B.S. Trading with Kenneth Lee | Page 117 | 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

  • #2,321
  • Jan 31, 2012 11:43am Jan 31, 2012 11:43am
Quoting kvhutch
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.

Hi Kvhutch

The sl and target information you have to the right of your chart. Is that an indicator? My eyesight is not as good as it used to be and that looks like it could be handy.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #2,322
  • Jan 31, 2012 2:07pm Jan 31, 2012 2:07pm
Too bad the Po didn't trigger on this trade.
Attached Image (click to enlarge)
Click to Enlarge Name: gy.jpg Size: 202 KB
  • #2,323
  • Jan 31, 2012 2:26pm Jan 31, 2012 2:26pm
eu: stopped badly
ej: still in
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu31012012.jpg Size: 83 KB
Click to Enlarge Name: ej31012012.jpg Size: 84 KB
  • #2,324
  • Jan 31, 2012 3:22pm Jan 31, 2012 3:22pm
Quoting Rufus
Hi Kvhutch

The sl and target information you have to the right of your chart. Is that an indicator? My eyesight is not as good as it used to be and that looks like it could be handy.
Hey Rufus. Sorry, no not an indicator. Just some dotted lines I added in Metatrader for emphasis
  • #2,325
  • Jan 31, 2012 4:24pm Jan 31, 2012 4:24pm
Quoting oblo
Too bad the Po didn't trigger on this trade.
I got in on that one but entry level was taken from the 4HR charts.. Last couple of days the 4HR charts have proven very reliable.. See how she goes.
Josh
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.jpg Size: 105 KB
nollej is power..
  • #2,326
  • Jan 31, 2012 7:27pm Jan 31, 2012 7:27pm
could someone please explain the concept of a swap level and how to use it?

I'm reading the PDF but it's still not clear to me what it is and how I am suppose to use it.
  • #2,327
  • Jan 31, 2012 7:44pm Jan 31, 2012 7:44pm
Check EURGBP guys
1 hour chart around 8344
  • #2,328
  • Jan 31, 2012 8:02pm Jan 31, 2012 8:02pm
Quoting paulr
Check EURGBP guys
1 hour chart around 8344
I just marked off that area this morning and funny enough i have a pending sell order exactly at that price.. wait and see what happens..

Quoting low_key321
could someone please explain the concept of a swap level and how to use it?

I'm reading the PDF but it's still not clear to me what it is and how I am suppose to use it.
This chart may explain your question as well low key.. you see around this price was used as a demand area previously (although not very big) and now it has become a supply area.. My understanding is when a previous area of demand/supply becomes the opposite of its original it becomes a swap level..
maybe not the best example but it should give you the idea..
josh
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.jpg Size: 102 KB
nollej is power..
  • #2,329
  • Jan 31, 2012 8:14pm Jan 31, 2012 8:14pm
Thanks for the response. But since it is now a swap level, is it equal in magnitude as its opposite level prior turning into a swap level, or has it gotten weaker or stronger?

Is a swap level just an another way of saying a supply zone turning into a demand zone and vice versa?
  • #2,330
  • Jan 31, 2012 8:24pm Jan 31, 2012 8:24pm
Quoting low_key321
Thanks for the response. But since it is now a swap level, is it equal in magnitude as its opposite level prior turning into a swap level, or has it gotten weaker or stronger?

Is a swap level just an another way of saying a supply zone turning into a demand zone and vice versa?
Yeh my understanding is that its just levels that have swapped over from one to the other.. To my knowledge no one can really tell you the true weakness or strength of a level however the speed at which it moves away and how long it stays away is the best indication of the strength of a level.. Which when you think about it thats all that supply and demand trading is about, finding levels where price doesn't want to be..maybe some more experienced people can give you a better response
josh
nollej is power..
  • #2,331
  • Jan 31, 2012 8:28pm Jan 31, 2012 8:28pm
Quoting nollej
Yeh my understanding is that its just levels that have swapped over from one to the other.. To my knowledge no one can really tell you the true weakness or strength of a level however the speed at which it moves away and how long it stays away is the best indication of the strength of a level.. Which when you think about it thats all that supply and demand trading is about, finding levels where price doesn't want to be..maybe some more experienced people can give you a better response
josh
Good way to put it.

"finding levels where price doesn't want to be.."
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #2,332
  • Jan 31, 2012 9:02pm Jan 31, 2012 9:02pm
thank you everybody!
  • #2,333
  • Edited 3:11am Feb 1, 2012 2:31am | Edited 3:11am
Morning all. New day, new month. Don't know what kind of moves we're gonna get as we move into NFP Friday. Typically ranges into then unless the rumour mills start churning.
  • #2,334
  • Feb 1, 2012 3:31am Feb 1, 2012 3:31am
i can't find anything on 15min-4hr charts in USD based pairs. It's definitely a risk-on type of day with good data coming out of Britain PMI and Euro debt talks.
  • #2,335
  • Feb 1, 2012 4:16am Feb 1, 2012 4:16am
Quoting nollej
I just marked off that area this morning and funny enough i have a pending sell order exactly at that price.. wait and see what happens..
Cool ! well something is happening now
  • #2,336
  • Feb 1, 2012 5:22am Feb 1, 2012 5:22am
Quoting low_key321
i can't find anything on 15min-4hr charts in USD based pairs. It's definitely a risk-on type of day with good data coming out of Britain PMI and Euro debt talks.
Yes, I agree with the risk on sentiment. Thought it might have been something of a ranging day. Still looking for a good entry signal
  • #2,337
  • Edited 5:58am Feb 1, 2012 5:46am | Edited 5:58am
EURGBP Entry missed by a couple of pips !
  • #2,338
  • Feb 1, 2012 6:11am Feb 1, 2012 6:11am
Quoting paulr
EURGBP Entry missed bu a couple of pips !
yeh only missed it by about 2 pips so seeing how far price goes down before it comes back up... looking at the price on the one hour i also see a pivot point and my understanding would be that a fair few traders would have had sell orders on that previous low to the left since price shot through that low last time..dont know exactly how it will change the supply level above but time will tell i suppose
josh
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.jpg Size: 84 KB
nollej is power..
  • #2,339
  • Feb 1, 2012 9:44am Feb 1, 2012 9:44am
Quoting nollej
Yeh my understanding is that its just levels that have swapped over from one to the other.. To my knowledge no one can really tell you the true weakness or strength of a level however the speed at which it moves away and how long it stays away is the best indication of the strength of a level.. Which when you think about it thats all that supply and demand trading is about, finding levels where price doesn't want to be..maybe some more experienced people can give you a better response
josh

"finding levels where price doesn't want to be"

A most excellent statement of how to find areas of S/D.

TSD
  • #2,340
  • Feb 1, 2012 2:35pm Feb 1, 2012 2:35pm
Bad day. Got stopped on Gbp/Jpy, Gbp/Chf, Aud/Usd, Usd/Chf
Still +4.8% this week
8 traders viewing now