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

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B.S. Trading with Kenneth Lee

  • #2,301
  • Jan 30, 2012 2:55pm Jan 30, 2012 2:55pm
Been looking for this setup all day (12 hours since my first post on this). Late in the day for any significant movement but still put this Supply Short on the AU. Will watch and wait.
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  • #2,302
  • Jan 30, 2012 3:02pm Jan 30, 2012 3:02pm
I'm in there with you Kvhutch
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  • #2,303
  • Jan 30, 2012 4:10pm Jan 30, 2012 4:10pm
These trades will probably work out ok for you guys but do be careful and keep a short leash on these trades. If you zoom out all the Aud has done so far is test a trendline on the four hour. We are still not to a weekly supply yet and the day is over. Its much safer to go with the entries during european trading or early NY.

Not saying these won't work out but be cautious. I still think longs are going to be preferred for a while. Weekly supply on Aud around 1.0820. Weekly supply on E/U 1.3320. Weekly supply on G/U 1.5960-1.6015. Weekly demand U/Chf .8861.

Good luck with the trades guys.
  • #2,304
  • Jan 30, 2012 4:18pm Jan 30, 2012 4:18pm
Risk reward is excellent on the Aus trade. What targets are you guys looking for? The easy one or the really good one.

1.0480 Looks juicy and the R/R is amazing but you have to break a trend line to get there.
  • #2,305
  • Jan 30, 2012 6:44pm Jan 30, 2012 6:44pm
the zone you guys picked in the AUD/USD was/is weak. A better supply zone is at 1.06309 to 1.06444 which can easily be seen on the 30min chart.

Be patient guys, don't go for the quick buck.
  • #2,306
  • Jan 30, 2012 7:07pm Jan 30, 2012 7:07pm
Quoting zamfir
I would disagree on that statement that. We are trying to read the flow of smart money from identifying S/D levels. It is indeed very difficult to identify the smart money, as the professional are good at creating S/D levels and profit from it. We are trying to do the same except we don't participate in creation of these levels.

Also guys, please just think for a second, all the fibs/Gann/Patterns and all other forms of TA cannot identify the smart money on charts, thats why they don't work.

Identifying smart money movement on charts is a skill...

I will respectfully disagree with your accessment. KL statement "simplistic nature of it." is just that simplistic. Regardless of who is pushing the price the fact that price is reacting in this manner tells us that something significate is happen at this level.. This we can see.. Over time we see a return and again price moves away as it did before. Note: nothing really complicated about this.

We all can spend hours discussing who is behind the move and why, getting caught up in it all as many traders tend to do. I think this is where traders begin fall apart.. they think too much ( not to say a trader should not think.. am not saying that ) The mind tries to out think what mind is actually seeing ( trade what you see not what you think )

So being simplistic does have an advantage in that you maintain focus on what is happening in front of you instead of what may or may not behind the price.

A good example of behind the price would be fundementals.. We hear the fundementals are saying this yet, price acts completely different.

Ahhh that need to be right thought process.. It will kill ones account very quickly.

Just a different point of view.

Thanks for allowing me to share.

TSD
  • #2,307
  • Jan 30, 2012 7:16pm Jan 30, 2012 7:16pm
Quoting TraderinSD
I will respectfully disagree with your accessment. KL statement "simplistic nature of it." is just that simplistic. Regardless of who is pushing the price the fact that price is reacting in this manner tells us that something significate is happen at this level.. This we can see.. Over time we see a return and again price moves away as it did before. Note: nothing really complicated about this.

We all can spend hours discussing who is behind the move and why, getting caught up in it all as many traders tend to do. I think this is where traders...
We want to trade along with that "smart money" as they are the ones who have the accounts big enough to cause the areas to form in the first place. Good points TSD
  • #2,308
  • Jan 30, 2012 7:20pm Jan 30, 2012 7:20pm
Good night everyone see you at Frankie open. Watch your positions carefully SNB and BOJ are both in the firing zone.
  • #2,309
  • Jan 30, 2012 7:35pm Jan 30, 2012 7:35pm
I rarely trade Asia but one to sleep on.
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  • #2,310
  • Jan 31, 2012 1:15am Jan 31, 2012 1:15am
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Took this short on the 5M EU in the Asian session. Scalp trade w/ a 1:7 to 1 R/R. Trading mutiple lots this turns into a very profitable trade.


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Cleared the previous short, now setting up for a long on the 15M EU. Will need to stay mindful of how price enters the Demand Zone. Looking for a 3:1 R/R..

Will see?

TSD
  • #2,311
  • Jan 31, 2012 1:27am Jan 31, 2012 1:27am
Quoting low_key321
the zone you guys picked in the AUD/USD was/is weak. A better supply zone is at 1.06309 to 1.06444 which can easily be seen on the 30min chart.
yep, and so proven. Kinda blew right thru it. To be honest even the 1.06309 doesn't look to be holding. Will sit for a while and ascertain market direction
  • #2,312
  • Jan 31, 2012 3:33am Jan 31, 2012 3:33am
Can this be a good swap level for a buy pending order?
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  • #2,313
  • Jan 31, 2012 3:37am Jan 31, 2012 3:37am
Quoting oblo
Can this be a good swap level for a buy pending order?
I have that level marked too but the bottom line is at the wick 3rd candle from right .1.5724
  • #2,314
  • Jan 31, 2012 5:17am Jan 31, 2012 5:17am
Quoting Seneca pilot
I rarely trade Asia but one to sleep on.
Closed -4pips on trail stop. Can't mess with the carry trade even with bank downgrades.
  • #2,315
  • Jan 31, 2012 5:31am Jan 31, 2012 5:31am
I'm seeing more and more with strong trends its ever more important to be trading with the trend. Over the last couple of days across all sessions I've had Supply and Demand levels taken out with relative ease. Some of the levels have been pretty weak but these are levels which generally hold in less trending markets. And even stronger levels have been taken out at a push.

Why I love this methodology is that you don't have to predict market direction to be successful. Just trade what you see. That said, I do find having a handle on general market direction is an added bonus.

In strongly trending markets it may be more profitable to join the trend. This for me may mean:
(i) if the current movement is against trend (e.g. down when the day movement is up) get in on the next S/D
(ii)if the current movement is with trend wait for the next turn and trade as in (i) or allow the level to be broken and trade off the next swap level in the market direction.

just thinking aloud really.

Thoughts?
  • #2,316
  • Jan 31, 2012 8:22am Jan 31, 2012 8:22am
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Missed my long on the EU 15 M by just a few pips..

TSD
  • #2,317
  • Jan 31, 2012 9:33am Jan 31, 2012 9:33am
some scalps from this morning. AUD/JPY 30 min
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Good Trading To All ; Ken Lee
  • #2,318
  • Jan 31, 2012 11:27am Jan 31, 2012 11:27am
E/U makes abrupt turn at four hour supply 1.3205. Next stop four hour demand 1.2975? Now back to your regularly scheduled program.
  • #2,319
  • Jan 31, 2012 11:33am Jan 31, 2012 11:33am
Trade taken today. A little unconventional in that my entry was just before two supply zones while my Stop Loss was behind the higher Supply zone. Wanted to ensure entry. Sure enough, first Supply zone penetrated, second one penetrated and came within 2 pips of SL. Turned around and I got out at next demand level for a 30 pip profit. Subsequent move pushed thru the demand level towards the next.
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  • #2,320
  • Jan 31, 2012 11:37am Jan 31, 2012 11:37am
Quoting Kenneth Lee
some scalps from this morning. AUD/JPY 30 min

Very nice

TSD
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