B.S. Trading with Kenneth Lee | Page 46 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

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

Attachments: B.S. Trading with Kenneth Lee
Exit Attachments

B.S. Trading with Kenneth Lee

  • #901
  • Oct 27, 2011 12:09am Oct 27, 2011 12:09am
Quoting jmcl
Thank you for that now I can start all over again

Regards

John from Durban
Here you go. Here is a chart from Ken. There is demand in the middle. So its not at a top or bottom. The zone marked in the middle is what some call RBR or rally base rally. DBD is drop base drop. With DBD or RBR those areas will not be marked at a top or bottom. Now these levels may form from a top or bottom which we call a swap level.
Attached Image (click to enlarge)
Click to Enlarge Name: chart 85.JPG Size: 243 KB
  • #902
  • Oct 27, 2011 12:15am Oct 27, 2011 12:15am
Here is another good explanation from Ken. See the rally base rally formed. Its between the red and green lines. Thats the base. This area is not a top or bottom but if you look to the left you can see that it blew through the last swing high and came back to retest. this formed a base in the middle of the rally. So we mark this area because we know demand will likely be here. Well it came back to our base and went back up.Winning trade and not a top or bottom.

Also see the rally base drop he has marked. Well if you marked this area and went short when it came back this would be counter trend. look to your left and we are making higher highs and lower lows. Hope this helps.
Attached Image (click to enlarge)
Click to Enlarge Name: wed.JPG Size: 276 KB
  • #903
  • Oct 27, 2011 12:26am Oct 27, 2011 12:26am
Hi

Thank you for your help and time, I am starting with the PDF again.

John from Durban
  • #904
  • Oct 27, 2011 12:29am Oct 27, 2011 12:29am
Quoting jmcl
Hi

Thank you for your help and time, I am starting with the PDF again.

John from Durban
no problem. this morning i started from page 1 in this thread again. Once you read the pdf and practice You will start to see things clearer every day. Trust me I went back and looked at some of my charts and laughed at my shitty zones. And I have only been at this for a few weeks. You will catch on. And when i read this thread again I picked up on a few things I missed. Read the charts in the thread. Read what they say. Learn from Ken and pay attention to charts with mistakes. Most mistakes we are making is the same ones you will make also. Its not that hard. If you can learn this market thats been going on you will have no issues.
  • #905
  • Oct 27, 2011 1:31am Oct 27, 2011 1:31am
Quoting Kenneth Lee
I use GFT let look at it but don't think you can add those nice little colored boxes. GFT now also has a MT4 platform as well. I have never used it but it is available on theirs as well as on Oanda. I am just pretty simple minded and like to keep it so.

Thanks Ken!!

This is what I see on EU, Price is close to daily supply hope it goes just a little deeper. about 50 pips to hit my PO. Please tell me if you disagree so I can learn!!


Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_2710_zoomsupply.GIF Size: 124 KB



Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_2710supply.GIF Size: 90 KB


Its actually a Swap level on Daily, correct me if I am wrong.
  • #906
  • Oct 27, 2011 1:47am Oct 27, 2011 1:47am
Quoting Kenneth Lee
being the second touch was looking for a possible break. The long consolidation before the last push also worried me a bit

I took it short on a PO from 1.0420, also thought it was going to break further short so had my TP at 1.0240.

After such a nice entry, I wasnt around to take any profit of.....should have learnt by now to target the first are of the demand for my first TP!!!

SO I got stopped for a loss.......What a loser!!!!
  • #907
  • Oct 27, 2011 3:13am Oct 27, 2011 3:13am
Quoting jmcl
Hi

Thank you for your help and time, I am starting with the PDF again.

John from Durban

JMCL

If it helps, I would concentrate only on candles in the 30 min time frame, (and higher), where the candles are much larger in body than the others around it. These indicate a strong price reversal and a move out of the price area.

These are the areas to concentrate on-if you're not sure about the strength of a price move/how quickly and violently it left a certain area then the answer is simple-don't trade it. The obvious ones are there to see, and they are more than enough. Hope that helps.
  • #908
  • Oct 27, 2011 3:17am Oct 27, 2011 3:17am
JMCL-here's a current example-USCHF on 30 mins. I haven't marked out the area yesterday where price accelerated away from an area as this has now been broken, although you will see that this area was very good for a 40 pip bounce in price.
Attached Image (click to enlarge)
Click to Enlarge Name: uschf30bs.gif Size: 11 KB
  • #909
  • Oct 27, 2011 3:27am Oct 27, 2011 3:27am
Looks like Aussie is reaching a daily supply level....

http://i42.tinypic.com/if5y80.gif
  • #910
  • Oct 27, 2011 3:39am Oct 27, 2011 3:39am
Quoting bootsyjam
JMCL-here's a current example-USCHF on 30 mins. I haven't marked out the area yesterday where price accelerated away from an area as this has now been broken, although you will see that this area was very good for a 40 pip bounce in price.
Thank you for your help, I am learning more and more

Regards

John from Durban
  • #911
  • Oct 27, 2011 6:54am Oct 27, 2011 6:54am
Nawlins51 and a few others made some good comments over the last few pages that really helped me. Thanks. May have to join your skype group in spite of my fear of being distracted by it. Steve
  • #912
  • Oct 27, 2011 7:30am Oct 27, 2011 7:30am
I don't suppose any of the seasoned traders on this could post some charts of swap levels? I think I get them but would like to see how I'm doing or whether I'm going about it the wrong way! Here's the best e.g. I could find on the eurgbp 30 min chart-blue rectangles are SD areas, and the horizontal light blue lines is the swap zone, which is just underneath an SD level, which as I understand it means that this is a very strong level.
At least I think it does....

Also want to say thanks to Kenneth, I've been trying to understand Sam Seiden and wasted a lot of time/money trying to figure it out. The way that this is presented is great and far easier to understand and has opened my eyes.
I was going down this trading route but was always stretching for an understanding of why/how things were happening, and without this understanding, you can't really be a trader as you don't understand why things are happening. And if you don't understand why, then you're just guessing, so might as well be playing roulette....


Cheers,
Bootsy
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbbs30min.gif Size: 12 KB
  • #913
  • Oct 27, 2011 7:43am Oct 27, 2011 7:43am
Woke up today to a very nice profit
Attached Image (click to enlarge)
Click to Enlarge Name: 10.gif Size: 13 KB
  • #914
  • Oct 27, 2011 7:57am Oct 27, 2011 7:57am
I agree Steve - thanks to everyone for their time helping us less experienced traders.

Earlier this week I was really struggling with this system. I spent two days poring over a ton of Ken's charts and the other helpful posts and it's finally beginning to sink in.

I realised I was always looking for reversals at extreme points which meant I was often trading against the recent trend. I experienced lots of stop outs. Yesterday I gave up trying to look at loads of charts and just focussed on two (GBPUSD and AUDUSD) at the M30 scale and dropped a 50 EMA on the chart, as Ken does, to keep me on the right side of the recent trend.

Three small trades this morning and guess what - all winners.

If anyone else is struggling, I suggest looking back at Ken's charts and really try to understand the patterns. Only look at the 30 minute chart, as Nawlins suggests, and when you see a really good zone - a damn huge candle after a really small one, dig down into a smaller time scale to see if you can find an even better entry. If the zone looks strange in any way, pass it up - there are absolutely tons of them on every pair, every day, so only trade the perfect ones. If you don't see much, swap the time scales and see what you can find. Two of my trades this morning were off the 10 minute chart and they stood out like big signs saying, "Trade Me!"

I know loads of people are posting great counter-trend trades here, but I reckon if you're new to this system or trading in general, then it's best to use the EMA and stick with trades that are with the trend. That way, if you have messed up your zone, you have a better chance of the trade ending up in your favour.

PB


Quoting stevewide
Nawlins51 and a few others made some good comments over the last few pages that really helped me. Thanks. May have to join your skype group in spite of my fear of being distracted by it. Steve
  • #915
  • Oct 27, 2011 9:36am Oct 27, 2011 9:36am
Yes, that is a good level for support. When u look at the left.......see how it hit that same area thrice. On the fourth vist.......it went through........so more than likely ...It will come back and hit that level. Remeber.........the answers are to the left so wait for prices to reach what levels u think are best. The levels vary for the most part from trader to trader. It takes practice and you will get better but that was a good level that u had drawn because it hit there 3 times and went through so Supply turned to Support now It gets clearer with more screen time.



Quoting bootsyjam
I don't suppose any of the seasoned traders on this could post some charts of swap levels? I think I get them but would like to see how I'm doing or whether I'm going about it the wrong way! Here's the best e.g. I could find on the eurgbp 30 min chart-blue rectangles are SD areas, and the horizontal light blue lines is the swap zone, which is just underneath an SD level, which as I understand it means that this is a very strong level.
At least I think it does....

Also want to say thanks to Kenneth, I've been trying to understand Sam Seiden and...
  • #916
  • Oct 27, 2011 9:40am Oct 27, 2011 9:40am
This may drop here hard. Let's wait and see. Break Even plus one so i will let the market decide this trade
Attached Image (click to enlarge)
Click to Enlarge Name: 11.gif Size: 16 KB
  • #917
  • Oct 27, 2011 10:00am Oct 27, 2011 10:00am
Hi guys

Just a friendly request, when you post your chart please mention the pair in your heading.

Makes so much easier to follow

Thanks

John from Durban
  • #918
  • Oct 27, 2011 11:06am Oct 27, 2011 11:06am
Pixelboy,

Good advice. Staying focused on 2-3 pairs works best for me. The 30M tf seems to fit for me as well, but I am always aware of what the Day, 4H, 1H are saying then drill down for the trade.

Ken had posted some great examples of how he is trading S&D. The more you read the pdf & review the charts the clearer the picture becomes.

I have tried several times to get my mind around trading the S&D Zones, but until discovering Ken's thread I just could not get. With each passing day I am understanding the concept better.

Thanks for sharing your views.
____________________________
  • #919
  • Oct 27, 2011 11:39am Oct 27, 2011 11:39am
Quoting pixelboy
I agree Steve - thanks to everyone for their time helping us less experienced traders.

Earlier this week I was really struggling with this system. I spent two days poring over a ton of Ken's charts and the other helpful posts and it's finally beginning to sink in.

I realised I was always looking for reversals at extreme points which meant I was often trading against the recent trend. I experienced lots of stop outs. Yesterday I gave up trying to look at loads of charts and just focussed on two (GBPUSD and AUDUSD) at the M30 scale and dropped a...
Plus think of this, if your trading with the current trend , that is showing on your preferred trading chart, Even when your wrong those levels you have chosen have to be broken for you to take a major loss.

Normally if your present and watching you will see your level slowly giving way as the orders you hoped to turn your trade in your favor are slowly absorbed. So you will have time to exit with less pain.

Those are normally where swap levels are built , Which means a base will be built, Which normally takes a few candles or so. Even one 30 min candle should give you all the information you need to see the level failing.

The key to wining is to lose the least if you can learn to lose in a decent fashion you will survive . But if you go down in flames over and over you may never make it. So learn to see when a trade is failing and get out.

Not aimed at anyone in particular just a thought. Cheers ken

Learn to REALLY SEE PRICE ACTION . Not some weird pattern forming but the action of orders being filled and what that is going to do to your trade.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chart 91.JPG Size: 252 KB
Click to Enlarge Name: chart 92.JPG Size: 286 KB
Good Trading To All ; Ken Lee
  • #920
  • Oct 27, 2011 12:06pm Oct 27, 2011 12:06pm
Ken,


I fully agree with everything u said


Quoting Kenneth Lee
Plus think of this, if your trading with the current trend , that is showing on your preferred trading chart, Even when your wrong those levels you have chosen have to be broken for you to take a major loss.

Normally if your present and watching you will see your level slowly giving way as the orders you hoped to turn your trade in your favor are slowly absorbed. So you will have time to exit with less pain.

Those are normally where swap levels are built , Which means a base will be built, Which normally takes a few candles or so. Even one...
2 traders viewing now