B.S. Trading with Kenneth Lee | Page 113 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

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

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

B.S. Trading with Kenneth Lee

  • #2,241
  • Jan 27, 2012 8:49am Jan 27, 2012 8:49am
Does anyone else do a review to take a look at the over all action for the week? If you don't keep a trading journal, it's a good start to atleast review the week (every week) by setting all the levels you see (including failed ones) and then grading them. I review weekly on the 30m and monthly on the 4h.
  • #2,242
  • Jan 27, 2012 9:15am Jan 27, 2012 9:15am
Quoting Seneca pilot
Short triggered going to sleep.
Looking good from here

TSD
  • #2,243
  • Jan 27, 2012 9:16am Jan 27, 2012 9:16am
Quoting Seneca pilot
Half off at 3050 target is 2975. Now truly going to bed.
Well done !

TSD
  • #2,244
  • Jan 27, 2012 10:47am Jan 27, 2012 10:47am
Ok here is what happened this morning. Euro went down nicely from my entry initially. When the GDP came out the initial move was down hard. When we hit the demand zone that was created with the move up to entry the PA was not very good. I took about twenty pips and waited. When we reached the supply I tried a couple of shorts which paid a little but when we hit the demand again at around 10:10 EST and bounced forming a higher low I could see sentiment had changed. I decided that the stops above 3180 were in play so after London close I entered long at 3153 and exited into the stops triggered above 3183 for a thirty pip gain.

Lesson: In this business flexibility is crucial. I generally will let my trades stop out or hit the target. But big news events and sentiment change are important. Since the trend of late has been up and we are still emerging from weekly demand I took these actions. I also closed the GY short somewhere in there this morning for around 120 pips.

Sorry there will be no chart as I only post planned trades from a demo account. I will never post a screenshot of my real account.
  • #2,245
  • Jan 27, 2012 10:58am Jan 27, 2012 10:58am


This is a powerful method. Plus 24.8% for the week and never risked more than 3% on any trade. I am so glad I found this style of trading and will never again be trading in the wrong direction. I finally found, thanks to Sam Seiden a method that gets me in on the wicks instead of the bodies. This is so important.

I have five years invested in this and was ready to quit a few times until I found Seiden. I am glad to have found this thread and will continue to contribute when I think I have something to add. Finally off demo and adding steadily to my REAL account.
  • #2,246
  • Jan 27, 2012 11:03am Jan 27, 2012 11:03am
Trying for 1.32 right now I am flat though, done for the day. See you all next week. By the way if you want to learn more about sentiment and stop running check out Darkstar's posts. This trading is a puzzle and there are many pieces. Now I see why Cloggie says ten years and ten thousand dollars. Glad I spent my ten thousand in demo dollars.
  • #2,247
  • Jan 27, 2012 11:09am Jan 27, 2012 11:09am
Quoting Seneca pilot


This is a powerful method. Plus 24.8% for the week and never risked more than 3% on any trade. I am so glad I found this style of trading and will never again be trading in the wrong direction. I finally found, thanks to Sam Seiden a method that gets me in on the wicks instead of the bodies. This is so important.

I have five years invested in this and was ready to quit a few times until I found Seiden. I am glad to have found this thread and will continue to contribute when I think I have something to add. Finally off demo and adding steadily...
Good job!
  • #2,248
  • Jan 27, 2012 11:32am Jan 27, 2012 11:32am


Quoting Seneca pilot


This is a powerful method. Plus 24.8% for the week and never risked more than 3% on any trade. I am so glad I found this style of trading and will never again be trading in the wrong direction. I finally found, thanks to Sam Seiden a method that gets me in on the wicks instead of the bodies. This is so important.

I have five years invested in this and was ready to quit a few times until I found Seiden. I am glad to have found this thread and will continue to contribute when I think I have something to add. Finally off demo and adding steadily...
"Keep your eyes on the helpers" - Mr. Rogers
  • #2,249
  • Jan 27, 2012 3:22pm Jan 27, 2012 3:22pm
Quoting Seneca pilot
Lesson: In this business flexibility is crucial. I generally will let my trades stop out or hit the target. But big news events and sentiment change are important.
I think this is crucial about flexibility. This week I placed a Short po near Supply, set SL and TP and went away. Price approached my entry but missed it by a pip, moved sharply down, reversed, moved up to my Supply entry and took me into the Supply zone and triggered my SL. A news event triggered change in sentiment and subsequent move. Point being had I been present I would have noticed the sentiment change and remove the order. Even if you're a set and forget type still worth bearing in mind.

Hutch
  • #2,250
  • Jan 27, 2012 3:42pm Jan 27, 2012 3:42pm
On another note: just checking folks preferred method of trend determination

e.g
- Do u use just naked charts looking at higher high/hgher low sequences?
- Do you look at monthly/weekly/daily charts or a combination?
- Do you use moving averages?

My method:
1. look at the High/Low sequence on the Daily
2. look at the High/Low sequence on the 4Hr
3.
(i) If Daily and 4Hr agree then I mainly trade in that direction on the 30min
(ii) If Daily and 4Hr disagree I mainly trade the direction of the 4Hr on the 30min mindful this may be either a retrace or the start of a trend change on the Daily

works for me
  • #2,251
  • Jan 27, 2012 4:21pm Jan 27, 2012 4:21pm
Quoting Seneca pilot


This is a powerful method. Plus 24.8% for the week and never risked more than 3% on any trade. I am so glad I found this style of trading and will never again be trading in the wrong direction. I finally found, thanks to Sam Seiden a method that gets me in on the wicks instead of the bodies. This is so important.

I have five years invested in this and was ready to quit a few times until I found Seiden. I am glad to have found this thread and will continue to contribute when I think I have something to add. Finally off demo and adding steadily...
Glad to see you have hung in there.

TSD
  • #2,252
  • Jan 27, 2012 4:25pm Jan 27, 2012 4:25pm
Quoting kvhutch
On another note: just checking folks preferred method of trend determination

e.g
- Do u use just naked charts looking at higher high/hgher low sequences?
- Do you look at monthly/weekly/daily charts or a combination?
- Do you use moving averages?

My method:
1. look at the High/Low sequence on the Daily
2. look at the High/Low sequence on the 4Hr
3.
(i) If Daily and 4Hr agree then I mainly trade in that direction on the 30min
(ii) If Daily and 4Hr disagree I mainly trade the direction of the 4Hr on the 30min mindful this may be either a...
I look at our location in relation to weekly S/D and generally try to work in that direction. But I mainly trade off one hour charts so I have to be willing to follow the days move.

I will mark up a chart of this weeks action in E/U and post it momentagiously.
  • #2,253
  • Edited 5:12pm Jan 27, 2012 4:51pm | Edited 5:12pm
This is the weeks trades in E/U.

I keep it as simple as I can. The trading day starts at 06:00 GMT. I take the current price at that time and look below and above to get my S/D zones. I always start with a one hour chart. If the zones are clear on the one hour timeframe I go with that. If I think they need clearing up I go up and down in timeframes until I have zones I like. Target is always the next level (supply for longs, demand for shorts)

I am not a big fan of pending orders. I usually stay with the chart until the trade is triggered. I sometimes wait for confirmation depending on pair. I sometimes just take the trade and set stop and target. Largely this depends on how price approaches and what the news flow is.

I got myself messed up and fought the trade all morning today because I was on the four hour timeframe. A quick post mortem on this pair today shows had I stayed on my usual timeframe I could have been done with this one with much less stress.

Five trades for the week. one looser, four winners. 80% hit rate with about 3/1 reward to risk. A licence to print money.

PS. It isn't always this good. Some weeks there are only three or four trades. Some weeks the hit rate drops to a paltry 60% and Mondays can sometimes just blow through all levels without giving an entry because of weekend events.
Attached Image (click to enlarge)
Click to Enlarge Name: euro trades for week.jpg Size: 95 KB
  • #2,254
  • Jan 27, 2012 4:54pm Jan 27, 2012 4:54pm
Quoting kvhutch
On another note: just checking folks preferred method of trend determination

e.g
- Do u use just naked charts looking at higher high/hgher low sequences?
- Do you look at monthly/weekly/daily charts or a combination?
- Do you use moving averages?

My method:
1. look at the High/Low sequence on the Daily
2. look at the High/Low sequence on the 4Hr
3.
(i) If Daily and 4Hr agree then I mainly trade in that direction on the 30min
(ii) If Daily and 4Hr disagree I mainly trade the direction of the 4Hr on the 30min mindful this may be either a...
Using the Daily as mention in the Odds Enhancers ( Big Picture )

Like your addition of the 4HR... Will add this to see if I can get a better definition of direction?


Thanks

TSD
  • #2,255
  • Jan 27, 2012 4:59pm Jan 27, 2012 4:59pm
Everyone have a GREAT weekend.
  • #2,256
  • Jan 27, 2012 5:02pm Jan 27, 2012 5:02pm
Quoting Seneca pilot
Everyone have a GREAT weekend.

You do the same
  • #2,257
  • Jan 28, 2012 4:18am Jan 28, 2012 4:18am
GU trade

Please feel free to comment. I still trying to understand the entry placement. I am studying the system.
Attached Image (click to enlarge)
Click to Enlarge Name: gu27012012.gif Size: 29 KB
  • #2,258
  • Jan 28, 2012 10:34am Jan 28, 2012 10:34am
Quoting oblo
GU trade

Please feel free to comment. I still trying to understand the entry placement. I am studying the system.
I had to drop to fifteen minute to find the area that provided the demand for the trade you highlighted. The first arrow is pointing to the area I would have been looking to trade so I would have missed the trade completely.

The upper shaded area is the one where the price bounced. See the small DBR there with very little trading. This is the type of area you are looking for.

Arrows two three and four are the area you took your trade. Arrow two shows the demand area while arrows three and four show that that area was hit twice and that the orders were surely almost exhausted. This is why the price continued through it to the lower level.

Your stop encompassed the lower level so your trade ended successfully. This is good and I am sure you made a nice profit which is certainly the goal. Do be careful though that your reward to risk is not too low.

Good job!
Attached Image (click to enlarge)
Click to Enlarge Name: pound trade.jpg Size: 91 KB
  • #2,259
  • Jan 28, 2012 10:42am Jan 28, 2012 10:42am
Good day all

I just finish one of Sam's Seiden videos located

http://www.fxstreet.com/search/contr...1-e9bf77216d2f

Previous Webinars by Sam Seiden

Major Forex Moves of 2012
Thu, Jan 19 2012

This is an excellent tutorial on how price enters a level, what price is doing once inside the level, and where price may go after it leaves a level.

Sam gives some great insights into PA.

TSD
  • #2,260
  • Jan 28, 2012 1:55pm Jan 28, 2012 1:55pm
Your comment gave me a good insight on what I have done! And yes, you are right, r:r ratio is not on my side. I am just testing my entries for now.

Thank you.




But I still
Quoting Seneca pilot
The first arrow is pointing to the area I would have been looking to trade so I would have missed the trade completely.

The upper shaded area is the one where the price bounced. See the small DBR there with very little trading. This is the type of area you are looking for.

Arrows two three and four are the area you took your trade. Arrow two shows the demand area while arrows three and four show that that area was hit twice and that the orders were surely almost exhausted. This is why the price continued through it to the lower level.

Your...
1 trader viewing now