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B.S. Trading with Kenneth Lee

  • #1,601
  • Dec 13, 2011 8:19am Dec 13, 2011 8:19am
Quoting nawlins51
here ya go
yes following a strong move those first levels can be your only chance to enter the run . I know they seem a bit scarey price only having left yesterday but ................
Good Trading To All ; Ken Lee
  • #1,602
  • Dec 13, 2011 9:12am Dec 13, 2011 9:12am
Even though I just closed my last E/$ short trade @1.3159 (yes I know, again too soon) I feel there is a strong possibility that 1.2900 will be touched before yrs end. Not advice, but just me speculating. Before that there should be another move up picking off some stops. Come Friday I am out for the yr no matter which way it goes. Again, just my view & not advice.

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  • #1,603
  • Dec 13, 2011 9:57am Dec 13, 2011 9:57am
Guys, I've been having lots of trouble lately missing lots of trades due to the levels on top of levels concept.

I have always considered the safest entry to be the top level (for shorts), but lately the market seems to be going to the lowest level and dropping, leaving me hanging.

What is the way to go about this? Take each level with an appropriate stop? Take the first level with a stop behind all the levels? My option, which was working for me is causing me to miss too many trades.

Thanks
  • #1,604
  • Dec 13, 2011 10:03am Dec 13, 2011 10:03am
Quoting Ultimatus
Guys, I've been having lots of trouble lately missing lots of trades due to the levels on top of levels concept.

I have always considered the safest entry to be the top level (for shorts), but lately the market seems to be going to the lowest level and dropping, leaving me hanging.

What is the way to go about this? Take each level with an appropriate stop? Take the first level with a stop behind all the levels? My option, which was working for me is causing me to miss too many trades.

Thanks
if you can post a example and will try and see if I can offer a smart reply. Thanks ken
Good Trading To All ; Ken Lee
  • #1,605
  • Dec 13, 2011 11:25am Dec 13, 2011 11:25am
ok thanks Ken, I'll post when one comes up, I haven't traded for a while and have forgotton them now.

How do you usually approach it?
  • #1,606
  • Dec 13, 2011 11:26am Dec 13, 2011 11:26am
Quoting nawlins51
here ya go
Thank you for the insight on that chart nawlins51 - I guess the biggest issue that I am having and most of us with S&D is when you are in a run and there are multiple levels - when and where do you place boxes. yes there are like 3 or 4 levels there on the 1 hour. On the 30 min it came back and touch one (not marked on the chart) below the arrow that you marked. so if I am on a 1 hour chart and see a good level (or levels in this case) should I go to a large time frame and find the one that is most clear???

thanks - keggboy
  • #1,607
  • Dec 13, 2011 11:46am Dec 13, 2011 11:46am
hi kenneth!!

i have attached 2 charts.sorry its corn market and not currencies but its represent an issue im having.
im not sure when to consider an area as a demand and when i should not refer to it as demand but as a pull back only.
if u can help me clear this issue i would really appreciate it. hope im not asking for a lot.thank you.

i have attched the same chart just different zoom.

(as regard point E-i just wanna add that i wouldnt consider marking this area as demand bc if u look to the left u can see its not fresh.)
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  • #1,608
  • Dec 13, 2011 2:48pm Dec 13, 2011 2:48pm
Quoting keggboy777
Thank you for the insight on that chart nawlins51 - I guess the biggest issue that I am having and most of us with S&D is when you are in a run and there are multiple levels - when and where do you place boxes. yes there are like 3 or 4 levels there on the 1 hour. On the 30 min it came back and touch one (not marked on the chart) below the arrow that you marked. so if I am on a 1 hour chart and see a good level (or levels in this case) should I go to a large time frame and find the one that is most clear???

thanks - keggboy
I understand your concern here because its a real good question.

This is where you must decide how to trade it. You can drop down to M30 and see the little waves at that area better. I missed it like i said because I honestly though the supply zone on top would be better. You have to look left also. If you look at H1 and look left where price stopped at that arrow you will see its a good level. Just look left and you will see why on H1. it was pointed to me by someone who knows S and D after I had complained about missing it. I just really thought 1.3266 was the golden egg. We had 38.2 Fib sitting right at 1.3266.

So what I am starting to do and you must not have FEAR. You just keep taking those levels. We are in a downtrend and one will hold. If there is 3 levels for example and i lose 2 of those levels at 25 pips each then i am down 50 pips. Once that 3rd level comes around it may be a 100 pip trade. So you wipe out the 50 you lost and gain 50 for the day. Pretty good. Just have to do that or can wait for the top level. Its tough but usually you can get something out these levels when marked correctly. me personally I am not good enough to know when price will stall and reverse. Always can move your stop to break even at 10 pips and nothing says if you break even where you cant reenter.

Ken may come in and elaborate more. Hell i may be wrong but its my trading plan and thats why i say its up to you. You have to make this strategy your own. it can't be my style, Ken's style, Rufus style, Acetrader's style or anyone else's. it has to be your style of trading. I hope this helps ya. If we need to draw a picture we can do that also. Let me know and we will post it up again and again and again until we are all pro's at this. This is a good thread where we all get along. Everybody here helps each other even if its the same questions. Nobody will get upset.
  • #1,609
  • Dec 13, 2011 6:05pm Dec 13, 2011 6:05pm
Quoting elliotrader
hi kenneth!!

i have attached 2 charts.sorry its corn market and not currencies but its represent an issue im having.
im not sure when to consider an area as a demand and when i should not refer to it as demand but as a pull back only.
if u can help me clear this issue i would really appreciate it. hope im not asking for a lot.thank you.

i have attched the same chart just different zoom.

(as regard point E-i just wanna add that i wouldnt consider marking this area as demand bc if u look to the left u can see its not fresh.)
...
Hi Ellio,
Have some time so here is what I see on your chart.Hey what I know?
These wicks :They are just reaction can be consumption but we still don't know.We need confirmation.
Have a good trading.

FX
Attached Image (click to enlarge)
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  • #1,610
  • Dec 13, 2011 6:20pm Dec 13, 2011 6:20pm
Quoting Ultimatus
Guys, I've been having lots of trouble lately missing lots of trades due to the levels on top of levels concept.

I have always considered the safest entry to be the top level (for shorts), but lately the market seems to be going to the lowest level and dropping, leaving me hanging.

What is the way to go about this? Take each level with an appropriate stop? Take the first level with a stop behind all the levels? My option, which was working for me is causing me to miss too many trades.

Thanks
Hey Ultimatus,
I think mark right levels is not big deal here.Ken and others def.levels and I am sure you can mark good levels by the definition too.Here is come up MM and your trading strategy.In this case only you can help yourself play with some strategies managing your trades.You have levels so make some future scenarios for them.Take each good level and use strategy according to your acc. and your personality.

Only my opinion.

All the best.

FX
P.S.I don't know if is possible make some trading common trading strategies.Maybe some task for Ken if he finds some time?
  • #1,611
  • Dec 13, 2011 11:50pm Dec 13, 2011 11:50pm
I've done a review of my trading journal and compared the trades I took with S&D as I understand it now.

On the EURUSD Chart I took 2 Short traded on the Daily. Both were taken due to PA reaction on those levels. The levels matches supply levels.

On the last SHORT on EUR I was convinced that EUR is doomed and the price would fall. During the weekend, price turned and moved UP. Looking now, I see why. A clear Demand level (swap).

Now that the price is approaching an old supply level on the Daily TF, I looked below and saw the nice fresh Demand level. Lots of supply levels above and demand below, I'm expecting a very cool end of the year
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  • #1,612
  • Dec 14, 2011 12:13am Dec 14, 2011 12:13am
USD/CAD 1 hour chart. Wondering about the base.

GBP/USD 1 hour chart. Can I take the Drop base Drop supply level? It looks like a swap level. Wondering is it a good level, cause there's demand level right below that Swap Level.
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  • #1,613
  • Dec 14, 2011 12:18am Dec 14, 2011 12:18am
Are them demand level?

EUR/USD Daily chart
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  • #1,614
  • Dec 14, 2011 12:46am Dec 14, 2011 12:46am
Just wanna share a trade my mum just took of the $hour Demand area.

It goes back quiet sometime.

Lets see if it will work out

Apple15
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  • #1,615
  • Dec 14, 2011 1:38am Dec 14, 2011 1:38am
keggboy777

Find what is working for you & stick to it only making the necessary modifications as needed. In ref to the EUR/USD, we are in a down trend for sure & catching the retraces is working for me.

nawlins51 is correct when he said........you have to make this your own style. Ken has laid it out the way he does it, but you have to make it fit YOU. For me I am trading as Ken does, but with one exception.....I trade from the 15M tf. Trading S&D is an art form to some extent & you have to deveolpe a feel for the levels. Don't get me wrong with this......I too have losers, but I am getting better as the days go by. What helped me when I first start reading this thread was to re read the pdf several times along with the comments by other traders as well as the chart they & Ken are sharing.

I am sure Ken will weight in on this, but just thought I would share my views. Hang in there, it will get better as you go.
  • #1,616
  • Edited 2:33am Dec 14, 2011 1:51am | Edited 2:33am
Morning, brand new here and just going through the thread now so I'm sorry if I'm asking anything that has already been asked and answered. Just wondering if I have these levels marked correctly on a 4H USDCAD.
It looks like a CT trade with a fresh touch at the supply level. Also a nice entry off the 5 min.

2 questions, How would you interpret/mark the gap to the left marked with the ellipse and would you be worried with the short because its a CT trade and there are 4 bars are in the demand zone.

Great thread Ken, thanks for sharing your method, hard work and time!!! S/D has been 1 of the hardest areas for me to get a handle on. Your PDF has helped clear up a lot for me -- still re--reading it-- much to absorb.Thanks Joe
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  • #1,617
  • Dec 14, 2011 5:08am Dec 14, 2011 5:08am
Quoting hcristea
I've done a review of my trading journal and compared the trades I took with S&D as I understand it now.

On the EURUSD Chart I took 2 Short traded on the Daily. Both were taken due to PA reaction on those levels. The levels matches supply levels.

On the last SHORT on EUR I was convinced that EUR is doomed and the price would fall. During the weekend, price turned and moved UP. Looking now, I see why. A clear Demand level (swap).

Now that the price is approaching an old supply level on the Daily TF, I looked below and saw the nice fresh Demand...
nice chart, thank's for the educational information buddy.
I love PIE and RTP
  • #1,618
  • Dec 14, 2011 6:10am Dec 14, 2011 6:10am
This is USD index daily chart, US dollar became very strong since Monday and the USD index is heading to Daily supply level. Will USD become weaker after it hits the the Daily supply? Is the supply level I drew correct? Wondering...
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  • #1,619
  • Dec 14, 2011 10:55am Dec 14, 2011 10:55am
We are no doubt in a strong down trend on this pair & it is set to tackle the 1.2900 & possible below over the next few days. If 1.3000 holds as resistance that should be the key. Just my view & not advice.
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  • #1,620
  • Dec 14, 2011 4:21pm Dec 14, 2011 4:21pm
Inserted Video


Season's Greetings

Ken
Good Trading To All ; Ken Lee
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