B.S. Trading with Kenneth Lee

Another swing, another miss-gbchf 4 hour and 1 hour charts.
If price does get to that yellow level then I won't be taking it as orders may have been used up by then.

bootsyjam,

I don't think anybody minds what you post, in fact I rather enjoy your charts & comments. They alway give me something to ponder & learn from. Keep them coming.

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Cheers acetrader, I'll keep posting until Ken/others ask me to stop, or start my own thread/journal as I might be hijacking this one...

Silver and gold-similar set ups, will post silver as that has had strongest price action higher today.
Upper yellow line on H4 chart= supply zone-has not been reached so price can still push higher.
1 hour chart-good movement-hard to pin down the scalded cat price move, went to 30 min (shame on me) and it looked clearer.

And yes-that's a fib you see there-apologies. To be honest don't really need it-I look for a return of about 50%of the move into the demand zone.
That approx area should coincide with where the the scalded cat price move occurred, along with previous highs, which I think would be the swap level in Ken's book.
The supply level was breached and breached good, so now that 50% area is the swap level and the scalded cat price move level so looks good to me.

I expect price to return to approx 29.40 and to resume it's climb higher. But the silver market takes no prisoners due to blatant naked short selling which has dislocated physical price from futures price but that's another story.

Was interesting to sit and watch prices move today-I felt calm watching them shoot off as I have drummed it into myself that it's not the taking part that counts (at the time of the move). Our job is not to anticipate the moves. Instead, it's our job to position ourselves to climb on board when prices return to the area where price started it's journey.
Normally I'd be wanting to get in and cursing that I missed the moves on eur+gbusd this morning. Now I'm not worried.
Although I did curse when gbchf took off without hitting my buy limit order.
*%!*

It's a strong downtrend going into a good daily demand. It was a good place for a long. I took the long from 1.2706 up to 1.2761.

Now i'm looking for shorts in light of the downtrend.
I set a PO on the 1st 1h supply. I'm currently watching how price is approaching it. If price suddenly shoots at it from far enough away i'll leave it. If price slowly climbs its way up i'll cancel it and then monitor the PO on the higher level, i haven't put it on yet.

The 4h levels looks like a good place for a down trend continuation but only time will tell that story.

If you look at the bottom right of the 1h chart you'll see a little area i marked off will monitor.


It caught my eye because of 2 things.

1. It's right above the daily demand.
2. Pin bar bounce barely enters the zone and jumps around 60 pips in 1 hour.

I haven't decided to play anything off of this level, i don't have enough experience with this type of situation. It looks good but because of the reactions but it's not like the obvious levels i'm used to.

If anyone has anything to add or dispute about what i say here feel free. All observations and opinions are welcome.

My SL was hit on this short. I see my mistake.. My short was not taken at a fresh level.. Just did not see it.. Mental error .. errrr ...

an educational opportunity

TSD

i think your entry was ok, price moved 40 ticks. Just get your SL to BE when you see trouble.

http://imageshack.us/photo/my-images/163/eur11012.jpg/
http://imageshack.us/photo/my-images/163/eur11012.jpg/http://imageshack.us/photo/my-images/163/eur11012.jpg/http://imageshack.us/photo/my-images/163/eur11012.jpg/
http://imageshack.us/photo/my-images/163/eur11012.jpg/

selling at this supply zone.

Market is very quiet, are we waiting for news? I can't see any...

Hi Good Lookin,

Very nice analysis, I tend to check also the weekly to have a complete view of the market (looked at monthly also but didnt saw anything lol)

Price is at a demand level on the daily as you said but also on the weekly. On the weekly level is the second touch, price came and had a little run (from 1.29 to 1.3055) before going lower into the level based on a daily supply, showing us that there aren't a lot of demand.

On the daily we are at a very nice demand level, yesterday it closed as an upbar but today it seemed it didnt have enough power to go up, on the other side we have a supply level around 1.2935.

So.. does this demand level has enough force to change the downtrend ?

IMHO as a newbie on S/D, the weekly entering deep into the level, this slow move up of such a nice demand level when the last 3 down candles show us there wont have alot of problem going up till the 1.29 level if they really wanted, dont give me a very bullish view.

Would love to know what others think.
Os.

Looking back in my chart history to see where EU may go to next in terms of demand.

Take a look at this screenshot showing clear demand in July last year.

The 1.255 zone looks untested to me, although price came about 30 pips from the zone before as can be seen. This zone also roughly lines up with the weekly trend line so may be significant.

The zone below that at 1.222 is untested and I'm sure you will agree very good looking! I expect a big reaction should price reach this zone, however if price does get here, it will mean a break of the weekly trend line.

I hope this helps.

AUD/USD H4 catch a nice spike and add another one

NZD/USD H4

awesome Good Looking nice explanations !!!

I love this thread, so many great traders here

I agree with you. I tried to zoom out as much as i could on the daily so i could get something like a weekly view. Since i'm at work i use Oanda and it only has up to Daily.

Yes i do agree it is very Good Looking

Took this long on a break out of the triangle formed at the base of what looks like a Drop>Base>Rise pattern. Entered with 2 lots with the TP at a supply area of 1.2769

Trade now moving into first stall point (look left) .. We should see a second stall just a little higher as well.

Took off my first lot at this stall area. ( Partial ) 9.90 pips. Price seemed to be stumbling. Will see how the second leg holds up. TP is still the supply area. Moved SL closer to break even.

Price was not able to push past this area. Eventually turning back down..Closed out second leg at break even plus 1 pip.. As of this writing price has come back down and retested the upper trend line were price original broke long.

My premise for this trade is to see if trading in the opposite direction using the S/D method is an option. I think at certain times it can be but we will need a basing pattern to initiate such a trade.

Price appears to have touch a new Supply area on the 5M.

bullzeye,

We just might have reached that level you were looking for on this pair & that level in the 1.2786-90 area. I might be wrong, but I am in short from just under that level @ 1.2768. Tp open at this time.

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