B.S. Trading with Kenneth Lee
- #2,941
- Mar 5, 2012 7:09am Mar 5, 2012 7:09am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
- #2,942
- Mar 5, 2012 7:49am Mar 5, 2012 7:49am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
You're absolutely right!
But I think I have found another way. We have seen that the levels of demand and supply are working at 100%. Another thing is that some levels are more powerful than others.
The strongest levels are always against the trend!If you take on a weak levels on 1-2 pips it is good too. Although I don't like scalping.
You can see my trading explorer as evidence.
It is open to all here: http://www.forexfactory.com/ruten/21
About what you say that the strongest levels are against the trend, I suppose there could be different ways, but I thought one of the main thing we are looking for is a small risk high reward entry within a bigger trend, although it should be an against the trend entry in a smaller TF, what makes it counterintuitive to entry (catching the falling knife).
- #2,944
- Mar 5, 2012 7:59am Mar 5, 2012 7:59am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
- #2,946
- Mar 5, 2012 8:29am Mar 5, 2012 8:29am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
Very nice deal!
Patience forever!
Congratulations Ruten!, for what I see in the trading explorer you're doing very nice from February the 22nd. Looking at your trades, I can see what you mean by looking for 1-2 pips in some levels. If I could ask, how do you predefined risk? I mean, when do you know that a trade is a loser, and you cut the trade? When it breaks the top of the base, as Ken teach us?
About what you say that the strongest levels are against the trend, I suppose there could be different ways, but I thought one of the main thing we are looking for is a small risk...
Without the experience of no-confidence. Therefore, I analyze a lot of factors. At first - this is the trend direction and levels.
Second - this is a correlation EUR, GBP, AUD and CAD.
In the third - My intuition, which thinks faster than I
However, I always accept only deal if RR=3:1. But further - depends on the factors that I mentioned.
I'm trying to take all logical levels, because even a weak level may well have to pay. And if I start to doubt it, then close the transaction without loss.
A small profit is better than a small loss.
Profits to all.
Hi guys,
I stumbled across this thread last week and have worked through the majority of it and I'm really interested to look further into this type of trading.
I'm a scalper primarily but have always been interested in this style of trading and it's been a long-term goal of mine to crack it. I remember reading the no brainer thread what must be a few years ago now and it making so much sense but I could just never get the support/resistance ideas to work as well in practice as they do in theory. Hopefully this style of supply/demand is the key I was missing when I was trying to learn it before.
Anyway, I've set up an mt4 with most of the major pairs on it and started drawing levels in on the 30min chart. For now I'm going to do my levels and my entrys purely on the 30min because I prefer to learn from 1 time-frame at a time and going lower to 5min as Kenneth seems to do brings it a bit too close to the scalping that I already do so kind of defeats the purpose of it.
I've attached a few screen-shots to kick it off and have a couple of questions so would really appreciate any advice with this.
http://www.forexfactory.com/attachme...1&d=1330957540
First things first, is this a valid swap level? The swap levels are the thing I struggled to get my head round first of all but according to my understanding this looks about right to me?
http://www.forexfactory.com/attachme...1&d=1330957540
And heres another one thats pretty much the same, could any experienced S/D traders please confirm that I'm understanding these swap levels correctly?
http://www.forexfactory.com/attachme...1&d=1330957573
Final one for now. This was a level I drew in this morning which has since been hit and has now reversed and comfortably into profit currently. If you look to the circled area to the left which is where I drew the S/D area from, would people agree that this is a valid level? The market moved away fairly well from it but in hindsight it isnt huge momentum. I guess my question is, whats more important, that the first few candles away from the level are massive strong candles (which they werent here), or that the trend in general is strong away from the level (as it was here).
Anyway sorry for the long post but it's my first one on the thread, will appreciate any advice
I stumbled across this thread last week and have worked through the majority of it and I'm really interested to look further into this type of trading.
I'm a scalper primarily but have always been interested in this style of trading and it's been a long-term goal of mine to crack it. I remember reading the no brainer thread what must be a few years ago now and it making so much sense but I could just never get the support/resistance ideas to work as well in practice as they do in theory. Hopefully this style of supply/demand is the key I was missing when I was trying to learn it before.
Anyway, I've set up an mt4 with most of the major pairs on it and started drawing levels in on the 30min chart. For now I'm going to do my levels and my entrys purely on the 30min because I prefer to learn from 1 time-frame at a time and going lower to 5min as Kenneth seems to do brings it a bit too close to the scalping that I already do so kind of defeats the purpose of it.
I've attached a few screen-shots to kick it off and have a couple of questions so would really appreciate any advice with this.
http://www.forexfactory.com/attachme...1&d=1330957540
First things first, is this a valid swap level? The swap levels are the thing I struggled to get my head round first of all but according to my understanding this looks about right to me?
http://www.forexfactory.com/attachme...1&d=1330957540
And heres another one thats pretty much the same, could any experienced S/D traders please confirm that I'm understanding these swap levels correctly?
http://www.forexfactory.com/attachme...1&d=1330957573
Final one for now. This was a level I drew in this morning which has since been hit and has now reversed and comfortably into profit currently. If you look to the circled area to the left which is where I drew the S/D area from, would people agree that this is a valid level? The market moved away fairly well from it but in hindsight it isnt huge momentum. I guess my question is, whats more important, that the first few candles away from the level are massive strong candles (which they werent here), or that the trend in general is strong away from the level (as it was here).
Anyway sorry for the long post but it's my first one on the thread, will appreciate any advice
Trading against the trend gives us a great reward.... BUT if the level is correct.
At first - this is the trend direction and levels.
Second - this is a correlation EUR, GBP, AUD and CAD.
In the third - My intuition, which thinks faster than I
However, I always accept only deal if RR=3:1. But further - depends on the factors that I mentioned.
I'm trying to take all logical levels, because even a weak level may well have to pay. And if I start to doubt it, then...
- #2,956
- Mar 6, 2012 5:43am Mar 6, 2012 5:43am
- Joined Nov 2008 | Status: Trade Inspiration Not Despiration . | 4,827 Posts
Good Trading To All ; Ken Lee