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B.S. Trading with Kenneth Lee

  • #2,781
  • Feb 23, 2012 8:27am Feb 23, 2012 8:27am
I have now closed my long with a profit...i wills tart watching price action and see if I will consider now going the other way.

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  • #2,782
  • Feb 23, 2012 8:27am Feb 23, 2012 8:27am
My first two trades with this method.

EU short for +23. TP just missed to moved SL hit.
GU short stagnating for half of the day, then hitting my 12 pip SL and now it seems to go down.
It was the first time that pice returned to this level. But it was part of a head&shoulders which did not create any S/D zones on the move up, just when moving down.

Or was my SL just a bit to tight, as price moves down right now.
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Thoughts are things
  • #2,783
  • Feb 23, 2012 9:25am Feb 23, 2012 9:25am
I am now short in the gbpusd....this will be most likely my last trade regardless of outcome.

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  • #2,784
  • Feb 23, 2012 9:36am Feb 23, 2012 9:36am
Quoting Kenneth Lee
I can't believe Shermenator , won't share that indicator with you guys ..

Why your oz shorts failed it was written in the longer charts .
HAHAHAHA yea I might just give one out lol.. just so people people think I use one haha. Well I do actually use an indicator called candle time lol it tells me when my 4 hour candle closes and how many minutes are left. So I am not trading so clean as it appears hahahaha
  • #2,785
  • Feb 23, 2012 10:28am Feb 23, 2012 10:28am
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As previously posted # 2758 this first trade short was a loss

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Post # 2767 Re entered at the next level above for my second short

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Closed this short for a profit

Entry was a Mo @ 1.07064
SL @ 1.07200
TP @ 1.06640

TSD
  • #2,786
  • Feb 23, 2012 10:33am Feb 23, 2012 10:33am
well I , My wife and I are both off so we went to breakfast. But i see the 1.0668 OZ level did turn price back.. oh well only need 10 more pips for 20% this week so no hurry.
Good Trading To All ; Ken Lee
  • #2,787
  • Feb 23, 2012 10:40am Feb 23, 2012 10:40am
Quoting Kenneth Lee
I can't believe Shermenator , won't share that indicator with you guys ..

Why your oz shorts failed it was written in the longer charts .
Thanks KL for this additional info. Most appreciated.

Will start looking at the longer term charts more closely. I understand trading between the levels. I do see what you mean now on the 4HR.



TSD
  • #2,788
  • Feb 23, 2012 10:43am Feb 23, 2012 10:43am
Hope some took this easy 35 pip trade.
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Good Trading To All ; Ken Lee
  • #2,789
  • Feb 23, 2012 2:17pm Feb 23, 2012 2:17pm
Quoting Kenneth Lee
That was a level i was looking at for a scalp , yes . Not sure what you mean limit not pending as they are the same. . If it turns which it may not now as it tried and is struggling. the 668 area is the one I would look at to go back long . I enter manually most times though as I like watching Price Action .
Hi KL,

When you are watching PA as price enters a S/D area. Let say you watching the 30M. Do you step down to say a 5M to watch the PA inside the S/D. ( once it has arrived ) Letting that action determine whether you will enter w/ a MO ?

So we have two parts essentally. 1) PA as it approaches the level and 2) PA once inside the level. You then determine if you will eneter manually.

Just one addtional clarifcation if I may regarding direction.

Looking at the 4H TF where price has left a Demand area. If we try and go short , let say on the 30M TF, we are trading against the uptrend. You could scalp a trade short as you previously mentioned AUDUSD today... But.. That would take place from a Supply level showing up, in the up move, taken from the 4H chart.. Correct?


I will admit, I did not see that until you posted the 4H chart. I will freely admit.. my short.. which was a success.. was technically a gamble... Pure luck to be sure....

Thanks

TSD
  • #2,790
  • Feb 23, 2012 2:55pm Feb 23, 2012 2:55pm
When you are watching PA as price enters a S/D area. Let say you watching the 30M. Do you step down to say a 5M to watch the PA inside the S/D. ( once it has arrived ) Letting that action determine whether you will enter w/ a MO ?

I just watch price move as it nears my areas of interest . there is not any need to watch faster charts if your watching life. You can see it slow then see as it reacts to conflicting orders of a greater amount the supply or demand levels.

I have only showed faster charts in the past to help people understand what i can see as price is moving on a 30 min chart, And I have stated this over and over again but for some reason everyone things I look at 5 min charts . I rarely if ever do.
So we have two parts essentally. 1) PA as it approaches the level and 2) PA once inside the level. You then determine if you will eneter manually.

Just one addtional clarifcation if I may regarding direction.

Looking at the 4H TF where price has left a Demand area. If we try and go short , let say on the 30M TF, we are trading against the uptrend. You could scalp a trade short as you previously mentioned AUDUSD today... But.. That would take place from a Supply level showing up, in the up move, taken from the 4H chart.. Correct?

I am have trouble understanding the misinterpretation of my posts.

Some were trying to short OZ when price was between a 4 demand and headed towards the 4 hr supply , The only point with any chance of making some pips off a short was from that 4 hr supply the target for the long. I would not be trying for a big trade against the trend but a normal retrace to another supply level. Which I picked off the 30 minute chart. 1.0668

For the greatest success we should always and try to take trades in the direction of the longer time frame charts , even when trading intra day. Picking the levels off the 30 min or 1 hr. If the trend agrees with the 4 hr or daily we have the possibility of a great trade instead of just a scalp.

Scalping during low volume times between sessions is OK , But you must stay aware of where price is between the big levels. Is it heading towards one or is it just consolidating within one waiting on more players to start the price moving in the right direction again.

This is maybe some of the hardest stuff to understand but we have great history to review each day to start to learn how price action unfolds almost the same way all the time.

Ken
Good Trading To All ; Ken Lee
  • #2,791
  • Feb 23, 2012 3:11pm Feb 23, 2012 3:11pm
Alright today sucked haha...broke even for the day . O well tomorrow will be a better day. Going to sleep now having a good week overall. Back to the grind tomorrow
  • #2,792
  • Feb 23, 2012 6:29pm Feb 23, 2012 6:29pm
Quoting Kenneth Lee
When you are watching PA as price enters a S/D area. Let say you watching the 30M. Do you step down to say a 5M to watch the PA inside the S/D. ( once it has arrived ) Letting that action determine whether you will enter w/ a MO ?

I just watch price move as it nears my areas of interest . there is not any need to watch faster charts if your watching life. You can see it slow then see as it reacts to conflicting orders of a greater amount the supply or demand levels.

I have only showed faster charts in the past...
Your statement:
[color=blue]I am have trouble understanding the misinterpretation of my posts.

Darn .. and I thought I had clarity ..hahaha

Some were trying to short OZ when price was between a 4 demand and headed towards the 4 hr supply

This was me ( see previous posts ) ..

Simply put.. Trade with the trend between levels.. If price is moving from a Demand to Supply ( as it did on the Oz .. We would be looking for longs )

If this is a correct assessment then this makes some much more sense when determining the direction to trade.

Let me know

Thanks KL

TSD
  • #2,793
  • Feb 23, 2012 7:11pm Feb 23, 2012 7:11pm
Thanks for the comments on the Aud/Chf trade from a few days ago, ended up taking a loss on it, but I didn't see the previous demand area so I wasn't aware it was the 3rd time down there.

Took this GU yesterday, closed it just now for about 4.5R. Got in when price was in the demand zone risking about 20 pips. It technically was the 3rd time down to this area but the most recent move away was very strong (fresh demand?) and the RR was great.
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  • #2,794
  • Feb 23, 2012 7:18pm Feb 23, 2012 7:18pm
Limit order for this one, kind of coming in hard and could be the 3rd time in this demand area. However I do like this level, I like how it moved away strongly the last time it was here and I think there is good risk to reward. Not in this one yet but will take it if price reaches .9025.

Comments?
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  • #2,795
  • Feb 23, 2012 7:49pm Feb 23, 2012 7:49pm
So the basic idea of Sams method is to trade in-between levels that are all one color? I was wondering how he is picking two minute levels in the weekly time frames. Does this make sense? So when he trades an hourly chart he is probably looking at a 4 hour chart for levels? I would think you could not go too much lower as if you go down to a small enough time frame you will always find opposing levels. Does this make sense?
  • #2,796
  • Feb 23, 2012 8:34pm Feb 23, 2012 8:34pm
Quoting hotochin
So the basic idea of Sams method is to trade in-between levels that are all one color? I was wondering how he is picking two minute levels in the weekly time frames. Does this make sense? So when he trades an hourly chart he is probably looking at a 4 hour chart for levels? I would think you could not go too much lower as if you go down to a small enough time frame you will always find opposing levels. Does this make sense?
He is not picking levels in the 2 minute time frame at all. What he is doing is marking his levels on the bigger time frames then switching to M2. Once he is in the M2 time frame he is looking for it to turn.

Example- you got a daily supply zone marked. Proce drops and enters your demand zone. Switch to M2 or M1 time frame. Once you see price turn by breaking the down trend you enter.
  • #2,797
  • Feb 23, 2012 10:09pm Feb 23, 2012 10:09pm
Quoting TraderinSD
Your statement:
[color=blue]I am have trouble understanding the misinterpretation of my posts.

Darn .. and I thought I had clarity ..hahaha

Some were trying to short OZ when price was between a 4 demand and headed towards the 4 hr supply

This was me ( see previous posts ) ..

[font=Calibri][size=3][color=black]Simply put.. Trade with the trend between levels.. If...
Yes very much so. You see a lot that people will say i am not taking shorts because the higher time frame ( longer charts ) are near a demand level. but sometimes that is more like 50 pips away so why not trade down that 50 into that demand level ?

Like in one of my recent charts i marked 3 different swing low highs into a demand level, So each swing was a short chance down into a demand level , but you have to know that is what your doing and then you can exit with a positive trade.

Just as this, am i posted the pull back to1.0668 , that was a short chance from 1.0705 to that price then you could have joined the trend.
Good Trading To All ; Ken Lee
  • #2,798
  • Feb 24, 2012 12:10am Feb 24, 2012 12:10am
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Price moving long from a recent Demand level on the 4H to a supply level.



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Stepped down in TF to the 15M. Bias is long. Trading between levels of the 4H. Looking for a scalp of 15 pips.

TSD
  • #2,799
  • Feb 24, 2012 1:46am Feb 24, 2012 1:46am
Entered short GBP/JPY from the 1H chart, as major daily supply is reached.

I usualy trade intraday, but I think I'll try to keep this fellow longer.
Would 123.00 be a good TP target?
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Thoughts are things
  • #2,800
  • Feb 24, 2012 3:19am Feb 24, 2012 3:19am
I am now short gbpusd...a bit of too much power in the gbp...but will manage . If needed be I will buy dips later on today

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