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B.S. Trading with Kenneth Lee

  • #2,601
  • Feb 16, 2012 2:51am Feb 16, 2012 2:51am
Hi,

this is my setup for entry long on eur/usd. It's close to a good demand zone and the R:R is good enought for a low risk reward entry, i think so
I would like to have comments about this setup
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  • #2,602
  • Feb 16, 2012 3:03am Feb 16, 2012 3:03am
Quoting lubinho
Hi,

this is my setup for entry long on eur/usd. It's close to a good demand zone and the R:R is good enought for a low risk reward entry, i think so
I would like to have comments about this setup
I like the level even though I prefer taking long trades in the gbpusd...

But if I bought this I would be looking to push price way higher.
I would also probably not be moving my stop up fast as I expect a dog fight to take place from the smaller time frame downtrend perspective players.

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  • #2,603
  • Feb 16, 2012 3:07am Feb 16, 2012 3:07am
I would say that EURUSD tends to reach 1.2940.
  • #2,604
  • Feb 16, 2012 4:16am Feb 16, 2012 4:16am
I am currently still holding my long from earlier this session...only position I have taken today so far. I will be looking to manage my trade as price action develops

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  • #2,605
  • Feb 16, 2012 4:38am Feb 16, 2012 4:38am
waiting for UC - how the price action works in the zone...
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  • #2,606
  • Feb 16, 2012 4:55am Feb 16, 2012 4:55am
Quoting ezpmee
waiting for UC - how the price action works in the zone...
Its a very strong level ...these type of levels after such huge extensions dont required price action since they are very solid with very good odds. If you are the trader that bought at the bottom they are probably going to be taking profits at the spot you want to sell . But nothing is wrong with taking a price action trade ( Just lets you know you are more likely to be right ). So when in doubt I look at price action. So some times a level can be very ugly but if we have tons of buying taking place, and price is showing just about any indication of wanting to go up I buy. I dont like to be hard headed and not trade a level if price is showing me it wants to hold and I am getting a good reward.
  • #2,607
  • Feb 16, 2012 5:11am Feb 16, 2012 5:11am
Quoting Shermenator
Its a very strong level ...these type of levels after such huge extensions dont required price action since they are very solid with very good odds. If you are the trader that bought at the bottom they are probably going to be taking profits at the spot you want to sell . But nothing is wrong with taking a price action trade ( Just lets you know you are more likely to be right ). So when in doubt I look at price action. So some times a level can be very ugly but if we have tons of buying taking place, and price is showing just about any indication...
thanks, it help develop my S/D trading experience . Here is my chart uc with Odds Enhancers.
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  • #2,608
  • Feb 16, 2012 5:17am Feb 16, 2012 5:17am
Alright I have been taken out of my gbpusd trade...I still believe this has the tendency to want to go up I might of been just a bit early. I will continue to watch price action as it develops as US open . And will determine if I will invest again .

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  • #2,609
  • Feb 16, 2012 5:43am Feb 16, 2012 5:43am
just scalping on AU +14 pips
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  • #2,610
  • Feb 16, 2012 7:24am Feb 16, 2012 7:24am
hope some got on board the e/u
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Good Trading To All ; Ken Lee
  • #2,611
  • Feb 16, 2012 7:25am Feb 16, 2012 7:25am
Ok guys,

here is my trade on AUD/USD .. second trade for today, i use hard TP 1:2
What do you think?
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.. Nice method so far.. nice results on backtesting. Have fun!
Profit Margin is the King!
  • #2,612
  • Feb 16, 2012 7:32am Feb 16, 2012 7:32am
I am now short on the eurusd...looking to push price back down
....I will watch price action closesly...to decided if I need to stop and reverse
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  • #2,613
  • Feb 16, 2012 7:58am Feb 16, 2012 7:58am
Quoting Kenneth Lee
hope some got on board the e/u
At my broker H4 charts looks another way, the shown SupDem level appeared lower, the price didn't reach it.

But I sold now, at this pullback to the recent supply level at H1 chart and in line with the recent trend.
Attached Image
  • #2,614
  • Feb 16, 2012 8:01am Feb 16, 2012 8:01am
Shermenator,

according to me the base in your last trade E/U H1 is big and the power of the movement afterwards not so great.. Ken Lee says base to movement minimum 1 : 2
Am I correct?
Profit Margin is the King!
  • #2,615
  • Feb 16, 2012 8:11am Feb 16, 2012 8:11am
Quoting Kenneth Lee
hope some got on board the e/u
I have the demand on my chart but decided not to place an order because I didn't liked the 50+ pips base and the way price crawled into that level.

Looks like you got a nice move up. How you plan to manage it?
  • #2,616
  • Feb 16, 2012 8:14am Feb 16, 2012 8:14am
Quoting Shaltay
At my broker H4 charts looks another way, the shown SupDem level appeared lower, the price didn't reach it.

But I sold now, at this pullback to the recent supply level at H1 chart and in line with the recent trend.

yes wish Oanda had more history on their charts , as when we find levels on longer charts be nice to zoom down into a 30 min or 1 hr so the level isn't as wide.

But in this trade we can see price barely met the level. so doesn't get much better than that.

Your reversal supply area was the initial target.
Good Trading To All ; Ken Lee
  • #2,617
  • Feb 16, 2012 8:42am Feb 16, 2012 8:42am
Quoting Kenneth Lee
hope some got on board the e/u
I was looking for price to enter on this zone on the daily to look for a long, took the GU one that was at daily demand.

Os.
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Trade Smart
  • #2,618
  • Edited 9:15am Feb 16, 2012 8:46am | Edited 9:15am
Quoting Shermenator
I am now short on the eurusd...looking to push price back down
....I will watch price action closesly...to decided if I need to stop and reverse
Attachment
Hey Sherm,

First of all congrats for you trades, ure doing great and please keep on posting them.

Question: On the euro short you took, we are very near daily demand (posted a daily chart above) should we only be looking for longs as we are down the curve ?

Thx.
Trade Smart
  • #2,619
  • Feb 16, 2012 8:53am Feb 16, 2012 8:53am
Quoting Shaltay
I sold now, at this pullback to the recent supply level at H1 chart and in line with the recent trend.
I closed this sell trade from 1.3051 (#2613) in a minute with a few +pips, since the next hour moved up, not down. Now I have a new Sell trade in EurUsd from 1.3078

Edit. Out of Sell trade. Don't like it.
  • #2,620
  • Feb 16, 2012 10:09am Feb 16, 2012 10:09am
Thanks for the comments
I missed the trade for about 14 pips
This strong move up was the first touch on the demand area or this zone still intact?
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