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Day Trading vs. Swing Trading vs. Position Trading 86 replies

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B.S. Trading with Kenneth Lee

  • #861
  • Oct 26, 2011 10:35am Oct 26, 2011 10:35am
EURGBP long with trouble at 8708
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  • #862
  • Oct 26, 2011 10:46am Oct 26, 2011 10:46am
Missed this longer term short by just 1 pip on EURUSD
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  • #863
  • Oct 26, 2011 11:01am Oct 26, 2011 11:01am
I haven't taken the trade on the usd/chf at 0.8858 (short)
Coz my daily chart shows price leaving a demand area.... and SS recommends going long since the odds are higher.
Just waiting to see how far down price will go...

Anyone gone short @ 0.8858 with usd/chf?

http://i43.tinypic.com/4juo7p.gif
  • #864
  • Oct 26, 2011 11:02am Oct 26, 2011 11:02am
Quoting bootsyjam
Missed this longer term short by just 1 pip on EURUSD

Nice charts and trading, yep those daily levels even a 1% miss can be 10 or 15 pips.
Good Trading To All ; Ken Lee
  • #865
  • Oct 26, 2011 11:07am Oct 26, 2011 11:07am
Quoting kodex750
I haven't taken the trade on the usd/chf at 0.8858 (short)
Coz my daily chart shows price leaving a demand area.... and SS recommends going long since the odds are higher.
Just waiting to see how far down price will go...

Anyone gone short @ 0.8858 with usd/chf?

http://i43.tinypic.com/4juo7p.gif

Yes that is a tough one because on daily coming off .9230 area we are still short as well. ,maybe just scalp this till it breaks one way or other.

Not a pair I trade to much
Good Trading To All ; Ken Lee
  • #866
  • Oct 26, 2011 11:18am Oct 26, 2011 11:18am
Quoting pixelboy
Nice trade ejiexe - I noticed another demand level higher up on the M5 chart (top blue line on the attached chart) that would have been good for three 20 pip scalp trades this morning.

Can anyone answer this: we were in a downtrend when the long trade was entered @ 1.5970. How did you know it would retrace almost 100% of the way back to 1.6036? Did you just hope it would as we are in a generally ranging market?

PB
It was based on our simple rule. Long from Demand Level and Take profit at Supply level. Short from supply level and take profit at Demand level. The reason why I did'nt let the trade run is bcos we were in downward trend atleast for now so I took all at the first supply level. I normally take counter trade if my probability enhancer is greater or equal to 8.

Though, my PO was missed by 1pip but I still enter manually after the inverted hammer on m15 chart which was PA for me to go long anyway.

I would I have short GU after taken the profit but I was expecting PA to form as a confirmation before I go short. Reason(retracement is 100% and it did not stay so long before it went back to test the supply level.) And before I came back from picking my Kids from school, the PA has formed and we already have a move of over 120 pips.

I hope this help?
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #867
  • Oct 26, 2011 11:38am Oct 26, 2011 11:38am
Quoting kodex750
I haven't taken the trade on the usd/chf at 0.8858 (short)
Coz my daily chart shows price leaving a demand area.... and SS recommends going long since the odds are higher.
Just waiting to see how far down price will go...

Anyone gone short @ 0.8858 with usd/chf?

This is the way I see it. It is not bad to short there though. My PO is still waiting for trigger or enter after confirmation
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THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #868
  • Oct 26, 2011 1:05pm Oct 26, 2011 1:05pm
nice safe OZ trade
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Good Trading To All ; Ken Lee
  • #869
  • Oct 26, 2011 2:28pm Oct 26, 2011 2:28pm
Dow trade
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  • #870
  • Oct 26, 2011 4:22pm Oct 26, 2011 4:22pm
Here's an interesting observation and something I tried with this method today. I had 21 trades today across multiple pairs, 17 of them were losers, whilst only 4 were winners, yet overall results for the day, lose 216 pips, win 211. This was based on taking every supply or demand level I identified from the 15 min charts with tight SL's. As today had some big moves due to news I'm quite pleased to only be down 5 pips...something else for my research.
  • #871
  • Oct 26, 2011 4:57pm Oct 26, 2011 4:57pm
Quoting coxsox
Here's an interesting observation and something I tried with this method today. I had 21 trades today across multiple pairs, 17 of them were losers, whilst only 4 were winners, yet overall results for the day, lose 216 pips, win 211. This was based on taking every supply or demand level I identified from the 15 min charts with tight SL's. As today had some big moves due to news I'm quite pleased to only be down 5 pips...something else for my research.

I think if you did the same on the 30 min would be better , Just my opinion

But overall not bad at all.
Good Trading To All ; Ken Lee
  • #872
  • Oct 26, 2011 5:03pm Oct 26, 2011 5:03pm
Ken,

I agree the 30M tf is working fine for me, but I am always aware of the big picture.......Day, 4H & 1H. I am focused on 3 pairs for now with clean charts containing S&D Levels only.

_______________________________
  • #873
  • Oct 26, 2011 5:12pm Oct 26, 2011 5:12pm
Quoting coxsox
Here's an interesting observation and something I tried with this method today. I had 21 trades today across multiple pairs, 17 of them were losers, whilst only 4 were winners, yet overall results for the day, lose 216 pips, win 211. This was based on taking every supply or demand level I identified from the 15 min charts with tight SL's. As today had some big moves due to news I'm quite pleased to only be down 5 pips...something else for my research.

Buddy, what pairs are you trading? If its a lot of exotics well get out of them. I am trading the Audjpy,Audusd,Eurjpy, Eurusd, Gbpusd and USdcad, I took the swiss out of the picture. Not even messing with that currency and very cautious with the yen. I got in the Oz long at 3:45 am central time. it was my only trade. I cashed it and walked away. I did not like what the market was making at the time and still found a trade. My zones were all marked off the M30. I marked those zones and zoomed in to the M15 to narrow it down to reduce risk. It worked like a charm. Smaller timeframes hold less weight. Now if you see a big spike where price on the M30 just keeps going then drop to m15 and see if you can find a zone when it pulls back to get back in the trend. Other than that roll with bigger time frames. I know they have guys who scalp the M5 and all that but that comes with experience. Everytime I messed with supply and demand on the M5 i lost. Most trades on M30 and occasional M15 I win. Use alertfx.com to make you an alert when price gets close to your zone. Some brokers offer alerts. Both mentioned are free for you to use.

Anyway not trying to offend you in anyway. I am not an expert and trust me, I have my issues at some of this game we play. Good luck and hope you are doing good. Just remember too many trades is not good at all. I will be lucky to take 21 trades in 1 week possibly 2. Good luck
  • #874
  • Oct 26, 2011 5:17pm Oct 26, 2011 5:17pm
Quoting acetrader
Ken,

I agree the 30M tf is working fine for me, but I am always aware of the big picture.......Day, 4H & 1H. I am focused on 3 pairs for now with clean charts containing S&D Levels only.

_______________________________

Yes I agree but paying attention to swing highs and lows on any chart can serve you well. A swing has to break to even start a reversal or continuation.

Even on a 1 minute the break of a swing would be the first sign of a trades possible trend. Why so many say just cover at the first tp which is normally a swing low or high.

Ken
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Good Trading To All ; Ken Lee
  • #875
  • Oct 26, 2011 5:34pm Oct 26, 2011 5:34pm
Ken what about the level I marked on your chart in yellow. To me this is a demand level I like. Good base. But I do have the other areas marked as you do.
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  • #876
  • Oct 26, 2011 5:42pm Oct 26, 2011 5:42pm
Quoting nawlins51
Ken what about the level I marked on your chart in yellow. To me this is a demand level I like. Good base. But I do have the other areas marked as you do.
yes . but was mainly showing how even on your trading charts you can trade with the trend
or counter trend. The nice pin from the lower level will also give some weight to that higher one.
Good Trading To All ; Ken Lee
  • #877
  • Oct 26, 2011 5:48pm Oct 26, 2011 5:48pm
Quoting Kenneth Lee
yes . but was mainly showing how even on your trading charts you can trade the trend with or counter trend. The nice pin from the lower level will also give some weight to that higher one.
Ok Thats good to know. Ken you are right about the Oz. Its a good pair to trade. Gonna post some of my charts for folks to see with some of my thoughts.

About trend and CT. I will take either side. If its fresh why not is how i look at it. Now a CT might not get a PO but will get traded.
  • #878
  • Oct 26, 2011 6:05pm Oct 26, 2011 6:05pm
Here is my cable chart. Anybody want to discuss I will be around shortly. Gonna eat then finish posting my charts.
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  • #879
  • Oct 26, 2011 6:09pm Oct 26, 2011 6:09pm
I think it is time to create a skype group so that we can discuss interractively during active trading session. This is just my thought anyway.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #880
  • Oct 26, 2011 6:35pm Oct 26, 2011 6:35pm
Quoting ejiexe
I think it is time to create a skype group so that we can discuss interractively during active trading session. This is just my thought anyway.
I don't have a problem with it. Ask Ken if he is cool with it. You can set it up if he is. I would be there. We can all help this way Ken doesn't have to be responsible for it. He is already running a very active thread.
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