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B.S. Trading with Kenneth Lee

  • #2,581
  • Feb 15, 2012 7:44am Feb 15, 2012 7:44am
Quoting ezpmee
excellent trade
Thanks ezpmee.
I still learning this method, but this week is good week.
  • #2,582
  • Feb 15, 2012 7:44am Feb 15, 2012 7:44am
Quoting Android38
Ouch!!!
I set my target 100pips...but manually close it at 60pips..
After 1 min close the price dropped to hit my initial TP...

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Nice trade man...try and stick to your plan. I like to let my trades run alot...it makes it very easy to make my money back if I have a small losing streak . When I do I dont mind since the winners make way more then my average loser
  • #2,583
  • Feb 15, 2012 7:49am Feb 15, 2012 7:49am
Quoting Shermenator
Nice trade man...try and stick to your plan. I like to let my trades run alot...it makes it very easy to make my money back if I have a small losing streak . When I do I dont mind since the winners make way more then my average loser
I agreed with you. I manually closed it because i have few trades in last 2 weeks +40pips and above, but i set it to BE then the price turn and hit me to gain nothing 0pips. So sometime i will close it around 60-80pips instead of waiting 100pips and finally i get 0pips.

Yup..this method really low risk high reward as very often mentioned by Sam.
I have 5 to 6 losses in last 2 weeks but it overcome by 3 good trades in this week.
  • #2,584
  • Feb 15, 2012 7:55am Feb 15, 2012 7:55am
Quoting Shermenator
These are the setting I have on my fib tool ...

Attachment

Can you please share that Fib tool?
  • #2,585
  • Feb 15, 2012 8:09am Feb 15, 2012 8:09am
Quoting AbhijetPandi
Can you please share that Fib tool?
Its the one everyone has on metatrader ...click on the fib button on metatrader and setup the fibb like I showed in my past picture, Its not an indicator I just edited the fib levels from the regular fib tool on metatrader.
  • #2,586
  • Feb 15, 2012 9:45am Feb 15, 2012 9:45am
Quoting Shermenator
I am currently long in the eurusd....

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Hey Sherm

Question>>> I still must not be seeing something correctly

Why did you take the area around 31550 vs the area around 31450 just below.

Almost identical areas. I understand the levels on levels ( I think ? )

If is was levels on levels ??? Is it the first level or the second level we place a PO.


( Not at my charts so do not have exact numbers )


Nice trade by the way !!!

Thanks for the help

TSD
  • #2,587
  • Feb 15, 2012 10:14am Feb 15, 2012 10:14am
Quoting Shermenator
I have now update stop again ...Hope I am not cluttering

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No , you are not cluttering. I appreciate how you show the track of your trades..

This is how I keep a log on all my trades..Not only enty and exit .. but as you stated money managment ( which is key IMHO ). .

TSD
  • #2,588
  • Feb 15, 2012 2:01pm Feb 15, 2012 2:01pm
Watch for 1.3025 eur/usd which is very strong support.
  • #2,589
  • Feb 15, 2012 9:13pm Feb 15, 2012 9:13pm
Hi Ken and All,

Pls check my chart on AUDJPY and check the areas I have marked with circles. In these areas price is rejecting very nicely but I can't recognize any Supply/Demand bases, but I can easily draw a Support/Resistance line.

Pls explain how I draw Supply/Demand for these areas marked in my chart.


Thanx in Advance,
Ishara
Attached Image (click to enlarge)
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  • #2,590
  • Feb 15, 2012 11:38pm Feb 15, 2012 11:38pm
Quoting TraderinSD
Hey Sherm

Question>>> I still must not be seeing something correctly

Why did you take the area around 31550 vs the area around 31450 just below.

Almost identical areas. I understand the levels on levels ( I think ? )

If is was levels on levels ??? Is it the first level or the second level we place a PO.


( Not at my charts so do not have exact numbers )
Well I normally go for in between lol ...when its levels over levels unless the level on top is extremely strong I wont just put my stop below it. But it all depends on what I see on the chart and what I consider to be stronger ( No right or wrong answer. Sometimes I am more aggressive about it and I am willing to take the level on top.
  • #2,591
  • Feb 16, 2012 1:51am Feb 16, 2012 1:51am
long GU, a bit late, but expect 5-14 pips
Attached Image (click to enlarge)
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  • #2,592
  • Feb 16, 2012 1:57am Feb 16, 2012 1:57am
Quoting ezpmee
long GU
Great trade I will probably try and get long with you
  • #2,593
  • Feb 16, 2012 2:08am Feb 16, 2012 2:08am
Alright I am now long in the gbpusd ....Will be watching price action as it develops...looking to push price to revisit yesterdays high. Like the way price has absorbed the sellers on the lower time frame demand level...

Attached Image (click to enlarge)
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  • #2,594
  • Feb 16, 2012 2:31am Feb 16, 2012 2:31am
I'm a little scary about this level as it is 4th touch on 4H
What do you think about long AudUsd at 1.0637?

Best regards,
Roman
  • #2,595
  • Feb 16, 2012 2:56am Feb 16, 2012 2:56am
wait to long audusd (expect 10-20 pips look for price action to confirm) anything can happen
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  • #2,596
  • Feb 16, 2012 3:08am Feb 16, 2012 3:08am
Quoting RomSunZ
I'm a little scary about this level as it is 4th touch on 4H
What do you think about long AudUsd at 1.0637?

Best regards,
Roman
Its not a bad trade ...I still prefer longs in the gbpusd before buying something in the audusd. Also if I bought the audusd I would be targeting the top of the market range all the way back to yesterdays high
  • #2,597
  • Edited 8:00am Feb 16, 2012 3:47am | Edited 8:00am
Hi everybody,
I would like to show my way to determine the relevance of the levels using a standard indicator from MT4 - Market Facilitation Index + Volumes.
In my picture I have a combined version of these two indicators.

Please follow the numbers of the notes on the picture to read the explanations.

Hope you'll like it.

Edit: The price got stuck at the aqua demand level and I closed both positions with 3,39% of profit to the account.
Attached Image (click to enlarge)
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  • #2,598
  • Feb 16, 2012 4:01am Feb 16, 2012 4:01am
IMHO,
GBPUSD is now in a down trend and at the verge of a strong supply level.

Wouldn't it better to wait a little with Buy trades?
Attached Image (click to enlarge)
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  • #2,599
  • Feb 16, 2012 4:17am Feb 16, 2012 4:17am
Quoting Shaltay
IMHO,
GBPUSD is now in a down trend and at the verge of a strong supply level.

Wouldn't it better to wait a little with Buy trades?
Trend is all relative...to all of last months push up this is just a pullback...I just watch price action to tell me my direction
  • #2,600
  • Feb 16, 2012 4:36am Feb 16, 2012 4:36am
Quoting Shermenator
Trend is all relative...to all of last months push up this is just a pullback...I just watch price action to tell me my direction
So one of the things I have noticed in the gbpusd is the amount of strength it is showing since yesterday. The fact that it did not fall like the euro shows me their is alot of strength in the buying side at least for now.
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