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B.S. Trading with Kenneth Lee

  • #2,501
  • Feb 10, 2012 8:32pm Feb 10, 2012 8:32pm
Hi,

thanks for comments and analysis of my setup. You are right, it was right below a strong weekly supply level and it was the 3rd touch. I saw the big candle right there and i didn't got attention to that little BIG details

Quoting okami
Hi Lubinho,

It's surprising to me that this so vertical level has not hold. It looks a great place to have at least a small retrace. I've been investigating, and I attach you my hindsighted interpretation of what could be the reasons.

If we look at the weekly chart, we see we are in a supply level, that could make us aware of a trend direction change.

Attachment

In the 30m chart we see a confirmation of the trend change and a rejection from the weekly supply because we have done a lower high and a lower low. Also we could...
  • #2,502
  • Edited 7:48am Feb 11, 2012 3:56am | Edited 7:48am
Hi Ken and All,

In this strategy are you guys trading on swap levels as well? If so how you are trading on swap levels, can you pls explain to me with a chart if you can.

And also let me know what sessions are the best to trade with this strategy. Is it from Frankfurt start to San Francisco close? OR what.

Thanx in Advance,
Ishara
  • #2,503
  • Feb 11, 2012 5:23am Feb 11, 2012 5:23am
Next week on GBPUSD I expect to see the price move lower. On the bigger TF (Daily) price has reached the bottom of a weekly supply zone and Friday has closed lower than the previous 8 days. I believe that the bullish momentum has slowed down and probably might even stop.

Going down the m30 the downtrend is visible. Price reached a demand zone Friday evening. Next week we might see price move upper or go down through the demand zone. Buying is CT and Sell is with the trend for the moment.

If it goes upper, there is a supply zone that I find it interesting, let's see if and how price reach this zone . See chart below.
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  • #2,504
  • Edited 3:55am Feb 12, 2012 2:12am | Edited 3:55am
Hi all!
If I've understood correctly, this method looks like as the my picture. The main thing is to correctly identify the levels.
What do you think about this?
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  • #2,505
  • Edited 5:45am Feb 12, 2012 3:58am | Edited 5:45am
Quoting hcristea
Next week on GBPUSD I expect to see the price move lower. On the bigger TF (Daily) price has reached the bottom of a weekly supply zone and Friday has closed lower than the previous 8 days. I believe that the bullish momentum has slowed down and probably might even stop.

Going down the m30 the downtrend is visible. Price reached a demand zone Friday evening. Next week we might see price move upper or go down through the demand zone. Buying is CT and Sell is with the trend for the moment.

If it goes upper, there is a supply zone that I find it...
aha, nice view on cable buddy. see the EU at weekly S and USDX at weekly D?
and I hope I can see your real time trades. post the charts with entries SL and TP. so we all can underestand and learn together from your chart.
like what bullzeye and Kenneth Lee have done.

Quoting ruten
Hi all!
If I've understood correctly, this method looks like as in the my picture. The main thing is to correctly identify the levels.
What do you think about this?
that's right buddy, the sideways market show us that seelers and buyers are in balance condition, their trasaction done very comfort...

as I saw your pic, there are so many2 limit, the risk should be bigger too.
better way is to use odds enhancers.

good luck
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Simplicity Is The Ultimate Sophistication ~LDV~
  • #2,506
  • Feb 12, 2012 6:47pm Feb 12, 2012 6:47pm
I am now long eurusd

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  • #2,507
  • Feb 12, 2012 8:06pm Feb 12, 2012 8:06pm
I have now moved my stop to above break even up a bit over 2 to 1 ...I will now manage price action

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  • #2,508
  • Feb 12, 2012 8:44pm Feb 12, 2012 8:44pm
Quoting Shermenator
I have now moved my stop to above break even up a bit over 2 to 1 ...I will now manage price action

Attachment

At first I thought you were out of your mind to take a long......My chart has big gap. I could not figure where you found some demand. BUT my broker opens later and does not show the demand you have..

Nice trade.

I almost took a short with the Asian open. But my son called. He is getting ready to enlist in the army. Figured it was more important to talk to him
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #2,509
  • Feb 12, 2012 9:41pm Feb 12, 2012 9:41pm
People are always asking about swap level. They are just this trading ideas way of trading the classic breakout , That has been used successfully for years, the only difference is that we now look for a supply or demand level for the entry this way we KNOW there are orders waiting to make our trade . Without planning our trades we are just gambling. So we have to have a entry level a stop location and at least a initial target.
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Good Trading To All ; Ken Lee
  • #2,510
  • Feb 12, 2012 10:07pm Feb 12, 2012 10:07pm
I have now closed my eurusd long got 4 to 1 I can now afford to lose 4 times in a row to go back to break even (money management is the key)

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  • #2,511
  • Feb 12, 2012 10:09pm Feb 12, 2012 10:09pm
Nice charts/post, Ken.
Good Trading
  • #2,512
  • Feb 12, 2012 10:18pm Feb 12, 2012 10:18pm
Quoting Shermenator
I have now closed my eurusd long got 4 to 1 I can now afford to lose 4 times in a row to go back to break even (money management is the key)
Nice. I took the same long for the same reason... Only I waited till price tested into the zone by ~3 pips before executing. My stop was also quite a bit tighter than yours thanks to the entry price, but I didn't have as large of a TP as you did. I also pieced out a bit as it went up along with scaling my stops each move... I didn't want to test session open's price again so I didn't hold like you had.

Different RR but cool we had the same signal.
Attached Image
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  • #2,513
  • Feb 12, 2012 10:24pm Feb 12, 2012 10:24pm
Quoting Rufus
At first I thought you were out of your mind to take a long......My chart has big gap. I could not figure where you found some demand. BUT my broker opens later and does not show the demand you have..

Nice trade.

I almost took a short with the Asian open. But my son called. He is getting ready to enlist in the army. Figured it was more important to talk to him
Yea I see my broker opens up a bit earlier...and good luck with your son. I remember when all of my friends started to enlist about4 years ago when I graduated from high school (I am now 22)
  • #2,514
  • Feb 12, 2012 10:38pm Feb 12, 2012 10:38pm
I am now currently short in this trade like the previous price action and the story behind it....Good risk to reward ( I only have to be right 20 percent of the time to break even on this investment )

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  • #2,515
  • Feb 13, 2012 1:52am Feb 13, 2012 1:52am
Hi Ken and All,

What about the news? What kind of news we have to consider when trading this method and what are not. Even in FF we have news categorized with high, medium and low impact. So for which type of news we need to be away from trading with this strategy?

Thanx in advance,
Ishara.
  • #2,516
  • Feb 13, 2012 2:13am Feb 13, 2012 2:13am
Quoting Shermenator
I am now currently short in this trade like the previous price action and the story behind it....Good risk to reward ( I only have to be right 20 percent of the time to break even on this investment )

Attachment
i have now closed this trade with a loss...will be looking at price action to determine if it was stopped out just to take out the stops and I will make a decision to reinvest or not depending on the price action.
  • #2,517
  • Feb 13, 2012 2:44am Feb 13, 2012 2:44am
Quoting alterchristo
aha, nice view on cable buddy. see the EU at weekly S and USDX at weekly D?
and I hope I can see your real time trades. post the charts with entries SL and TP. so we all can underestand and learn together from your chart.
like what bullzeye and Kenneth Lee have done.
The sell is activated. Lets see if it works.

The plan is to move to BE if price reaches 1.5795 because I expect lower prices. After that we will see how I will act depending on the PA in that area.
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  • #2,518
  • Feb 13, 2012 3:32am Feb 13, 2012 3:32am
Anyone get in on this one ?
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  • #2,519
  • Feb 13, 2012 3:38am Feb 13, 2012 3:38am
I cannot wait for that supply zone on the AUD/USD h4 chart at 1.0784
  • #2,520
  • Feb 13, 2012 4:05am Feb 13, 2012 4:05am
I have shorted this pair ....like the price action taken place at this supply level. I initially did not like the level enough...but now that the bulls have shown weakness I have shorted..

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