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B.S. Trading with Kenneth Lee

  • #3,261
  • Mar 27, 2012 7:33am Mar 27, 2012 7:33am
Quoting SnailRoll
I am having trouble finding any valid looking levels, is it just me or anyone else feeling the same way?

They should be easily seen and understood before you take them....In my book anyway. Not much in immediate PA
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #3,262
  • Mar 27, 2012 7:40am Mar 27, 2012 7:40am
Dollar index. Thing to watch sometimes as a "warning system" for potential problem areas.

Just got up...Had a dream last night that I entered an order wrong and cleaned out my account...Was already thinking of ways to replenish it.
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #3,263
  • Mar 27, 2012 8:07am Mar 27, 2012 8:07am
KL, Rufus

What do you think about this supply level on USD/JPY chart on 1H?
I can clearly see a touch of the supply line by price NOW as I type, but will you consider this as the first touch? There is a sharp touch in the first 4-5 bars too .
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Not trend, but imbalance is my friend
  • #3,264
  • Mar 27, 2012 8:48am Mar 27, 2012 8:48am
mhhh, well i am very bullish on yen pairs

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  • #3,265
  • Edited 9:07am Mar 27, 2012 8:56am | Edited 9:07am
I want to echo all the thanks to Ken for starting this thread and other regular contributors for keeping it going. Since picking up on S/D one month ago I have now made it my main method. I am starting to document all my trades in my own notebook for review and will share some occasionally here that haven't been picked up by others.
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Edit: Remaining half stopped out 1.5973. Overall +19 pips.
  • #3,266
  • Mar 27, 2012 9:32am Mar 27, 2012 9:32am
Loonie around 20 pips away from first kiss with supply level?
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Not trend, but imbalance is my friend
  • #3,267
  • Mar 27, 2012 9:32am Mar 27, 2012 9:32am
Quoting pbanerjee
I took the exact same EUR/USD trade and my demand level looks like yours. I use 1H TF to draw S/D lines. I went long at 1.3213 and my TP was hit at 1.3260 with 45+ pips profit (after spread etc.). My SL was at 1.3188. I took my profit too early but I am working on that psychological pitfall of mine.
Yep, happens to us all. I used to use a 2:1 rr on all my trades but i was missing out on some of the bigger moves. It was quite comfortable to take my 4% and run. Just so happenes quite a bit of my trades go on to make larger gains without me. I don't like initiating new positions too often so i'd rather be in it for the big gains.

So since i'm back in the market i'm going to use a new management style to see if i can capture some more pips.
  • #3,268
  • Mar 27, 2012 10:10am Mar 27, 2012 10:10am
I am watching this one..
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Not trend, but imbalance is my friend
  • #3,269
  • Mar 27, 2012 11:27am Mar 27, 2012 11:27am
Looks like the price turned north just few pips before touching the demand level.. however, it may still come back so I am keeping the limit (buy) order for next 12 hour or so.
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Not trend, but imbalance is my friend
  • #3,270
  • Mar 27, 2012 11:46am Mar 27, 2012 11:46am
Quoting londonhearts
I want to echo all the thanks to Ken for starting this thread and other regular contributors for keeping it going. Since picking up on S/D one month ago I have now made it my main method. I am starting to document all my trades in my own notebook for review and will share some occasionally here that haven't been picked up by others.
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Edit: Remaining half stopped out 1.5973. Overall +19 pips.
Hi, I was also observing the same level. Maybe the best I saw today, but I didn't take it because too many candles had penetrate the demand zone. Well it was a winner. Congrats!
Profit Margin is the King!
  • #3,271
  • Mar 27, 2012 11:49am Mar 27, 2012 11:49am
Just went long with AUD/USD, may be 4-5 pips late.
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Not trend, but imbalance is my friend
  • #3,272
  • Mar 27, 2012 1:42pm Mar 27, 2012 1:42pm
Left a pending buy order at 132.30 with SL around 20 pips below.
The AUD/USD trade is hardly moving for now.. let's see what happens.

Kenneth, Rufus, Bullzeye,

How does the demand level (above one in this chart) look to you ? Any improvement/changes you suggest?
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Not trend, but imbalance is my friend
  • #3,273
  • Mar 27, 2012 4:02pm Mar 27, 2012 4:02pm
Quoting pbanerjee
Left a pending buy order at 132.30 with SL around 20 pips below.
The AUD/USD trade is hardly moving for now.. let's see what happens.

Kenneth, Rufus, Bullzeye,

How does the demand level (above one in this chart) look to you ? Any improvement/changes you suggest?
looks fine to me, on H4 you can see an swap area in this zone

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  • #3,274
  • Mar 27, 2012 4:31pm Mar 27, 2012 4:31pm
Only going to be looking to short EURUSD, Daily and Weekly both just hit supply. Anyone else agree?
  • #3,275
  • Mar 27, 2012 6:16pm Mar 27, 2012 6:16pm
Quoting pbanerjee
Left a pending buy order at 132.30 with SL around 20 pips below.
The AUD/USD trade is hardly moving for now.. let's see what happens.

Kenneth, Rufus, Bullzeye,

How does the demand level (above one in this chart) look to you ? Any improvement/changes you suggest?
Hi pbnerjee,

Ill be bit careful taking a long in this area.

Os.
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Trade Smart
  • #3,276
  • Edited 9:36pm Mar 27, 2012 8:44pm | Edited 9:36pm
Osman, Yes I see what you mean. Actually I closed my GBP/JPY position at BE (+1 pip) seeing a daily pin bar forming.
Bullzeye - thanks for pointing out the swap zone on 4H

btw.. the long Aussie trade didn't work out and I was stopped out at a small loss. I believe with this method of trading, if the trade doesn't seem to move in the desired direction within first 2-3 bars (i.e. not showing obvious bias due to "imbalance"), we should be looking to quit the trade. I mean sometimes it may not be worth waiting for the price to reach the opposite end of the S/D level, specially if it's first bounce off it.

Any thoughts?
Not trend, but imbalance is my friend
  • #3,277
  • Mar 27, 2012 8:58pm Mar 27, 2012 8:58pm
Quoting pbanerjee
if the trade doesn't seem to move in the desired direction within first 2-3 bars (i.e. not showing obvious bias due to "imbalance"), we should be looking to quit the trade. I mean sometimes it may not be worth waiting for the price to reach the opposite end of the S/D level, specially if it's first bounce off it.

Any thoughts?
you pretty much nailed it as far as the more bars being in an area the less out of balance it is
  • #3,278
  • Mar 27, 2012 9:07pm Mar 27, 2012 9:07pm
Quoting SnailRoll
Only going to be looking to short EURUSD, Daily and Weekly both just hit supply. Anyone else agree?
I do expect E/U to decline to the demand level that I see on my 30M chart. But I couldn't see a good supply level on my chart that you saw maybe coz of time zone difference. Perhaps you are talking about 1.3340 level around which the price has been steadily declining. However, I would be looking to go long when the price reaches the demand level (see my chart) and I see either price action "evidence" or a divergence with price against lower lows.

Also, E/U is on uptrend on Daily and 4H so it kind of favours longs in that sense.

My two pence... let's see how it plays out today.
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Not trend, but imbalance is my friend
  • #3,279
  • Mar 27, 2012 9:59pm Mar 27, 2012 9:59pm
Loonie just hit a supply level. Good to short. Sweet divergence against higher highs there too.
Not trend, but imbalance is my friend
  • #3,280
  • Mar 27, 2012 10:22pm Mar 27, 2012 10:22pm
I'm putting in a buy order on the third touch of that area. Kenneth Lee, would you say that is a good trade?
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