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B.S. Trading with Kenneth Lee

  • #1,641
  • Dec 15, 2011 10:05am Dec 15, 2011 10:05am
Quoting Kenneth Lee
I hope with the up coming holidays i will find the time and effort to complete the sections on risk and trade management , which may give some a better insight to how they can approach the most important part of trading . The art of profit Taking. the ability of some to start holding for the rgiht place for tping verses those that can't seem to hold passed a single digit gain is as different as each persons personality.

But maybe with a rule based ideology just as with our entries using a set of rules to spot and locate trade adjustment areas...
Great! BIG THANKS to Ken
  • #1,642
  • Dec 15, 2011 11:00am Dec 15, 2011 11:00am
Anthony tzw,

From this post it sounds like you are on course. Now if you can just nail down the tp & mm parts you have all you need.

In reference to the tp I have no solid rule myself, I let the trade tell me when enough is enough & when it is time to cut the loss. Again, find what works for you & dig in. From Kenneth's lastest post it appears he is about ready to enlighten us on what he is doing in these areas & it should be a most interesting & informative read for the Christmas Holidays.

________________________________
  • #1,643
  • Dec 15, 2011 11:23am Dec 15, 2011 11:23am
Quoting Kenneth Lee
I hope with the up coming holidays i will find the time and effort to complete the sections on risk and trade management , which may give some a better insight to how they can approach the most important part of trading . The art of profit Taking. the ability of some to start holding for the rgiht place for tping verses those that can't seem to hold passed a single digit gain is as different as each persons personality.

But maybe with a rule based ideology just as with our entries using a set of rules to spot and locate trade adjustment areas...
Thanks Ken,that would be great.Really appreciate your time and efforts, for a relative newbie like myself I find this thread enlightening and think I can finally settle on a trading method that makes total sense.
Thanks to all those who contribute and seasons greetings
Mick
  • #1,644
  • Dec 15, 2011 12:42pm Dec 15, 2011 12:42pm
Quoting acetrader
Anthony tzw,

From this post it sounds like you are on course. Now if you can just nail down the tp & mm parts you have all you need.

In reference to the tp I have no solid rule myself, I let the trade tell me when enough is enough & when it is time to cut the loss. Again, find what works for you & dig in. From Kenneth's lastest post it appears he is about ready to enlighten us on what he is doing in these areas & it should be a most interesting & informative read for the Christmas Holidays.

________________________________
I never join any FOREX course before. Because all are expensive, I'm just a student, can't afford it. And that's my college economic teacher =.=" He's not a trader.

Ya, I just try to get the method that suits me the most. I normally will stop a position if it didn't hit my first target (nearest opposite level) in 6-8 candles, because if there's big imbalance, then it won't take such a long time to hit my 1st TP, although sometime it might take a long time for a reversal, but I just don't like it, so I'll just quit it. This is my style and my opinion, how did you guys think?

So excited when get know about that, exactly acetrader, that will be the most interesting read for our christmas Thanks a lot, Ken That will be more valuable than the gifts from santa claus
  • #1,645
  • Dec 15, 2011 10:35pm Dec 15, 2011 10:35pm
This month is going to be slow....
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  • #1,646
  • Dec 16, 2011 2:45am Dec 16, 2011 2:45am
Quoting zamfir
This month is going to be slow....
Awesome !!!
  • #1,647
  • Dec 16, 2011 7:15am Dec 16, 2011 7:15am
Another 100 pips.

Looks like this is all for the week. Two more trades just triggered, but its the week end so probably not going to finish.

total pips this week = 310.
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  • #1,648
  • Dec 16, 2011 8:26am Dec 16, 2011 8:26am
This is what I meant in my earlier post, here on EU 15m we have two levels, I didn't take the first one due to the level above. In this kind of situation, I have seen the market bust through these levels.

What do you think will happen?
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  • #1,649
  • Dec 16, 2011 8:31am Dec 16, 2011 8:31am
Quoting Ultimatus
This is what I meant in my earlier post, here on EU 15m we have two levels, I didn't take the first one due to the level above. In this kind of situation, I have seen the market bust through these levels.

What do you think will happen?
Best to take top level, higher probability.
  • #1,650
  • Dec 16, 2011 9:10am Dec 16, 2011 9:10am
Quoting Ultimatus
This is what I meant in my earlier post, here on EU 15m we have two levels, I didn't take the first one due to the level above. In this kind of situation, I have seen the market bust through these levels.

What do you think will happen?
I might take the lower level, but if price breaks the lower supply, I might take the upper level again. Because the distance between them are too far, if they are very near, I might consider to take the outer/upper level. Happy trading
  • #1,651
  • Dec 16, 2011 9:17am Dec 16, 2011 9:17am
Again only one day trade this week. Just hit TP. It gets a bit annoying having one trade per week (2-3 is normal for me), but I keep reminding myself that patience is one of the most important components of success.

Nice eurusd trade on 1h/30m. Once again a trap setup. These are good.

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  • #1,652
  • Dec 16, 2011 9:22am Dec 16, 2011 9:22am
Quoting Ultimatus
This is what I meant in my earlier post, here on EU 15m we have two levels, I didn't take the first one due to the level above. In this kind of situation, I have seen the market bust through these levels.

What do you think will happen?

If that is the time frame your trading , I would consider those to be separate levels , I don't consider that even levels on levels. My idea of levels on top of levels is just that they almost touch each other or do. Have seen 3 stacked one on top of other .

With that large a space between i would trade each as a stand alone trade.

The trouble with levels on levels is that they do touch sometimes and each alone may be only 15 or 20 pips wide but together they can be 30 or 45 or greater. That is when holding for the furthermost level maybe smart. But also always keep in mind if it is fresh how price left and how long it has been away from these level. As that can give you insight to how it will turn and may even miss your levels by a bit.


Ken
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Good Trading To All ; Ken Lee
  • #1,653
  • Dec 16, 2011 9:24am Dec 16, 2011 9:24am
Quoting Ultimatus
What do you think will happen?
My 2 cents,
I don't consider them level on levels odds enhancer that Sam talks about. These two are pretty far away from each other and I would look at them as two totally different and independent levels.

I usually take only the safest level (upper if supply) if levels are sitting right next to each other. I call the lower level as a buffer zone or a shield. But they do have to be pretty close to each other. That is not a case on current chart.

EDIT: As always Ken said it best.
  • #1,654
  • Dec 16, 2011 9:28am Dec 16, 2011 9:28am
OK thanks guys, so they are too far apart to be considered stacked. I tend to get paranoid about the levels breaking as I've seen it happen so often, which results in me missing trades like this one.
  • #1,655
  • Dec 16, 2011 9:39am Dec 16, 2011 9:39am
Quoting Supernaut
Again only one day trade this week. Just hit TP. It gets a bit annoying having one trade per week (2-3 is normal for me), but I keep reminding myself that patience is one of the most important components of success.

Nice eurusd trade on 1h/30m. Once again a trap setup. These are good.

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Next two weeks are going to even slower.. guess its time to take a vacation..
  • #1,656
  • Dec 16, 2011 9:39am Dec 16, 2011 9:39am
Had a chance to monitor a trade today as it hit a supply i discovered yesterday. Set my tp at the next demand. Did pretty well.

Odds Enhanced Trade!

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  • #1,657
  • Dec 16, 2011 9:57am Dec 16, 2011 9:57am
Quoting Good Lookin
Had a chance to monitor a trade today as it hit a supply i discovered yesterday. Set my tp at the next demand. Did pretty well.

Odds Enhanced Trade!

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Good job!!!
  • #1,658
  • Dec 16, 2011 10:11am Dec 16, 2011 10:11am
Quoting Good Lookin
Had a chance to monitor a trade today as it hit a supply i discovered yesterday. Set my tp at the next demand. Did pretty well.

Odds Enhanced Trade!

Attachment

Awesome chart ,, Thanks
Good Trading To All ; Ken Lee
  • #1,659
  • Dec 16, 2011 10:42am Dec 16, 2011 10:42am
More odds enhanced!

Supply trade

Strength of move: 2

That was a pretty strong drop through what looked to be a good demand level.

Risk Reward: 1

I set this trade at 6pm eastern so i had no idea what type of rr it would have been so i set my 2:1. I 've chosen 2:1 because if its a good level then it will give you 2:1 way more often than not.

Big Picture: 1 maybe 2

Daily is making Lower Highs and Higher Lows so it looks like its anyones market.

Retracements/Tests: 2

None! Fresh level! Although the 10:30 candle did come close but it also shot down right afterwards.

Time at Level: 1

5 candles if you count the entry and exit candles

Arrival: 1

At the time this was not a factor in my trade because there was no arrival! Now that we see what happened we see it was a good arrival. A little too good.

Total: 8-9


Demand Trade:

Strength of move: 2

Rally Base Rally. Great move up.

Risk Reward: 2

4:1 Price stalled around 1.0355 earlier so that would have been a good place.
5:1 If i set my tp at my Supply level.
I set it at 4:1.

Big Picture: 1 maybe 2

Daily is making Lower Highs and Higher Lows so it looks like its anyones market.

Retracements/Tests: 2

None! Fresh level! So fresh we missed the trade!

Time at Level: 1

8 candles if you count the entry and exit candles. A little bit more than i'd like but since priced moved away so strongly i deemed it as a worthy base.

Arrival: 1

Just as in the supply trade i didn't see how it actually arrived since it happened while i was asleep. But as we can see, it was a nice arrival.

Total: 9-10

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Edit: changed demand trade total to 9-10 from 10
  • #1,660
  • Dec 16, 2011 11:01am Dec 16, 2011 11:01am
Trade on S&P just now, target is demand at 1192
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