thats my 2 cents.

On a side not seems like we just need to play tops and bottom S and D zones. Nothing in the middle to hold long term.Quick...
The start of it was the big boys would get together and pick a equity start buying, Then (LEAK) the information to the newspapers on their payroll. To get the public on board who had to buy on margin to play then once the public pushed it up the big boys sold for huge gains. You can see some of that in forex trading . Why there is always another side to the trades.
Good Trading To All ; Ken Lee
  • #733
  • Oct 20, 2011 2:40pm Oct 20, 2011 2:40pm
Quoting Dopey
Not a crutch at all. What you're doing is simple to see and execute, that's a huge advantage. But as much as we'd like it to be, the Forex market, and trading, are not as simplistic as we want it to be. I'm not suggesting changing anything about it at all as far as getting in. But the big money is made in getting out. Just looking at the charts posted here I keep seeing lots of small winners (yes, 3-1 is small in the larger scheme of things) and some are taking a lot less than that. I haven’t seen one trade left to run, bits and pieces of...

I 100% agree. Even within this trading idea , The originator of the idea Sam, also uses the Index charts as one of his always up charts. This he uses to gauge entries like you say for position size trades. I think we are progrssing at a safe speed though,

Have to start somewhere then add the bits and pieces to fine tune.

I appreciate your posting that info, even though I have not had a change to study it.

But we need other info to progress . even if you don't use it all it is good to understand what the other players are thinking sometimes. It can help you to understand why taking the other side will work or why it may go a bit against you before turning . relieving some of the fear.

Thanks Ken

PS . the indexes are how a currency is performing against a basket of others instead of just one. Gives more of a relative strength. So if your trying to short say euro , it would be safer if it was weak against the basket load.

Just like if eur/usd was at supply if the index was to and had already started the turn you can see the safer short
Good Trading To All ; Ken Lee
  • #734
  • Oct 20, 2011 2:50pm Oct 20, 2011 2:50pm
Quoting Kenneth Lee
The start of it was the big boys would get together and pick a equity start buying, Then (LEAK) the information to the newspapers on their payroll. To get the public on board who had to buy on margin to play then once the public pushed it up the big boys sold for huge gains. You can see some of that in forex trading . Why there is always another side to the trades.

Yep so true. Do you know why we had that big of a move at 5am this morning. I still have not figured it out. The downbar that formed right before the big up move was a play off supply sitting at that level. It was a pinbar that formed basically. Didnt trade it thank goodness. Just wondering why the spike.
  • #735
  • Oct 20, 2011 2:51pm Oct 20, 2011 2:51pm
Quoting nawlins51
Ok was wondering about the rumor. Makes sense.

I hear you about the US depression. Watched a documentary about the Fed Reserve and how these guys got it to work under Wilson. Then how they loaned a shit load of money then just stopped lending. Those big boys called in all loans and caused a panic nationwide. Allowed them to purchase a lot of assets for pennies. Truly evil people are still in control today. Thats my 2 cents.

On a side not seems like we just need to play tops and bottom S and D zones. Nothing in the middle to hold long term.Quick...
On a side not seems like we just need to play tops and bottom S and D zones. Nothing in the middle to hold long term.Quick scalping. Eventually this little zig zag game will compress and have to make a move


Yes but sometimes that little middle swap level is the launching point for a huge continuation. Just like a pole vaulter sometimes they need a bit of a run up to bust through a level. You can see it in your charts price pulls back and doesn't even slow down at the levels stop.

Now that you understand this a bit always research some of the past moves to see how it can and does play out. The more you see the more you will start to see it before it happens.
Good Trading To All ; Ken Lee
  • #736
  • Oct 20, 2011 2:54pm Oct 20, 2011 2:54pm
Quoting Dopey
Not a crutch at all. What you're doing is simple to see and execute, that's a huge advantage. But as much as we'd like it to be, the Forex market, and trading, are not as simplistic as we want it to be. I'm not suggesting changing anything about it at all as far as getting in. But the big money is made in getting out. Just looking at the charts posted here I keep seeing lots of small winners (yes, 3-1 is small in the larger scheme of things) and some are taking a lot less than that. I haven’t seen one trade left to run, bits and pieces of...
i did actually try the usd index approach, but i found everytime i entered a trade, i still had to rely on usd index to continue rising for exmaple if i was sell on eurusd.
  • #737
  • Oct 20, 2011 2:54pm Oct 20, 2011 2:54pm
Quoting nawlins51
Yep so true. Do you know why we had that big of a move at 5am this morning. I still have not figured it out. The downbar that formed right before the big up move was a play off supply sitting at that level. It was a pinbar that formed basically. Didnt trade it thank goodness. Just wondering why the spike.
Probably the gbp news at 4;30 retail sales


was better than expected last month -.04 this month expected 0.1 actual 0.6
Good Trading To All ; Ken Lee
  • #738
  • Oct 20, 2011 3:05pm Oct 20, 2011 3:05pm
Quoting deankenny21
i did actually try the usd index approach, but i found everytime i entered a trade, i still had to rely on usd index to continue rising for exmaple if i was sell on eurusd.

Yes, takes a bit of training I am sure to get the timing right and even the interpretation.
Good Trading To All ; Ken Lee
  • #739
  • Oct 20, 2011 3:25pm Oct 20, 2011 3:25pm
Ken,

That is exactly right & I agree. It is nothing more than a smoke screen.
  • #740
  • Oct 20, 2011 3:36pm Oct 20, 2011 3:36pm
Ken, or anyone willing to offer their view. It appears to me that if price touches a level once & briefly lingers, that will usually produce some nice pips & if price touches a second time & lingers, again a nice move usually follows.....is the key to the nice move the length of time price lingers at a level & what is the significance of more than one touch?

Thanks for any views put forth. I think I understand already, but would much appreciate the views of those more versed than me.

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