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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

Ken,

Do you have any plans on sharing your trades through the trade explorer?
Also the greatest wealth we have and that we can give to everyone and anyone is a happy attitude and a Thank You. As when we truly thank each other for just the sharing and time given to each other then we ourselves find that we do really have many friends in the world it is just you haven't meet them yet.


I wish you all a very Happy New Year. Ken Lee[/quote]

Very well said! Happiness is a choice.
Thank you for your kind wishes and a Happy New Year to you and everyone at FF.
Quoting Vilkezar
Ken,

Do you have any plans on sharing your trades through the trade explorer?
No nothing of it , so nope
Good Trading To All ; Ken Lee
This is AUD/USD Daily chart, please give some comments about those supply levels.

It looks like supply is overwhelming at the lower supply level, so the price drop drastically. But the the lower level looks like a pullback to the upper level, this is why I'm not sure is this a great supply level that I can take into consideration.
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Quoting anthony_tzw
This is AUD/USD Daily chart, please give some comments about those supply levels.

It looks like supply is overwhelming at the lower supply level, so the price drop drastically. But the the lower level looks like a pullback to the upper level, this is why I'm not sure is this a great supply level that I can take into consideration.

Hey Anthony, how you doing buddy?.

Happy new year to everyone..btw

So..the new year has started and everyone must be pumped up to catch some trades this week.

Watch out for Euro guys..some good long positions this year for euro, it will recover, but slowly.

I see markets did very well today, atleast in Asia.
Quoting anthony_tzw
This is AUD/USD Daily chart, please give some comments about those supply levels.

It looks like supply is overwhelming at the lower supply level, so the price drop drastically. But the the lower level looks like a pullback to the upper level, this is why I'm not sure is this a great supply level that I can take into consideration.
hello anthony, same to me, I'm also a bit struggling with those levels on AU.
here I share mine
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I love PIE and RTP
Quoting zamfir
Hey Anthony, how you doing buddy?.

Happy new year to everyone..btw

So..the new year has started and everyone must be pumped up to catch some trades this week.

Watch out for Euro guys..some good long positions this year for euro, it will recover, but slowly.

I see markets did very well today, atleast in Asia.
hi zamfir, happy new year.
yes, I'm late to catch some good movement on EU, will try to find a good angle to push the buy button at the pullback.
I love PIE and RTP
Happy New Year everyone...

Price moving closer to a nice level on EU
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Hi all,
First off-Happy New year and happy trading to everyoner, I hope everyone has a very successful year.

I have a query regarding the methods used to entering trades, and I hope I can explain what I mean!
I use the Odds Enhancers at the end of Kenneth's excellent booklet, but I don't see what the advantage is/how to utilise a market order as opposed to a limit order.

What I mean is-in the booklet, if a certain score isn't reached, then you should switch to a shorter timeframe, watch prices, and enter manually when the levels are reached.
Ok so I'm sitting watching the prices and it reaches the area that I have marked out as a buy or sell zone. Then what? Do I take the trade anyway? Or do I sit and wait, and if so, sit and wait for what exactly? A lot of trades simply touch the price area once very quickly and reverse and boom, you're away. So what possible advantage is there to using a market order?

I already know the argument that 'price may continue on it's path and bust through the pre-determined buy/sell levels'. If that is the case, under what circumstances/what sort of price action conditions should I be using for market orders? Due to the nature of this trading system, where we trade at extremes, it's always pretty hairy opening a position as you're essentially going against a short term trend-I just don't see how monitoring the price ans entering with a market order actually helps you to make a decision.

Any help would be greatly appreciated, I don't know if I've explained my problem very clearly.
I should add that I trade off 1 hour charts, but obviously look at 4hr/daily charts for confirmation that I'm not near any major supply/demand zones.
I also look at 30 min charts for confirmation, but tend to leave the lower t/fs alone as I find there are too many false signals sometimes, and hey, you've got to stop somewhere...

[edit]
EURUSD trade today is a good example. It scored quite high on the odds enhancer, but as I'm using a 1 hour chart for levels (mainly), the shorter term price movement always approaches these areas aggressively. Price has now reversed at the level I identified (ok, I missed entry by one pip) and I would now be at a 1:1 RR. So what possible advantage is there to me switching to a shorter t/f as, like I stated previously, the 5 min/15 min chart will show prices moving towards my identified levels in a way that would make me uncomfortable taking the trade.
Here is what I mean-eurusd 5 min chart, price nearly hits the identified supply level at 1.3060 taken from the hourly chart.
How would watching the price and using a market order help me here? What am I looking for when looking at live prices on a shorter tf?
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Quoting zamfir
Hey Anthony, how you doing buddy?.

Happy new year to everyone..btw

So..the new year has started and everyone must be pumped up to catch some trades this week.

Watch out for Euro guys..some good long positions this year for euro, it will recover, but slowly.

I see markets did very well today, atleast in Asia.
Hi Zamfir, I'm fine. Thank you. How about you?

Happy New Year to everyone and wish all of you catch great pips in this year Zamfir, how is your view about those AUDUSD daily chart levels that I posted.
Quoting ennichisai
hello anthony, same to me, I'm also a bit struggling with those levels on AU.
here I share mine
Hope someone here will give us a hand Happy New Year
Quoting Ultimatus
Happy New Year everyone...

Price moving closer to a nice level on EU
Hi Ultimatus, may I know why do you draw your level at the drop? =.=" Why not drawing it at the consolidation? Is there any level in the bearish candle? Here is how I draw the level, correct me if I'm wrong. Happy trading
Quoting bootsyjam
Hi all,
First off-Happy New year and happy trading to everyoner, I hope everyone has a very successful year.

I have a query regarding the methods used to entering trades, and I hope I can explain what I mean!
I use the Odds Enhancers at the end of Kenneth's excellent booklet, but I don't see what the advantage is/how to utilise a market order as opposed to a limit order.

What I mean is-in the booklet, if a certain score isn't reached, then you should switch to a shorter timeframe, watch prices, and enter manually when the levels are reached....
Hi, bootsyjam

I'm not very clear what you mentioned about, my language is poor =.=" But I try to help what I know. As you mentioned that when some levels didn't hit certain score, we should use market order, if I'm not mistaken, we will only trade those levels with pending order if the score is 9-10, we won't trade the levels if it's below 7. Normally, if the big timframe level only have 7, I'll look into the smaller timeframe, wait for a great arrival and the nearest oppose levels shows a good profit margin.

The advantage of zooming into smaller timeframe when we see a level in a larger timeframe is to decrease our risk. You might see a level with 40pips width in a larger time frame which might be too big for your risk, you can find a tighter level in the smaller time frame. Besides, we might see a stack of levels in the smaller timeframe (level on top of level). And in this case, I'll take the outer level because normally the outer level has more tight level and works better. But I'll trade the inner level and place my stop loss above the outer level if I feel comfortable with the risk, hope this helps a little. Happy trading
Hi Anthony,
Thanks for the reply.
I tend to avoid smaller tfs and their small stop losses because if I'm looking at a 1 hour chart, then I'm going to use the levels I see on a 1 hour chart.
I know what you mean about levels within levels on smaller tfs, but I have been burned too many times with tight stops, as you can be right about where the price is going but still end up a loser thanks to a narrow SL.
If my 1 hour chart shows a great level, then I'm also going to use the price level that shows on the 1 hour chart for where my stop should be.

You state that "you wait for a great arrival"-I think that it is the crux of what I am asking. What is a 'great arrival'-what does that look like?
As I said, if using 1 hour charts, then dropping down to a 5 min chart is never going to look good as you're taking the counter trend trade to the 5 min chart.
Look at the 5 min chart for EURUSD today. If that line at 1.3060 wasn't drawn in, what clue is there in the price action that this is a good place to enter a short? My point is, as far as I can tell, that there is no clue. And if there is, what is it!

Another question I have is profit taking. Do people scale out, taking 25% off here and there, or do you all stay all in until the 2.5 or 3.1 RR ratio is achieved?
USD/CHF, I set my pending long order at the demand level.
My SL at 0.9314, the price go through my SL by 1pips (0.9313) and shoots up...

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Quoting bootsyjam
Hi Anthony,
Thanks for the reply.
I tend to avoid smaller tfs and their small stop losses because if I'm looking at a 1 hour chart, then I'm going to use the levels I see on a 1 hour chart.
I know what you mean about levels within levels on smaller tfs, but I have been burned too many times with tight stops, as you can be right about where the price is going but still end up a loser thanks to a narrow SL.
If my 1 hour chart shows a great level, then I'm also going to use the price level that shows on the 1 hour chart for where my stop should...
If I found a great level in smaller time frame which is also in a larger time frame level, I will set my SL, regarding to the larger time frame SL if the risk is ok for me, so the risk will be smaller rather than the larger time frame risk. You said that you often get burned by tight stop loss, I guess you might place your stop loss regarding to your smaller time frame levels. If that's the case, just adjust your stop loss to the larger timeframe SL. But after all, I guess it's ok if you trade solely on larger time frame, just the risk is larger.

Strong arrival is almost the same with the strength of the price leave the level. We won't know is't a great supply or demand levels before the price move away from the level right? If the price move away with a strong fashion, then we will know there's lots of supply/demand right over there. Same with the arrival, with a strong arrival, the chart will shows us an oppose level which may let us know the nearest oppose level and with it, we can know is there any profit margin.

You can see the price just touch the level 1.3060 and drop, I'll trade the level. Reasons are:
1. strong move away -2points for me
2. profit margin -2 points for me
3. fresh level - 2points for me
4. arrival - 1 point
5. Location - 1 point for me
Total score is 8 in my view.

About the Location, it's a down trend in daily chart, but the price is near to weekly demand. In this case, I'll be very concern about the profit margin.

The price goes to 1.3010, you might already able to catch 50pips and should adjust your stop loss to entry. However, this is just my trading style=.=" might be some mistake over there, correct me if there's any mistake, just a newbie =.="

Happy trading
Quoting anthony_tzw
Hi Ultimatus, may I know why do you draw your level at the drop? =.=" Why not drawing it at the consolidation? Is there any level in the bearish candle? Here is how I draw the level, correct me if I'm wrong. Happy trading
Hi Anthony, I don't usually draw the levels at all, I just did it to highlight the area I meant so I could post it on the thread here. I marked the origin of the drop, and price usually goes there, as with EU we can see it did.

....however the PA on EU looks to me like it wants to go up more....

Are you referring to a chart? I can't see one, cheers
Quoting Ultimatus
Hi Anthony, I don't usually draw the levels at all, I just did it to highlight the area I meant so I could post it on the thread here. I marked the origin of the drop, and price usually goes there, as with EU we can see it did.

....however the PA on EU looks to me like it wants to go up more....

Are you referring to a chart? I can't see one, cheers
Thanks for the reply
Ya, it looks like it's going to move higher, maybe because of the weekly demand level=.=" Wish you all the best
Price came close to the weekly demand levels on 4th October 2011 as well as 14th December 2011so it could be argued that it has already approached that weekly level already and soaked up orders. Although it's an arguable point, and with big news coming up then who knows what will happen.

Anthony, thanks for the replies but I'm still no closer to understanding what you look for when watching the price and then entering manually. You've printed the same checklist as me so it's all good, and despite my coment above I also agree that the proximity near a weekly support zone does make it a less than perfect trade.
But as stated, the 'arrival' criteria is worth 1 point. By what criteria is 'arrival' judged at. What is 'good arrival' and what is 'bad arrival.' Should I care about 5 minute price action and how it arrives/looks on this when I'm picking levels off 1 hour/4 hour charts?
Hell I don't know...
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