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Day Trading vs. Swing Trading vs. Position Trading 86 replies

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B.S. Trading with Kenneth Lee

  • #3,121
  • Mar 15, 2012 2:14pm Mar 15, 2012 2:14pm
Small Oz trade , Missed the short I had planned at lunch .
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Good Trading To All ; Ken Lee
  • #3,122
  • Mar 15, 2012 3:21pm Mar 15, 2012 3:21pm
Quoting bullzeye
GBP/JPY lil late, but i have wait for confirmation first

Attachment
reached my target 60Pips...now looking for short

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  • #3,123
  • Edited 3:16am Mar 16, 2012 12:15am | Edited 3:16am
Short GBPUSD at 1.5718 after daily analysis. I will allow some more "stop freedom" to this position, because it is on the daily chart.
I'm not sure about the consumption in the last three days. On the one hand, the highs of the upper tails of the daily candles go lower and lower, so, imho, supply was stronger. One the other hand, yesterday's candle closed almost at the swap level, so the demand was also strong enough.
Anyway, taking everything into consideration, I prefer to think that with no news on GBP today it will be easier to dive than to climb.
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  • #3,124
  • Mar 16, 2012 3:31am Mar 16, 2012 3:31am
USD/JPY the h1 demand area has held...SL to BE

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  • #3,125
  • Mar 16, 2012 3:39am Mar 16, 2012 3:39am
AUD/USD this supply area is hard to break...

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  • #3,126
  • Edited 3:55am Mar 16, 2012 3:44am | Edited 3:55am
AUD/CAD....mhhh, not sure about this one, a lot of wicks there ,trend is down, SL very tight

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  • #3,127
  • Mar 16, 2012 3:38pm Mar 16, 2012 3:38pm
freaky day today 3 trades: 2 stopped on BE, one loss
  • #3,128
  • Mar 17, 2012 5:47pm Mar 17, 2012 5:47pm
hey guys,

once price has reached our zones , could someone tell me how we mark out the zone so we find the point where price rallys as ive been flicking through the pages and cant find anything. if i dont make sense then i mean having a 20 tick zone then marking it to be 8 tick zone. thanks alot!
  • #3,129
  • Mar 17, 2012 6:40pm Mar 17, 2012 6:40pm
If I understand your question, it is because a lower time frame was used to get a 'better' view. This can show a closer entry point and SL placement.
Be sure to look at the time frame (TF) of the chart in question . But the lower the TF the more market noise there is.
  • #3,130
  • Mar 17, 2012 6:56pm Mar 17, 2012 6:56pm
Quoting Lou
If I understand your question, it is because a lower time frame was used to get a 'better' view. This can show a closer entry point and SL placement.
Be sure to look at the time frame (TF) of the chart in question . But the lower the TF the more market noise there is.
thanks for replying, but what i wanted to know is if there are a few base rallys or base drops inside the larger tf zone how do we know what one to use to get our tighter entries . or do we avoid zones that have more than 1 base rally/dro?
  • #3,131
  • Mar 17, 2012 9:15pm Mar 17, 2012 9:15pm
Quoting Ash2w
thanks for replying, but what i wanted to know is if there are a few base rallys or base drops inside the larger tf zone how do we know what one to use to get our tighter entries . or do we avoid zones that have more than 1 base rally/dro?
If a base should have some levels upon levels , Some would hold for the one closest to the edge of the larger level. But in doing so you could miss the trade . it is personal preference and what your risk management and money management will allow.

Last week my sister had some PO's on levels I entered some trades Most of them did not get hit by a few pips. This is a part of the game that will remain personal. there are no fast rules to how much to preempt a entry. it is something we aill have to leanr but the first touches can be a bit shy of the level. But may not turn price back as far as deeper turn .

just food for thought.. ken
Good Trading To All ; Ken Lee
  • #3,132
  • Mar 18, 2012 9:17am Mar 18, 2012 9:17am
Quoting Kenneth Lee
If a base should have some levels upon levels , Some would hold for the one closest to the edge of the larger level. But in doing so you could miss the trade . it is personal preference and what your risk management and money management will allow.

Last week my sister had some PO's on levels I entered some trades Most of them did not get hit by a few pips. This is a part of the game that will remain personal. there are no fast rules to how much to preempt a entry. it is something we aill have to leanr but the first touches can be a bit shy...
thank you

in your opinion, and, anybody feel free to answer, which area would you choose (please dont just say black one because it hit that zone lol) i wsnt to find out why that certain point was chosen.

Question
The red or black zones?

pic 1 is 30 min zone
pic 2 is 15m zone where i think price was imba
pic 3 is the 5m t/f im asking the question Red or black & why.

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  • #3,133
  • Mar 18, 2012 9:45am Mar 18, 2012 9:45am
Quoting Ash2w
thank you

in your opinion, and, anybody feel free to answer, which area would you choose (please dont just say black one because it hit that zone lol) i wsnt to find out why that certain point was chosen.

Question
The red or black zones?

pic 1 is 30 min zone
pic 2 is 15m zone where i think price was imba
pic 3 is the 5m t/f im asking the question Red or black & why.

I love the word "imba"

reminds me of my gaming days
  • #3,134
  • Mar 18, 2012 10:17am Mar 18, 2012 10:17am
Quoting Ash2w
thank you

in your opinion, and, anybody feel free to answer, which area would you choose (please dont just say black one because it hit that zone lol) i wsnt to find out why that certain point was chosen.

Question
The red or black zones?

pic 1 is 30 min zone
pic 2 is 15m zone where i think price was imba
pic 3 is the 5m t/f im asking the question Red or black & why.

I would say neither red nor black. The green rectangle looks good the way it is for a level beginning around Feb 7 13:45. 1.5797 trigger and 1.5787 SL . Except that there could be a few pips extension (the spread maybe) both lower and higher .
  • #3,135
  • Mar 18, 2012 11:05am Mar 18, 2012 11:05am
Quoting Kenneth Lee
I know a lot will look at the chats and trades above and say damn man your risk to reward stinks, But in reality it is more my profit taking . most the trades have a decent risk to reward on the ones with a high risk i tend to take profits to soon . So as normal it is the function of the trader not the trade.

But as i like stress free trading i do just get in and out and move on . Plus the time of day i trade plays a big part in the hows and whys.

Plus once you enter a trade , the stop can only be where it is suppose to be . so you can take...
On heavier trades sometimes I like to take half off at 1:1 and target a higher TF zone.

For example, if price drops into a really nice H4 zone and issues a pretty M5 zone you might risk 15 pips or so (depending on the situation). I like to take half off at 15 pips and target the opposing H4 level that may be 100+ pips away.

This provides the comfort of moving your stop to BE (or closing), while at the same time allowing for decent RR.

Edit: also it helps keep you in the trade. The zones, as we well know, represent large stacks of bids and offers, and when you get in on the first visit it's possible that all of the orders weren't filled and price may come back. When you move SL to BE you may be taken out before the move, and closing half at 1R can keep you riding the bull (or bear). In fact after I'm filled I like to step away after setting price alerts at daily fx so I can get a text to tell me if I got my "free trade", win, or loss.
  • #3,136
  • Mar 18, 2012 12:33pm Mar 18, 2012 12:33pm
Quoting frankkn
On heavier trades sometimes I like to take half off at 1:1 and target a higher TF zone.

For example, if price drops into a really nice H4 zone and issues a pretty M5 zone you might risk 15 pips or so (depending on the situation). I like to take half off at 15 pips and target the opposing H4 level that may be 100+ pips away.

This provides the comfort of moving your stop to BE (or closing), while at the same time allowing for decent RR.

Edit: also it helps keep you in the trade. The zones, as we well know, represent large stacks of bids and...
Yes i have scaled out of trades at times as well. A lot has to do with the time of day i trade , Plus i have never been good at holding for the 4 hr levels , but is a goal. When You have the weeks gains in the bank and move stop to BE , on later trades it will happen .

Thanks for your input.. Off to work for me. Trade safe Ken
Good Trading To All ; Ken Lee
  • #3,137
  • Mar 18, 2012 12:49pm Mar 18, 2012 12:49pm
Quoting Luska
I love the word "imba"

reminds me of my gaming days
?
  • #3,138
  • Mar 18, 2012 5:18pm Mar 18, 2012 5:18pm
Quoting Ash2w
thank you

in your opinion, and, anybody feel free to answer, which area would you choose (please dont just say black one because it hit that zone lol) i wsnt to find out why that certain point was chosen.

Question
The red or black zones?

pic 1 is 30 min zone
pic 2 is 15m zone where i think price was imba
pic 3 is the 5m t/f im asking the question Red or black & why.

To be honest with you. I think you are being overly concerned about how to draw the zone. Where is the best place? Different traders have different ways of doing things, just get to where you are comfortable then trade it. If that means dropping down to a 5m time zone then by all means trade it. Your emotional comfort is what is most important.

Instead of trying to figure out where to put a line 5 pips one way or another. I believe it is more important to look at where you will exit the position. If there is only 45 pips of room for a target and your rules specify 1:3 risk reward ratio. That means you will only risk 15 pips. You know where your stop has to be so count up 15 pips draw a line and if PA gets to it great. If not wait for the next one.

So the point of all this. IMHO.... it is better to look at your exits, this includes your stop as well as your targets. Then figure out a plan of attack that is in accordance to your trading plan. The profit zone has to be there.

The picture attached is the area you were questioning. There was 80 pips of room. If you wanted a 1:4 RR. Then you could risk 20 pips. There are numerous ways to get into the position, just learn what works for you.

Hope this some help.
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #3,139
  • Mar 18, 2012 6:51pm Mar 18, 2012 6:51pm
Nice post Rufus.
We do need to be reminded not to overcomplicate things while learning. Less is oftentimes more, though its hard for novice traders to find the right balance.
Thoughts are things
  • #3,140
  • Mar 18, 2012 9:20pm Mar 18, 2012 9:20pm
Quoting Rufus
To be honest with you. I think you are being overly concerned about how to draw the zone. Where is the best place? Different traders have different ways of doing things, just get to where you are comfortable then trade it. If that means dropping down to a 5m time zone then by all means trade it. Your emotional comfort is what is most important.

Instead of trying to figure out where to put a line 5 pips one way or another. I believe it is more important to look at where you will exit the position. If there is only 45 pips of room for a target...
Yep i always worry more about where my stop is than my entry and my best entries are the ones closest to my stop.

Nice post
Good Trading To All ; Ken Lee
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