B.S. Trading with Kenneth Lee

To come back a last time on lower TF, just look how we can find good level even on a 30 second chart. It's today EU.

Hey ace, thx for your answer mate.

Here is an EURJPY 15mins chart.. we have a lovely S/D level, but imho the level isnt fresh.

Orange level, previous S/D level
Blue level, actual move from the level

My question is.. if we have a previous S/D but priced moved little but now it has gone back again into that S/D and created a very nice rejection/ fast down move meaning more supply is at that level, would you count it as a new level or you would just count it as a second touch ?

Thanks guys !!

Nice find there buddy. Are you in now?

Mine is sitting at 0.9525.

Let's see how it goes...

I disagree with this. I never have a stop of more than 50 pips on FX and usually it's 20 - 30, irrespective of what time frame I'm looking at. All I do is zoom in to find the turn in price.

I would be cautious taking that trade as the Daily/Weekly tf is making higher lows and higher highs.

Tc !!

Am in to the USCHF short but I agree Osman, it is against the trend on the 4 hour and daily chart so certainly not a perfect trade. There are two strong legs on the 4 hour chart that have pushed price to these levels as well, but we shall see. I have a sneaking suspicion that there is one more push in price that will stop me out, followed by a sharp reversal.

Not so sure the weekly chart is showing such a blinding uptrend, but for a trade off the 4 hour I'm not sure that it's too relevant unless I have 4 times the SL

GBP/USD

As I see it, price is currently in the supply level at the 4hr chart and I’d expect a reaction to the downside somehow.
But I have to agree it is a CT trade.Thanks for pointing it out.

Np mate.. just trying to help and improve my trading, maybe im wrong and you guys could help out.


Good luck bootsyjam and tauru$ with the trade.

oz trades

Hey Bullzeye,

I was looking at this setup on the 30mins yesterday nite , but didnt had very clear the trend as on the 4hr we are lower highs but kind of higher lows.

Good luck with the trade !!

Sorry if I'm posting too much-Kenneth/others-please let me know if I am-will start my own trade journal if so.

After reading my own thoughts in response to USCHF I exited the trade at a small profit. The 4 hour trend is strong, and whilst it's arguable that it could reverse, just looking at the EURUSD/GBUSD trades over the last few days gave me an indication of the types of trades I want to be involved in, whilst the USCHF seems to be more 50/50.
It did spurt higher than my entry (amply covered by my SL) but trading against the trend is never a good idea and something I need to stop doing (i.e. stop being a smart ar%e).

@ Bullzeye
My rule is that I have to scratch my head over a trade then it isn't worth taking, as it means that it is not clear, and clear trades are what we want.
My own interpretation is in the chart below.
To explain, I see the current price area as having been touched already, and we only take the first touch.
Rectangle on the left: Original demand area.
Price dropped straight through it on weird XMas trading-maybe some buy orders were used up here but by the look of it, not many.
The rectangle to the right-aha-another demand area (ok maybe a bit lower than my price box). But my interpretation is that this is the second touch of that area thanks to the rally that took place on the 3rd January-meaning that if you entered now, then a move higher would be relying on a second move away from that area.

Those buy orders that are stacked up might be half the amount that they were already thanls to the rally on the 3rd January.
I quite like that mental picture-first time an S/D area is hit and reverses, that big paper stack of orders gets reduced, so when the price returns a second time, there's loss of them, so less strength in the move.

I could be wrong in my interpretation that the price is approaching a Demand area for the second time though-anyone got any thoughts on that?

I think the main thing in this game is patience-waiting for that great set up. My USCHF trade was not an example of patience. Did it look good from a supply perspective-yes. Did it look good from a trend perspective-no. So sit out-not taking a trade is as much a trading decision as deciding to trade.

The long ?

But with lower lows on this time frame chart makes it a CT trade so just a scalp

if you don't like that there is just one candle in those levels switch to a 15 min and there will be 2 LOL or 5 min and there will be 6.

NOISE ,,,,,

more on short entry .

Though admittedly this is not a very good set up I'm sticking it out with this pair...
Weekly TF:

KL

Looking at the USD/CHF. Levels are 95369 and 95481 setting up for the short on the 1H.

Would this be correct?

Thanks

TSD

Kenneth, do you not see the 4hr demand level on the AUDUSD chart as too close for comfort, or is it simply because it's a scalp/short term trade with a small SL and you're not looking for a huge move to the downside?

KL Additionally on the USD/CHF 4H and 30M show for good set up as well. You had mentioned a confluence on multi time frames create the best set up. Correct?

Thanks again

TSD