B.S. Trading with Kenneth Lee

Thanks to your thread Ken!

EUR USD

Bought at 30 minute demand after a large move down in price. Will be watching this one closely.

Closed trade for +0.9

Price rallied and was immediately kicked back from the supply level above (previously demand), and lower time price action edging lower.

May regret this...only time will tell

Best for last

Quote of the day..


It's not as if one could be bored enough, feel frustrated enough, or complain enough that their life would suddenly turn around. Doesn't work that way.

Whatever anyone "is," they become more of. And anyone's is'ness is whatever they say it is.

Happily,
The Universe

My wife made the paper.

Hello everyone! What do you think about such development of EURUSD?

I am holding a long from Friday and that is what I think LOL,

and if it will make another higher high I will be very happy. $$$$

it has also been printing some higher lows and highs on daily so it looked like a decent risk to hold over weekend plus there was a bit of positive news about greece getting their bond swaps. Plus it was positive at close. We will see.

I was able last week to scrap out a 30% gain on my account with that last nice trade on OZ, I am not promoting any such weekly gains but they are a reality But I probably risk more than most would per trade. as i know i figure mine differently.

But even said, conservatively a person should see a decent gain. Plus i posted all my trades I took and you can clearly see I left a more than double the gains sitting on the table. plus I was against the trend for a good bit. But if I had gotten them all and then said I had doubled or tripled my account what do we do then ?

I don't propose reckless behavior, But I am a speculator when it comes to trading as I am trading for a living and unknown gains, but want to make enough to not have to worry about the next months gains. Speculation but definition is very risky . In most case people that speculate risk everything for a shot in the dark . Think about the first oil drillers or somebody that tries to farm from scratch . It takes a lot to trust the wind and rain to deliver enough to pay you back.

I think i will always try and get as much as I can from what i am willing to risk , but i am sure as the account grows that it will be scaled back a bit. Haven't been there yet but pretty sure trading a few thousand a pip is different than a few lots. Maybe not. Maybe you pull funds off and have a decent nest egg diversified somewhere else and your even bolder plus you gain in experience.

I think everyone should save screen shots of their trades i know it is helping me to see my mistakes . Even if I knew them in the past I can now scroll them each week pretrading and have that in my mind and as the file grows certain common issues will be clearer.

Cheers Ken

Plus remember I am still doing this while working a full time 2nd shift job. Not the best circumstances. Not to far from the trading for a living again though.
Couple more months of solid gains like this and happy days again . Even trading for a living the hours are considerably less. Plus you don't trade when you don't want to , trying to force wins is not a good idea, i do best just waiting for them to come to me.

Thanks Ken for your detailed posts. You are inspiring me for trading

Can anyone explain me, why I was wrong here? Everything looks logically.

Hey man here are my thoughts..
Firstly would not have used that 30 min zone as the stop would have to be quite big.. (see 30 min chart). If you were still interested in the zone go down to the 5 min ( see other attached chart) and you can see that you could have pulled a zone alot closer to the top making your risk quite a bit less. After that big momentum upwards you would have to be careful with your targets. Looking at the chart i would have targeted that swing point, as price made a run through that high without much pausing to pick up the buy orders, so naturally would like to return there to pick them up.
Just some more stuff to consider
Josh

Well the zone you are indicating had been hit numerous times and basically supply was used up.

Also selling into demand on 4h/1h chart. Selling here may have worked because this demand area had been tested numerous times. But obviously still some buying power left.

But maybe the most important thing here is to maybe not refer to yourself as "Wrong" . Simply a mistake. What if you do everything right according to your trading plan. But you lose money?.....You are not wrong and it is not even a mistake, simply a trade that did not work.

I understand a lot of reasons why your above position may have worked. Would it have been wrong then? It is only a mistake when you don't execute your trading plan properly.

Hi,
I only will add to the analysis of nollej and Rufus something that Porkpie mentioned in post #3031 - the newly created daily demand.

kruger

Thanks guys for your explanations.

Thank you very much, Porkpie. I can see it now. I will work on this. Interesting and fundamental the idea of knowing where we are in the higher time frame supply and demand curve. It makes me think that at the end, really it is just a game where someone wants to buy cheap to sell it more expensive. So it is really a demand/supply equation that we would have in mind when we gonna trade, in the same way there is a trend equation. In some way the same thing, but not exactly, as it isn't the same thing the support/resistance and the supply/demand concepts. The trend equation talks about where is the direction of the price in the different TF, how is the relationship between the different trends (minors, intermediate, main trend). As how I understand it, the demand/supply equation would talk about how much buyers or sellers could be in different levels, how desiderable is an specific price. We could think that, in fact, the trend is just a lagging indicator of the demand/supply equation: its product.

sorry okami, I borrow your pic.
hehehe

and nice job there, Okami.

here's my sight about EU's PA.
this patter i found very often.

first price make a demand, then rally,
next, price retest to that demand and form a new demand before it go rally and make a higher high... (this higher high is a "must" condition for me)

the position I took is when the price retest to the newest demand..

this also work in any tf any pair... with good probability of sucess

do not forget to see the bigger picture to flow with the trend

AC

You and your wife have a cooler pet than I