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B.S. Trading with Kenneth Lee

  • #2,681
  • Feb 20, 2012 11:55am Feb 20, 2012 11:55am
swap one more time
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Good Trading To All ; Ken Lee
  • #2,682
  • Feb 20, 2012 1:46pm Feb 20, 2012 1:46pm
Hey GL

the areas of interest you have marked on the 4H chart - 1) is it the circles or the lines which are of areas of interest? 2) why have you chosen these? I can't see any significance on the lines or circles :s

The circles on the 1H chart are these bases you are looking at? Do you then zoom into 30min to refine the base in that area?

Thanks,
P



Quoting Good Lookin
Been a bit busy this tax season so i haven't been able to contribute or trade as much as i'd like but here's my trades for the week. Set these trades around lunch time (12:30p est) on thursday. I knew i probably wouldn't be able to be around to watch the trade unfold so i was willing to accept a 2:1 trade.

All i did was check the daily trend, look for drops in the direction of the trend on the H4, then go down to the 1h and 30m for base setting.

Another thing that was working in my favor was that news release. Remember what Sam says about...
  • #2,683
  • Feb 20, 2012 1:49pm Feb 20, 2012 1:49pm
Quoting hotochin
Ken (or anybody)

Do the swap levels always have to have a wick? I am guessing not, but am curious what others have to say. Also, with pivot highs and lows do we only take them when they have not penetrated the swap level too far? I am asking because Sam always says that we only take pivots when it is a shallow pullback to a level. He has also stated that pivots are only there because of a level first. Does this make sense? I am new so I am trying to put this together. I have watched the videos by Sam for years and am still trying to put this together....
Maybe I need to go back re watch some of Sam's videos , This is just something I see happening time and again on my charts. No we don't have to see a pin or such if we know where we are looking at times it can just be a crossing of wicks a higher wick and a lower wick. The point is we are looking where price tried to turn but there wasn't enough orders to do so.

Then price breaks that level and moves up. When it returns we are now looking for the stack of orders that caused the breakout. As there was a imbalance now to continue the move through a level. It is a classic breakout trade on the retest. but now we have Supply and Demand levels to time our entries.

This is the single most important part of this trading style The use of these levels to gains superior entries. If you have no knowledge of any basic entries this trading idea is great stand alone but if you have some idea of where the rest of the traders are looking this gives a edge over all them as well.

Because we aren't waiting for a indicator or any candlestick pattern for entries just the knowledge of where the orders are stacked.

Cheers Ken
Good Trading To All ; Ken Lee
  • #2,684
  • Feb 20, 2012 3:16pm Feb 20, 2012 3:16pm
Thanks Ken!

That helps me. That is what I was asking in my post above about the large red or green candles. So on the 30, you are looking for a wick of some sort before you look at lower time frames. So if you see broken resistance on the thirty minute and there is no wick at all because price just flew right threw it, do you ignore that level?

Thanks
  • #2,685
  • Feb 20, 2012 5:46pm Feb 20, 2012 5:46pm
Quoting Shermenator
Alright I have Closed my trade got well over 2 to 1

Attachment
nice trade Sherm.
  • #2,686
  • Feb 20, 2012 5:53pm Feb 20, 2012 5:53pm
Informative thread Ken.

AU - shorting into supply. we just covered the gap. will add more at 1.07453.
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  • #2,687
  • Feb 20, 2012 6:03pm Feb 20, 2012 6:03pm
eurusd rising from demand level
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  • #2,688
  • Feb 20, 2012 6:12pm Feb 20, 2012 6:12pm
Can't get excited about longs on EU. Supply zone above.
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  • #2,689
  • Feb 20, 2012 6:16pm Feb 20, 2012 6:16pm
Quoting Dropped Onion
eurusd rising from demand level
hi D.O, nice to see u here and nice entry on OZZY
Simplicity Is The Ultimate Sophistication ~LDV~
  • #2,690
  • Feb 20, 2012 6:20pm Feb 20, 2012 6:20pm
Quoting Winston Reed
Can't get excited about longs on EU. Supply zone above.
Hey Winston. supply zones can be profit taking targets on any long positions.
  • #2,691
  • Feb 20, 2012 6:28pm Feb 20, 2012 6:28pm
EU - bounce from demand. prices capped at first hurdle. BS balance shifting?
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  • #2,692
  • Feb 20, 2012 7:51pm Feb 20, 2012 7:51pm
Quoting Dropped Onion
Hey Winston. supply zones can be profit taking targets on any long positions.
You are absolutely right DO.
  • #2,693
  • Feb 20, 2012 8:04pm Feb 20, 2012 8:04pm
For anybody that wants to answer.

I wish I could paste charts, but I have not figured that out yet. So I have read the PDF and understand the scoring system but I was still confused on the pivots and swaps and which ones were fresh. So someone please correct me if I am wrong but a "fresh" level whether it is a pivot or swap is one that is pulling back to a previous level that was broken? An example would be a DBR that is doing so into a previous RBD for the first time. Is this correct?
  • #2,694
  • Feb 20, 2012 9:34pm Feb 20, 2012 9:34pm
Quoting Dropped Onion
EU - bounce from demand. prices capped at first hurdle. BS balance shifting?
Great demand quality.
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  • #2,695
  • Feb 20, 2012 9:40pm Feb 20, 2012 9:40pm
Quoting save2008
Great demand quality.
it was cool! about 76 pip
  • #2,696
  • Feb 20, 2012 10:13pm Feb 20, 2012 10:13pm
Quoting Winston Reed
Can't get excited about longs on EU. Supply zone above.

Yes but if your monitoring you can trade up to that supply. what a lot of my scalps are .
Good Trading To All ; Ken Lee
  • #2,697
  • Feb 20, 2012 10:18pm Feb 20, 2012 10:18pm
Quoting hotochin
Thanks Ken!

That helps me. That is what I was asking in my post above about the large red or green candles. So on the 30, you are looking for a wick of some sort before you look at lower time frames. So if you see broken resistance on the thirty minute and there is no wick at all because price just flew right threw it, do you ignore that level?

Thanks
No I will zoom into a faster chart and see if it left anything in it's wake. Sometimes with fast moves there isn't anything but if you watch price action as it returns to those levels you can see where the opposing orders are now stacked.

we don't trade resistance there is a good deal of difference between what we are looking for and just a line of dubious choosing.
Good Trading To All ; Ken Lee
  • #2,698
  • Feb 21, 2012 12:15am Feb 21, 2012 12:15am
Hi Ken, or who can help please

I am still trying (and watched all of Sam’s Vids) to get my thick scull around this and I think I have solved it for myself, please coment.


Spoting good supply/demand zones.




Up Base Drop

Look for the body or wick of the down candle
(closest in the base range of the body or wick of the down candle)


Down Base Up

Look for the body or wick of the up candle
(closest in the base range of the body or wick of the up candle)

Cheers
Stew
  • #2,699
  • Feb 21, 2012 12:20am Feb 21, 2012 12:20am
Waiting for Sell in GBPUSD, TP at 1.5830
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  • #2,700
  • Feb 21, 2012 12:54am Feb 21, 2012 12:54am
Quoting stew18725
Hi Ken, or who can help please

I am still trying (and watched all of Sam’s Vids) to get my thick scull around this and I think I have solved it for myself, please coment.


Spoting good supply/demand zones.




Up Base Drop

Look for the body or wick of the down candle
(closest in the base range of the body or wick of the down candle)


Down Base Up

Look for the body or wick of the up candle
(closest in the base range of the body or wick of the up candle)

Cheers
Stew
post a chart please
Good Trading To All ; Ken Lee
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