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

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

Quoting zamfir
Well @ 4, if the price ever comes back, there aren't going to be much demand left there to push the price up, as the orders just above it have already been filled. So probability that the marked level will work is very low.

Best to look for fresh levels.
Thanks a lot zamfir for your comment and explanation, you guys here really helps a lot. So glad to join this thread.
Quoting FX_Neil
Firstly, i've been following this thread for a short while now and find it very valuable, so thank you to all who contribute.

I would suggest you look at the 1 hr Kiwi chart and see the level is fairly well represented here (at work so cannot post a chart!). Would have got you in at 4 with low risk
Not very understand what you wrote in the previous post, but I guess what you mean is like the chart below. Am I right?
Didn't spot that level =.=" cause it looks a little sloppy and the candles are too many for me=.="

Actually, is "time at level" very important? I always looks for a level with few candles because almost every time I watch Sam's webinar, he will talk about time at level, looks like very important and I get influenced with it =.=
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Quoting anthony_tzw
Is it a high quality level? It's 4hour GBPUSD chart. Do I need to zoom into it?
The width of the level just about 30pips, when I saw this kind of level on a larger time frame I'll just set a pending order. Wondering is it a high quality level or not...

Anthony, r.e. your 4 hour gbusd chart a few pages back-ask the same question:with that price area, has the price visited it already?
With your NZUSD chart h1 chart above, as k yourself the SAME QUESTION.
You have correctly (in my book) identified the strong supply area on the NZUSD chart above-a good stretch of unbroken candles that also took out a few recent highs (that's pretty important to me), and looks similar to the high probability patters in Kenneths booklet. The trade to take would be when the price RETURNED TO THAT LEVEL FOR THE FIRST TIME, and you can see it has already done so, and that price has moved away as expected. So it is an old level-so leave it alone.
But then that's just me.
I try to draw some S&D zone based on my knowledge.
Pls help to comment is this this zone draw correctly, else where is the best zone to draw?

All are H4 tf.
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entertaining read ,
Attached File(s)
File Type: pdf Zurich_axioms[1].pdf   346 KB | 1,374 downloads
Good Trading To All ; Ken Lee
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, project failures , legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attack from an adversary, or events of uncertain or unpredictable root-cause.


The strategies to manage risk typically include transferring the risk to another party, avoiding the risk, reducing the negative effect or probability of the risk, or even accepting some or all of the potential or actual consequences of a particular risk.
Certain aspects of many of the risk management standards have come under criticism for having no measurable improvement on risk, whether the confidence in estimates and decisions seem to increase.
Good Trading To All ; Ken Lee
to maximize the realization of opportunities

This portion of risk this refers to is the fact without risk there can be no chance of a profitable outcome. We have to risk and be willing to lose to even consider winning.

accepting some or all of the potential or actual consequences of a particular risk.

As independent traders we pretty much have to shoulder the burden of any risk ourselves, we could of course trade other peoples money thus spreading risk thinner across more persons. But most of us don't see that as a option.

Certain aspects of many of the risk management standards have come under criticism for having no measurable improvement on risk,

As we have seen and read in the papers over the last few years, It seems as the professionals that have the duty of limiting risk for the major players have not done a very good job. So it falls on us to devise a method of Risk Management that we can easily apply and feel comfortable with.

Good Trading To All ; Ken Lee
Quoting bootsyjam
Anthony, r.e. your 4 hour gbusd chart a few pages back-ask the same question:with that price area, has the price visited it already?
With your NZUSD chart h1 chart above, as k yourself the SAME QUESTION.
You have correctly (in my book) identified the strong supply area on the NZUSD chart above-a good stretch of unbroken candles that also took out a few recent highs (that's pretty important to me), and looks similar to the high probability patters in Kenneths booklet. The trade to take would be when the price RETURNED TO THAT LEVEL FOR THE FIRST...
Hi, bootsyjam.
Thanks for your reply but, what is "unbroken candles"? Is it mean there's no gap?
Quoting Kenneth Lee
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, project failures , legal liabilities, credit risk, accidents, [url="http://en.wikipedia.org/wiki/Act_of_God"]natural causes and...

Thanks for sharing Ken and the PDF.
It would seem at face value to limit your amount of risk per trade or even session would be a easy straight forward thing. But as most simple things in life it tends to be a bit harder to actually do.

If we could only set trades and then be denied access to our accounts for the period our trade plays out would make the idea of risk management a simple part of a trades plan. With that thought in mind i would implore any new traders to accept that as fact and live by that fact . once a trade is planned we can only trade the plan. Then if the plan fails we plan another. If we take to many losses in a row then we look to tweak the plan . But other than that we NEVER EVER adjust a plan. other than Managing it as it moves into PROFIT.

If a person can follow that above to the tee they stand a chance, if not it can be a very rough road indeed. As you can find yourself with all sorts of ideas and strategies to get out of bad trades without a loss or even make a gain . But the first time you do something not in your plan and it works out in your favor you entered a realm where the spirit can be broken.

Learn to plan trades properly and progress with the planning . If a trade is going to fail let it or cut it short . But never increase your risk by moving your stop or adding to a loser to move your entry.

It can be part of your plan to enter with a partial position at a lower level and maybe add on at the level behind it but must be a plan not a late scared tactic.
Good Trading To All ; Ken Lee
Quoting Android38
I try to draw some S&D zone based on my knowledge.
Pls help to comment is this this zone draw correctly, else where is the best zone to draw?

All are H4 tf.
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In my opinion:
EUR/USD: is good for me, but I didn't took the suppply level because of the long upper wick
USD/CHF: Supply level is good in my view. But the demand level, the lower long wick makes me ignore it
GBP/USD: Is quite ok for me when I zoom into 1hour supply.
AUD/USD: Looks like a 3rd pullback to the swap level.
USD/CAD: Supply Looks like a pivot.

Just my view=.="
@ Android38
Those levels all look perfect to me, strong unbroken moves away and price has yet to go near them for the first time.
Has been v frustrating-have decided not to trade this time of year and prices are all behaving as they should-grrr. Case in point-EURUSD today argh.

@ Anthony, sorry that's my mistake-by 'unbroken candles' I meant they had shot away strongly and with no price reversals shown, which indicates v strong supply/demand
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  • #1,753
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  • Dec 22, 2011 10:36am Dec 22, 2011 10:36am
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  • #1,754
  • Quote
  • Dec 22, 2011 10:50am Dec 22, 2011 10:50am
Quoting bootsyjam
@ Android38
Those levels all look perfect to me, strong unbroken moves away and price has yet to go near them for the first time.
Has been v frustrating-have decided not to trade this time of year and prices are all behaving as they should-grrr. Case in point-EURUSD today argh.

@ Anthony, sorry that's my mistake-by 'unbroken candles' I meant they had shot away strongly and with no price reversals shown, which indicates v strong supply/demand
Oh, haha. It's ok, now I know what are you talking about Thanks
  • #1,755
  • Quote
  • Dec 22, 2011 12:20pm Dec 22, 2011 12:20pm
Could someone explain what is difference between pivot and SD level?
Why pivot isn't good? Because it hasn't base maybe?
When i first read about S&D i tried looking for levels by eye and then just trading them if i liked what i saw. If price stalled anywhere then it was a level for me. Needless to say that didn't really work. I remember saying to myself "this is harder than it looks." I then stumbled upon the odds enhancers. Boy oh boy did i feel silly. After using them in my trades i was able to filter out the the zones that were questionable and then trade on the zones that had the highest chance of a reaction. I remember saying to myself "This is easier than i thought!"

Before i started using the odds enhancers i can say that using S&D i had a whooping 22.2% success rate with 2:1. It was just straight 2:1 rr and thats it.

After using the odds enhancers my year to date trading success rate using S&D has gone up to 54.9%(this includes the losses from the beginning) 2:1 on trades with no clear target at the time of setting the PO and mostly between 3:1 and 4:1 on the rest.

The odds enhancers are not the "holy grail" filter but it does enhance the odds of success. Best part about it is that it's really just common sense stuff. Take time to find out why this method of trading works and you'll see that it just fits. You don't have to be right everytime to be successful. You can be right 40% of the time with a rr of 2:1 and still come out profitable.

Use em people. Master them. Set a goal. Set aside some time to acheive it. Expand on what works and accept what doesn't. Then go out and enjoy life.

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Quoting Good Lookin
When i first read about S&D i tried looking for levels by eye and then just trading them if i liked what i saw. If price stalled anywhere then it was a level for me. Needless to say that didn't really work. I remember saying to myself "this is harder than it looks." I then stumbled upon the odds enhancers. Boy oh boy did i feel silly. After using them in my trades i was able to filter out the the zones that were questionable and then trade on the zones that had the highest chance of a reaction. I remember saying to myself "This is easier than...

Was wondering how you filter the good level of S&D from the bad ones. Please enlighten.

Much appreciated.
Quoting conexer
Was wondering how you filter the good level of S&D from the bad ones. Please enlighten.

Much appreciated.
It's just the Odds Enhancers from Ken's Pdf. That's my filter.

I want to say i'll put up some charts and show you the extent of my understanding of them tonight or tomorrow but i'm unsure if i'll have the time.
  • #1,759
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  • Dec 23, 2011 10:19am Dec 23, 2011 10:19am
Good Lookin,

That is actually right.......it is the best part of the pdf to me. It is the glue that holds it all together, but that is just my view.

_______________________
Quoting Kenneth Lee
entertaining read ,

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