B.S. Trading with Kenneth Lee

Nawlins,

It was a risky short if u ask me. There was a nice demand below. Take trades that give u a 3:1 odds. yeah, it's boring to wait for those kind of trades but the account moves a steep curve up. Those 1:1 odds will destroy accounts............trust me..........ive learned the hard way

Nawlins:
Your honest assessment of your trade is greatly appreciated and very helpful.

I lost several countertrend trades holding a loss hoping it would come back. From now on I'll only countertrend after several candles have moved fast after bouncing off a fresh level. Best countertrend seems to be after price has gone its daily pips range and exhausts at a level. Makes for decent NY afternoon trades.

If price is trending like Eu and Gu longs today its hard to lose when price retraces down to demand.

Silly mistakes mess us up. Like Southbeach says "Have a plan." I've played around with Kenneth's ideas and am still not ready to nail down a plan but will in next few days. I've used the 5m levels today and didn't expect it to work so well. Otherwise I'd be ready to write down a 30m trade plan now.

Let's keep failing our way to success.

Steve

Patience is key...........so easy closed here. Now on to the next setup guys

Don 't think your alone mate. We all do those things I gave away 55 pips Thursday night on a OZ short.. But your did come off a higher high, have to keep a eye on those swings. which means on that time frame it was a counter trend trade. But hey you made 8 a win is a win.

Lots of trader would have moved their stop to be around TP 1 , So a Break even might have been their only gain.

But the positive of this trade is the knowledge that you picked the whole darn thing and it played out the way you saw it. not a darn thing wrong with that.

Cheers Ken

here is how OZ played out after I quit. I always TP a bit before my Level. My first trade was with the trend , BUT !!!!

That chart above show a decent mistake . When trading with the trend and it was late enough or early . Frankfurt and London had opened and no serious drop had happened. Should have taken another long. But when trading with the trend to move your stop to BE when the first TP level is hit or maybe take 1/2 your trade off. That is how the better traders really grow accounts. That does all become easier with your growth in your trading and your equity, as your NEED for gains lessen your gains actually will grow.

If you take 1/2 off at your first TP you can add it back or another full position once that tp is tested again you will start to see that your tp levels actual will become your next levels.

If any point isn't clear let me know.. Ken

advanced profit making ..

another setup.......mostly scalp....will watch

Nice BUT !! When it moved into that 4 hr supply level looking for tightest entry would have been a nice entry. it doesn't look like a great level on the 5 min other than the rejection but with confluence from the 4hr supply it is good then the 5 min level is a low risk entry.

But of course the 4 hr is a swap drop-base-drop level and some don't like those.

Guys thanks so much for showing me tips and just talking to me.

Southbeach is a guy who I talk too off site. I talked to him this morning about my trade and basically got pissed and told him to go look at it and I went back to sleep. I basically took my ball and went home lol. I was upset the way I handled that trade and needed to walk away. SB thanks bro for always motivating me. I failed to follow my trading. WIll say it again- I FAILED TO FOLLOW MY PLAN. Folks don't do that. I got very lucky to get out that trade with a win.

First Aid - Let me explain my thinking of why I took the short. We had a high form after price came down forming supply zone. Price went down forming a demand zone. So price came back up to the supply zone and this is where I entered. Now I noticed the double bottom. My thinking was price would react where my TP was but really believed it would just hesitate and fall. So I was thinking sell the whole time because I did not see a higher high. Yes we got one early in the session. I believed at the time that the gap was a pro gap. I believed the uptrend was nothing more than a head fake to summarize. So when i saw a lower high and price dropped thats why i set a PO at that zone. I thought we were heading south. Yes it was risky trade. But this plan in my mind was to catch this move and ride it all week if this would be the trend for the week. One trade was my initial goal to see if I can do it. What I would like to know is where did you get 3 to 1 ratio to go north. To me where I entered would be your first TP. Maybe I am not seeing what you are seeing. Anyway bro I appreciate you talking to me and giving feedback.

Stevewide - Thanks buddy for the feedback. I hope you picked up some tips from my mistakes and it saves you a ton. Stick to your plan buddy.

Ken- Thanks for the feedback buddy. I explained to first aid my thinking on going short. To go long I still do not see where our rules allow a long trade. I do like the charts you posted showing how to manage a trade. Its definitely helped me. A picture is worth a 1000 words. My trades this week will show how i manage my trades.

eu ,,

I think we should consider the USDX, it hasn't reach the demand yet.
but ken, the trend is going to up now.

I would be interested to hear someones view on shorting the E/$ from the current Supply level. I am currently short from 1.3941.

Well I took a long today from 1.3835 for 90 pips on EU, I would say your trade is against the trend thats all.....

coxsox,

You are so correct & that is not my style usually, but thought I would give the counter trend a go this time. So far so good & I am sitting on this one for alittle longer then out I go. Thanks for the view & good trades.

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Out of current E/$ short @ 1.3920 for +21. Momentum just not there.

Even after yrs of trading, my one serious flaw is closing too soon. I still see E/$ lower to at about 1.3890, but just my views. I welcome other comments from those on this thread.

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Trade close in profit is always a good trade. Besides EU may drift higher tonight. The current H4 supply zone is looking used up but there is a fresh H4 and D1 zone about 100 pips North so you can short it again tomorrow. Don't mean to barge in Been lurking for a while, and enjoy the conversation,s and energy of this thread. Will contribute from time to time if its OK


Take Care

JayTrader,

I appreciate you joining in & your comments. I think I made the correct decision to close.....at least with a few pips.

Your views are always welcomed by this trader. I am in a neighboring state & visit friends in your state about twice each yr.

Again, tks for your views & lets swap PM's over the weekend.

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