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B.S. Trading with Kenneth Lee

  • #1,521
  • Dec 7, 2011 9:21pm Dec 7, 2011 9:21pm
Quoting Kenneth Lee
Quote of the day:

"Fear can cause you to hesitate, and hesitation can cause all your fears to come true"
I like this quote and look for the coming daily quote

Sorry for being a silencer all the times cos I still have different trading style, but your explanation on Sam's S/D did help me alot. Really appreciated.

Eric
  • #1,522
  • Dec 8, 2011 2:12am Dec 8, 2011 2:12am
Quoting bullzeye
my areas for E/U for tomorrow

Attachment
nice setup there buddy.
Good luck

I love PIE and RTP
  • #1,523
  • Dec 8, 2011 3:29am Dec 8, 2011 3:29am
Quoting Buildcity
I like this quote and look for the coming daily quote

Sorry for being a silencer all the times cos I still have different trading style, but your explanation on Sam's S/D did help me alot. Really appreciated.

Eric
agreed
  • #1,524
  • Dec 8, 2011 3:33am Dec 8, 2011 3:33am
Fresh supply level on USDCHF on M30. Not sure if this is going to be an A+ base but it's tight and a nice rectangle 10 pips wide.

Below is a fresh demand zone 21 pips wide.

I have a sell PO on the supply zone with TP above the fresh demand zone.
The price made a LH and a LL (unconfirmed but it will be confirmed sooner or later)

I have a buy order at the demand zone. The big picture shows an uptrend for USDCHF.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf_m30_08.12.png Size: 21 KB
  • #1,525
  • Dec 8, 2011 8:27am Dec 8, 2011 8:27am
Wow, this really worked
This is a first for me because I usually trade in one direction.

My sell order was activated (almost missed because I didnt count for the 2.1 pips Oanda spread) and hit TP. Then, the buy order was activated and price took off like a rocket.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf_m30_part_2_08.12.png Size: 23 KB
  • #1,526
  • Dec 8, 2011 8:27am Dec 8, 2011 8:27am
Hello to all,

This is my first post here; it seems Ken has a great thread going, and like him and others I too have found that Supply and Demand has made this whole forex business so much clearer. I feel so much more confident about the outcome when I place a trade that it is going to more than likely go where I want; it's a good feeling!

I have taken a trade this morning on the GBPUSD H1 chart; I actually took the trade 4 candles back from the Pin Bar when price pierced through the Bollinger Bands and into the Supply Zone. I closed off halve my order at + 40 pips; therefore if the trade turned, which it did, and stopped me out, which it hasn't yet, it would be a break even trade.

This trade is at a really significant supply zone just above the 1.5700 round number. There is a mass of confluence surrounding it which I'm hopeful will turn out to be very profitable and well worth the 40 pip stop loss.

The first chart below is the H1 which shows my remaining sell and stop loss which I'll move down at strategic places to managed the trade.
Below that is the D1 chart which shows the 'Head & Shoulders' forming, and also where the price has broke through the 1.5700 level and retrace back to the level and hopefully price will now fall away for some decent profit!

Once again - thanks for a very interesting thread!

Lee
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSD0812H1.JPG Size: 117 KB
Click to Enlarge Name: GBPUSD0812D1.JPG Size: 113 KB
  • #1,527
  • Dec 8, 2011 8:40am Dec 8, 2011 8:40am
My EUR/USD trade, My SL was 1.3460. It just hit my SL and turn around....
I use demo account on another broker, and they didn't touch 1.3460

Looking for a long now at 1.3280
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.jpg Size: 97 KB
  • #1,528
  • Dec 8, 2011 8:42am Dec 8, 2011 8:42am
Good Trades today

EUR/USD = 120 pips
GBP/AUD = 100 pips
GBP/JPY = 60 pips

Total = 280 pips today!!!


Charts attached for your reference.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd_120pips.gif Size: 33 KB
Click to Enlarge Name: gbpaud_100pips.gif Size: 29 KB
Click to Enlarge Name: gbpjpy_60pips.gif Size: 31 KB
  • #1,529
  • Dec 8, 2011 8:52am Dec 8, 2011 8:52am
Quoting anthony_tzw
My EUR/USD trade, My SL was 1.3460. It just hit my SL and turn around....
I use demo account on another broker, and they didn't touch 1.3460

Looking for a long now at 1.3280

Remember in spot forex , your stops must be larger. you cannot set SL just above your S/D level.

unfortunately this is the reality in spot forex. Sam trades in futures. Hence SL just above your boxes are fine in futures.
  • #1,530
  • Dec 8, 2011 9:26am Dec 8, 2011 9:26am
Quoting zamfir
Remember in spot forex , your stops must be larger. you cannot set SL just above your S/D level.

unfortunately this is the reality in spot forex. Sam trades in futures. Hence SL just above your boxes are fine in futures.
Zamfir,

That is some great advice. I can't tell you how many times I've got stopped out only to watch price action shoot like a rocket in the direction that I thought it would go. Let me ask you this then Zamfir, how many pips typically do you go above or below your S/D level? I just watched one go about 13 pips below the demand zone. What would be a good rule of thumb on this?

Also, do you typically trade mostly the 4 hour charts? Sam says that the spot market is great for swing trading, but day trading should be done in the futures market. He states that the brokers can only deviate from the actual price a certain amount, hence swing trading is okay due to larger stop losses.
  • #1,531
  • Dec 8, 2011 9:43am Dec 8, 2011 9:43am
Quoting FTimeForex
Zamfir,

That is some great advice. I can't tell you how many times I've got stopped out only to watch price action shoot like a rocket in the direction that I thought it would go. Let me ask you this then Zamfir, how many pips typically do you go above or below your S/D level? I just watched one go about 13 pips below the demand zone. What would be a good rule of thumb on this?

Also, do you typically trade mostly the 4 hour charts? Sam says that the spot market is great for swing trading, but day trading should be done in the futures...
well it depends on how much you are willing to risk and what is your lot size. basically comes down to risk and money management. you have to see how much the price could go above or below your levels. I generally keep SL = 3/4 of my Target, and i trade H4 and if my trades go against me, then i decide where to stop.

Yes broker can spike the price near S/D levels , he can also increase the spread around these levels. Hence we must be very careful on shorter TF. This increase in spread can sometimes cause you to miss your targets or hit SL very early. you don't know when he will increase the spreads , news or off peak hours and if your TP/SL falls during that time, chances are very high that you could hit SL early or miss TP.

Short TF trades are good in futures , because its controlled by central exchange, while spot to some extent controlled by the broker, and we all know how good they are at hunting stops.

Hence my advice would be to trade larger TF or swing trade in spot and if you trade futures , you can trade smaller TF and profits are larger in Futures than spot.
  • #1,532
  • Dec 8, 2011 9:56am Dec 8, 2011 9:56am
Quoting zamfir
Remember in spot forex , your stops must be larger. you cannot set SL just above your S/D level.

unfortunately this is the reality in spot forex. Sam trades in futures. Hence SL just above your boxes are fine in futures.
Really hopes someday I know how much pips I should put above or below those levels
I had put about 7pips above in the previous one.
I really face some trouble with this, I got 3 order didn't get filled today. All those level almost get triggered and turn around, so I miss it. Don't know the problem is about the spreads or the broker or me=.=
  • #1,533
  • Dec 8, 2011 10:11am Dec 8, 2011 10:11am
Actually 1 hour time frame consider big or small?

To me, 1 hour feels like not too big nor too small, 4hour is consider big to me and I seldom watch daily chart. Weekly chart I almost ignored it =.="
sometimes I'll go for 30minutes or 15 minutes chart. Never go smaller than that time frame in my live account. Feel not confident to trade on too small time frame
  • #1,534
  • Dec 8, 2011 10:15am Dec 8, 2011 10:15am
Quoting anthony_tzw
Actually 1 hour time frame consider big or small?

To me, 1 hour feels like not too big nor too small, 4hour is consider big to me and I seldom watch daily chart. Weekly chart I almost ignored it =.="
sometimes I'll go for 30minutes or 15 minutes chart. Never go smaller than that time frame in my live account. Feel not confident to trade on too small time frame
I would suggest you trade h4 with small lots. keep a good SL and TP.

you don't have to trade daily.

What is your target for a week?

if you trade h4 , you can easily make 300-400 pips a week.
  • #1,535
  • Dec 8, 2011 3:00pm Dec 8, 2011 3:00pm
Quoting hcristea
Wow, this really worked
This is a first for me because I usually trade in one direction.

My sell order was activated (almost missed because I didnt count for the 2.1 pips Oanda spread) and hit TP. Then, the buy order was activated and price took off like a rocket.
great job hcristea...i was in the buy order too, fast 60 Pips. its amazing to see how the levels works and come to play...i love it
  • #1,536
  • Dec 8, 2011 3:02pm Dec 8, 2011 3:02pm
Quoting zamfir
Good Trades today

EUR/USD = 120 pips
GBP/AUD = 100 pips
GBP/JPY = 60 pips

Total = 280 pips today!!!


Charts attached for your reference.
awesome bro ...my day was good but not so excellent as yours
  • #1,537
  • Dec 8, 2011 10:37pm Dec 8, 2011 10:37pm
Quoting bullzeye
awesome bro ...my day was good but not so excellent as yours
wow, that zamfir is v v good.
let's discuss some setup for today.
I love PIE and RTP
  • #1,538
  • Dec 8, 2011 11:25pm Dec 8, 2011 11:25pm
oz
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chart 158.JPG Size: 227 KB
Click to Enlarge Name: chart 159.JPG Size: 236 KB
Good Trading To All ; Ken Lee
  • #1,539
  • Dec 8, 2011 11:43pm Dec 8, 2011 11:43pm
short was in the cards but was at work when it tp'd
Good Trading To All ; Ken Lee
  • #1,540
  • Dec 8, 2011 11:58pm Dec 8, 2011 11:58pm
Quoting Kenneth Lee
oz
so, if there was a doji, we go to lower TF and see what happend there? if there are sideways candle it will be a possible zone for us to take right Ken?
I love PIE and RTP
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