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B.S. Trading with Kenneth Lee

  • #3,681
  • May 29, 2012 3:26am May 29, 2012 3:26am
long uschf 9564. Sorry can't post charts as am on Oanda (unless someone knows how?) due to big impulse bar yesterday.
Normally would prefer to enter near top/bottom of move.
Lots of these impulse bars around on other pairs-gbusd is showing a good one made around 7.40-8am am Uk time this morning. That is first area I'm looking at.
  • #3,682
  • May 29, 2012 4:54am May 29, 2012 4:54am
closed at 80 for 1.5RR so not great. And not great as it's shot away...
  • #3,683
  • May 29, 2012 5:57am May 29, 2012 5:57am
long gbusd @ 1.5678 SL at 1.5650.
Went long at this higher level due to impulse bar at 5680 and went long when price reached bottom of the range it had made for itslef round there on the 1 minute.
Ken's level will most likely be around 6660-6665 but the man himself can tell you what he thinks on that one?
  • #3,684
  • May 29, 2012 7:30am May 29, 2012 7:30am
notice
Attached Image
Good Trading To All ; Ken Lee
  • #3,685
  • May 29, 2012 7:37am May 29, 2012 7:37am
Ken saves the day as usual!
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  • #3,686
  • May 29, 2012 10:52am May 29, 2012 10:52am
DETAILS
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Good Trading To All ; Ken Lee
  • #3,687
  • May 29, 2012 11:05am May 29, 2012 11:05am
chart
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Good Trading To All ; Ken Lee
  • #3,688
  • May 29, 2012 3:05pm May 29, 2012 3:05pm
Quoting Kenneth Lee
chart
it's funny often i'm looling right at it but i don't see it like a mirage or something
  • #3,689
  • Edited 2:32am May 30, 2012 1:15am | Edited 2:32am
Thought I would post a current trade.
Win or lose!!! (that is just trading)

The Plan: 30 min chart
Price tested demand 2 times (circles) and broke through on the third.
Price rallied back into the zone and formed a Doji/ Spinning top.
I have 3 to 1 reward/ risk to the next demand level.
I entered on the next candle as price left the zone. I dropped to the 10 min chart for entry.
Short 4 lots.
Stop just above zone.
T/P 1 is at 2 to 1 where I will take 3 lots.
T/P 2 is at 3 to 1 just at the next demand for the last lot.
If I am awake and the trade goes as planned I will manage the last lot.

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UPDATE:
First T/P at 2 to 1 R/R was hit - 3 lots taken off - moved stop on last lot to B/E.
Will let the last lot do it's thing. Off to bed.

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Attitude can reflect outcome in life and trading!
  • #3,690
  • May 30, 2012 11:05am May 30, 2012 11:05am
had a interesting night . Been having issues with my new computer and decide to restore it. So closed a a/j short I had running at BE, But on GFT you have to cancel the stop and limit order separate. In my aggravation about the computer forgot. Well one order got ripped and as they OCO canceled the others and when I finally got the system back up and downloaded GFT and opened I had made 90 pips.

Needed the positive hit , Been kind of a lousy night. computer wise.
Good Trading To All ; Ken Lee
  • #3,691
  • Edited 1:34pm May 30, 2012 11:31am | Edited 1:34pm
Quoting Kenneth Lee
had a interesting night . Been having issues with my new computer and decide to restore it. So closed a a/j short I had running at BE, But on GFT you have to cancel the stop and limit order separate. In my aggravation about the computer forgot. Well one order got ripped and as they OCO canceled the others and when I finally got the system back up and downloaded GFT and opened I had made 90 pips.

Needed the positive hit , Been kind of a lousy night. computer wise.
Ha! Always nice to receive unplanned for pips.
  • #3,692
  • May 30, 2012 2:50pm May 30, 2012 2:50pm
This is where i get off.Thanks anyway...onto the next
  • #3,693
  • May 30, 2012 4:49pm May 30, 2012 4:49pm
Quoting bodine
This is where i get off.Thanks anyway...onto the next
Hey Bodine...

One thing I have started doing is starting with the 4HR chart... Finding the obvious level for Supply or Demand. Then moving to the 1 HR I am looking for that same level... Then moving to the 30M chart this is where I will set up the trade. I always trade in the direction of the 4HR.

By doing this you begin to learn and get a feel for this method. You will also learn to trade between the levels as you will see the bias for direction. Something Ken said to me sometime back about trading between the levels... really made a difference in how I look for set ups.


You will not take as many trades in the beginning but this helped me get a much better sense of direction thus getting more profitable trades.

Spending time relooking at Sam's vid can be very helpful...I know they can be redundent but it’s the little nuggets of info that you begin to pick up they will also help.

Just my 2 cents

TSD
  • #3,694
  • May 31, 2012 1:13am May 31, 2012 1:13am
In the continuation of the TraderinSD's words, I'd like to give food for thoughts about trading the SD levels. Sam is always talking about the thing, that his strategy helps to know the turning points of the market. It really helps, BUT in his articles he quite usually posts charts and says, that "the level of supplydemand was a monthyear10 years ago". And if you'll try pick up such a level against the trend, it will be called catching knifes. The probabilty of these trades will be much lower, then trading with the trend. One of the OTA academics, Michelle, in her wewbinar gave an advice to put a 20 EMA on the daily chart. It really helps to define the direction of a trade and to increase the probability of the trade.
  • #3,695
  • Edited 4:53am May 31, 2012 3:57am | Edited 4:53am
Romant-20 MA on what tf? If on 30 mins you're noty going to get much from that as it whipsaws around it far too often for my liking...
[edit] sorry just seen you said on the daily chart. So what are the rules-if price is below 20MA on daily then shorts only etc
  • #3,696
  • Edited 5:04am May 31, 2012 4:41am | Edited 5:04am
bootsyjam
Glad you've found the answer about the TF of the EMA
The direction of the trade depends on the direction of the EMA mostly. The downtrend means that the previous daily bar closed below the EMA. The uptrend means the opposite.
  • #3,697
  • May 31, 2012 6:53am May 31, 2012 6:53am
Thanks for the update Romant.
Not good conditions today, all countertrend moves so am a bit wary.
GBUSD moved into a demand area earlier in the session and shot back up but I didn't enter as the initial move higher before the retrace didn't seem overly strong to me at all-horizontal line is approx demand zone, can see the price didn't move all that high before retracing then taking off.
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  • #3,698
  • May 31, 2012 8:56am May 31, 2012 8:56am
Quoting bodine
This is where i get off.Thanks anyway...onto the next
Your next move should be to understand the structure of the forex market. How the exchange came to be, what are the types of brokers and their purpose in the market, what are the types of orders, how they get filled, and there effect on price (little known fact, a market order will only fill against a limit order and never against another market order.) Understand who "plays" the forex market, their impact, and purposes.

Get a good grasp of these things and system jumping will not seem as important. Everyone that makes money here has been through multiple systems and through there experience with the charts have noticed certain conditions lead to certain events with regularity. Your goal shouldn't be to find a profitable system, it should be to find profitable people, learn from their profitability and then tailor a profitable system to fit your situation.

But this all assumes that the reason why you've chosen trading in the 1st place is something more than the money. Keep your goals in mind. When you get 6 losses in a row it's really easy to give up. Money won't light the fuse. What you can do with the money will.

Long story short. Keep it basic, always look to understand the cause then the effect. Live your life like that and you'll be alright.

Good luck too you and i wish you much success.
  • #3,699
  • May 31, 2012 11:41am May 31, 2012 11:41am
Quoting Good Lookin
Your next move should be to understand the structure of the forex market. How the exchange came to be, what are the types of brokers and their purpose in the market, what are the types of orders, how they get filled, and there effect on price (little known fact, a market order will only fill against a limit order and never against another market order.) Understand who "plays" the forex market, their impact, and purposes.

Get a good grasp of these things and system jumping will not seem as important. Everyone that makes money here has been through...
Great comments GL... Especially >>>>>

“Your goal shouldn't be to find a profitable system, it should be to find profitable people, learn from their profitability and then tailor a profitable system to fit your situation.

TSD
  • #3,700
  • Jun 2, 2012 9:15am Jun 2, 2012 9:15am
Quoting TraderinSD
Great comments GL... Especially >>>>>

“Your goal shouldn't be to find a profitable system, it should be to find profitable people, learn from their profitability and then tailor a profitable system to fit your situation.

TSD

Hi,

Yes, I agree, great statement there, following the right people can can put us on the right track.........true in life as well....
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