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B.S. Trading with Kenneth Lee

  • #981
  • Nov 1, 2011 3:32am Nov 1, 2011 3:32am
Hi Ken, and everyone!!

Took a demo trade long on the EUR/USD of a strong level which i believed, but just went through. Now i would like to know if there was anything wrong with my demand Zone. Can you guys please have a look and comment . Thanks.

P.s took trade of the 1 Hour chart, but the 30 min chart i had marked the same Demand Zone.

Look forward hearing back from you

Apple15
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: EURUSD 1HOUR LOSS.jpg Size: 215 KB
  • #982
  • Nov 1, 2011 6:43am Nov 1, 2011 6:43am
Quoting Apple15
Hi Ken, and everyone!!

Took a demo trade long on the EUR/USD of a strong level which i believed, but just went through. Now i would like to know if there was anything wrong with my demand Zone. Can you guys please have a look and comment . Thanks.

P.s took trade of the 1 Hour chart, but the 30 min chart i had marked the same Demand Zone.

Look forward hearing back from you

Apple15
See nothing wrong.I had all my zones get crushed in every pair. We are going against the trend so taking profit was quick. If it didn't react like i wanted to see I got out. Trend is oversold big time. What we need to see is if the MY session drives it back up or keeps it going. Should be interesting.
  • #983
  • Nov 1, 2011 8:12am Nov 1, 2011 8:12am
Apple15,

Here is Sam' take on this:

http://www.tradingacademy.com/lesson...ed_article.htm

Looking at your level, there was no profit margin going into the trade, the level had based before entry which basically ate away any to all demand at that zone before it got to the high demand imbalance zone. Apply the odds enhancers. You may not end up taking as many trades but you will definitely increase your probability of profitability.

Hope this helps.

AJ
Quoting Apple15
Hi Ken, and everyone!!

Took a demo trade long on the EUR/USD of a strong level which i believed, but just went through. Now i would like to know if there was anything wrong with my demand Zone. Can you guys please have a look and comment . Thanks.

P.s took trade of the 1 Hour chart, but the 30 min chart i had marked the same Demand Zone.

Look forward hearing back from you

Apple15
  • #984
  • Nov 1, 2011 8:16am Nov 1, 2011 8:16am
Quoting Apple15
Hi Ken, and everyone!!

Took a demo trade long on the EUR/USD of a strong level which i believed, but just went through. Now i would like to know if there was anything wrong with my demand Zone. Can you guys please have a look and comment . Thanks.

P.s took trade of the 1 Hour chart, but the 30 min chart i had marked the same Demand Zone.

Look forward hearing back from you

Apple15
The zone is right but if use fib retracements it will increase your odds. Have a look at Rockys thread, he explains it in detail there.
  • #985
  • Nov 1, 2011 9:50am Nov 1, 2011 9:50am
ok, thanks Guys, for your Comments. ..

Got a copy of the " Odds Enhancers " and will go over the trade in Question.

thanks again !!
  • #986
  • Nov 1, 2011 9:59am Nov 1, 2011 9:59am
Also try this article by Rick Wright, an instructor from OTA. Teaches the same stuff as Sam:

http://www.tradingacademy.com/lesson...ex_article.htm

And here are a couple of good videos from the Sam Seiden collection on fxstreet:

http://www.fxstreet.com/webinars/ses...b-68f3abef79a5
http://www.fxstreet.com/webinars/ses...b-d2c7be57b01d

These are some of my favs and I use it as reference whenever I get stuck.
All the best.
  • #987
  • Nov 1, 2011 11:45am Nov 1, 2011 11:45am
Thanks Kodex, for those links .. Will go over them tomorrow.

Much appreciated !!!

Apple15
  • #988
  • Nov 1, 2011 12:17pm Nov 1, 2011 12:17pm
I read earlier someone said they've been having success with the loonie and ozzy. While i've been having some success with the eur/usd and the eur/jpy, i've been trading the gbp/usd with marginal success. I lose more than i win with with it but i usually get my 2:1 and i get to break even. Maybe i'm choosing bad trades but it just seems so volitile at times. I'm about to cut this pair from my rotation. Has anyone had an overall successful experience with the GBP/USD?
  • #989
  • Nov 1, 2011 12:55pm Nov 1, 2011 12:55pm
I also find GBPUSD very difficult to trade at the moment. I've been looking mainly at AUDUSD and USDCAD.

PB

Quoting Good Lookin
I read earlier someone said they've been having success with the loonie and ozzy. While i've been having some success with the eur/usd and the eur/jpy, i've been trading the gbp/usd with marginal success. I lose more than i win with with it but i usually get my 2:1 and i get to break even. Maybe i'm choosing bad trades but it just seems so volitile at times. I'm about to cut this pair from my rotation. Has anyone had an overall successful experience with the GBP/USD?
  • #990
  • Nov 1, 2011 1:01pm Nov 1, 2011 1:01pm
Would anyone be interested in joining a Skype group to trade supply & demand levels?

I'm finding I miss a ton of opportunities because there are so many pairs and timeframes to scan. I think having a Skype group where we could flag up alerts for trading opportunities could work.

Drop me a PM if you're interested and I'll see if I can set something up.

PB
  • #991
  • Nov 1, 2011 3:56pm Nov 1, 2011 3:56pm
pixelboy,

I had the same problem & its like when you were a kid & you went to the candy store......there is just so many to chose from......what pair must I trade. Well my solution was to pick three pair & focus only on those. Now trading S&D is going much better for me. Just my views & hope it helps.

____________________
  • #992
  • Nov 2, 2011 12:23am Nov 2, 2011 12:23am
Quoting coxsox
so did you wait for confirmation before taking this trade, rather than PO ?

A lot of times when it is slow I just kinda act like a stalker looking for the easiest prey. Back in the good ole days I would even pull a fib on a pin like that trying to get in somewhere between the 50 and 61.8 , Now days i just look for the demand level that is there on some chart.

Here was another I took today that tp'd while I was at work.
Attached Image (click to enlarge)
Click to Enlarge Name: chart 99.JPG Size: 243 KB
Good Trading To All ; Ken Lee
  • #993
  • Nov 2, 2011 7:35am Nov 2, 2011 7:35am
hi ken!!

would you pls help me clarify something.
this is my aud 4 hr chart.i would like ur help with the demand zone i marked in yellow.
do u consider us being in demand zone?is this zone still valid or the fact that price broke it to the downside means it is NOT valid anymore?
thats where i still get confused.
my thought is that this zone has been consumed(meaning sellers exceeded buyers and thats why price was able to brk it to the downside and what we see now is maybe buyers and sellers trying to change hands and price will eventually break further down to the next demand level marked in white).

thank you for any input!!
Attached Image (click to enlarge)
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  • #994
  • Nov 2, 2011 7:50am Nov 2, 2011 7:50am
Quoting elliotrader
hi ken!!

would you pls help me clarify something.
this is my aud 4 hr chart.i would like ur help with the demand zone i marked in yellow.
do u consider us being in demand zone?is this zone still valid or the fact that price broke it to the downside means it is NOT valid anymore?
thats where i still get confused.
my thought is that this zone has been consumed(meaning sellers exceeded buyers and thats why price was able to brk it to the downside and what we see now is maybe buyers and sellers trying to change hands and price will eventually break...
AS with most trading ideas I don't consider a level broke until we get a close beyond it. But seeing that price has pierced the level great caution should be taken and a confirmation entry would be the only choice.

Better yet look for a better less used level on a faster chart. But your above statements are spot on to what I believe is happening.

A look at a 5 min shows many levels with very tight entries. a decent choice to avoid to much risk But the trades should be monitored pretty close to avoid a loss.
Good Trading To All ; Ken Lee
  • #995
  • Nov 2, 2011 7:53am Nov 2, 2011 7:53am
Here is what i mean by stalking. I am just waiting for the best and safest looking entries to show up. This is what 4 pairs looked like on my screen when I took that OZ short yesterday. and I have 3 screens . but charts up on only 2 most times.

Other for the thread and other stuff. unless working out some levels and what.
Attached Image (click to enlarge)
Click to Enlarge Name: chart 100.JPG Size: 287 KB
Good Trading To All ; Ken Lee
  • #996
  • Nov 2, 2011 8:03am Nov 2, 2011 8:03am
So generally you follow a pair with its usd and jpy counterpart?
For example: "Let's take a look at the aud!" so you watch the Aud/Usd and Aud/Jpy

I was experimenting with looking at the eur usd and jpy counterpart of a pair.
Example: "I have family in canada! Let's see what it has to offer today!"
and then i open up the Usd/Cad Cad/Jpy and Eur/Cad

Is the first example what you do or do you just look at the ones with the lowest spreads?
  • #997
  • Nov 2, 2011 8:24am Nov 2, 2011 8:24am
Quoting Kenneth Lee
Here is what i mean by stalking. I am just waiting for the best and safest looking entries to show up. This is what 4 pairs looked like on my screen when I took that OZ short yesterday. and I have 3 screens . but charts up on only 2 most times.

Other for the thread and other stuff. unless working out some levels and what.
Nice Ken, I really enjoy your posts and am very much humbled.....everyday something new. Keep it coming buddy
  • #998
  • Nov 2, 2011 9:37am Nov 2, 2011 9:37am
Quoting Good Lookin
So generally you follow a pair with its usd and jpy counterpart?
For example: "Let's take a look at the aud!" so you watch the Aud/Usd and Aud/Jpy

I was experimenting with looking at the eur usd and jpy counterpart of a pair.
Example: "I have family in canada! Let's see what it has to offer today!"
and then i open up the Usd/Cad Cad/Jpy and Eur/Cad

Is the first example what you do or do you just look at the ones with the lowest spreads?

Not so much. I don't trade anything based of what currency , Just what i have found works best for me over the years. the gbp I still trade some but usually slower times . because with two big economies the volatility is great. the levels hold but may fly right by them before the orders have a chance to start coming in .

Maybe trading it as a future would be better i am going to try and find a demo on that and do some comparisons.

I have said it before, trade the best setups not the pairs. if you can put a alarm on your paltform do it across a few levels then when the ones price gets near , pull those charts to the fore front.

Just my thoughts . Ken
Good Trading To All ; Ken Lee
  • #999
  • Nov 2, 2011 9:42am Nov 2, 2011 9:42am
I will add this . you may want to limit your exposure by not taking trades on pairs that share currencies. say your in the gbp and e/u if the dollar is the driver you can find yourself in two losing trades.

That is also one reason I trade a/j , That way I can take e/u or loonie without a cross currency issue. They tend to move a bit independent of each other.

Also I trade Asia and Australia open so oz and yens are better then .


Trade Happy Ken
Good Trading To All ; Ken Lee
  • #1,000
  • Nov 2, 2011 10:12am Nov 2, 2011 10:12am
Same here. I find that having 2 trades on pairs with the same base currency is like having 2 of the same trades on which just ends up doubling risk (BIG NO NO).

I also trade during he asian and australian open. I have a regular 9 to 5 and i'm usually not sitting at my desk for extended periods. I do have a wife and kid who like being around me so setting an alarm would be very beneficial when at home. Thanks for the input.

I appreciate your effort.
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