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B.S. Trading with Kenneth Lee

  • #3,781
  • Jul 10, 2012 9:17am Jul 10, 2012 9:17am
Quoting bootsyjam
Nollej
I'm trading forex on the futures market. Futures are traded via an exchange, so volume is available for all to see so it's different from spot fx which doesn't have volume for the reasons that you stated
Ahh ok very interesting will do some research into futures only heard the term but never looked into it..
All the best to you
nollej is power..
  • #3,782
  • Jul 10, 2012 9:08pm Jul 10, 2012 9:08pm
hope some of you guys got these obvious trades . either those trading the open or PO traders.

Sorry got these done before work but ran out of time to download them ..

everyday everyone should look to see if they missed any trades also just to learn how Price Action unfolded.
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Good Trading To All ; Ken Lee
  • #3,783
  • Jul 11, 2012 3:48pm Jul 11, 2012 3:48pm
here is a quick little sheet to use that is quick and easy when looking for trades. If u open with paint u can actually use the circle tool to mark it up . then when you take trades you can save it with what you thought you saw and see what is working for you.
Attached Image(s) (click to enlarge)
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Good Trading To All ; Ken Lee
  • #3,784
  • Jul 11, 2012 10:43pm Jul 11, 2012 10:43pm
Quoting Kenneth Lee
hope some of you guys got these obvious trades . either those trading the open or PO traders.

Sorry got these done before work but ran out of time to download them ..

everyday everyone should look to see if they missed any trades also just to learn how Price Action unfolded.
Thanks for the AUD/JPY chart and looking at the LL to decide to enter a retested supply area, I wouldn't have gone for it, even if I had seen it.
Got me thinking about price action after it leaves re-tested levels, this is how pennants, wedges, etc are formed.

This may be a new tool in my cap, will back test it to see how well it holds
<---Look Left
  • #3,785
  • Jul 11, 2012 11:12pm Jul 11, 2012 11:12pm
Quoting Kenneth Lee
The pdf is Below ,, Sorry not the highest quality but should be enough to start a dialogue.
Downloaded and ready to learn, thanks for the thread K.Lee !
  • #3,786
  • Jul 12, 2012 12:09pm Jul 12, 2012 12:09pm
Quoting IequalsS
Thanks for the AUD/JPY chart and looking at the LL to decide to enter a retested supply area, I wouldn't have gone for it, even if I had seen it.
Got me thinking about price action after it leaves re-tested levels, this is how pennants, wedges, etc are formed.

This may be a new tool in my cap, will back test it to see how well it holds

Anytime I see a break of a level. Such as a lower low . I then turn my focus on a lower high level. Which is the confirmation and entry for a short.
Good Trading To All ; Ken Lee
  • #3,787
  • Jul 12, 2012 12:25pm Jul 12, 2012 12:25pm
chart for above
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #3,788
  • Jul 12, 2012 2:15pm Jul 12, 2012 2:15pm
Nice thread.Downloaded PDF files.Clearly understood about supply and demand.Gd job.Thanks for the brief course.....
  • #3,789
  • Jul 12, 2012 10:16pm Jul 12, 2012 10:16pm
so many beatiful charts to watch and save you are a very good communicator/teacher K.L
  • #3,790
  • Jul 13, 2012 7:05pm Jul 13, 2012 7:05pm
Hi, Ken

I have a question that has a good example on the following aussie chart. The bounce from 1.01 is a round number bounce, but from a supply/demand and/or liquidity gap fill perspective, it seems a little bit out of nowhere, it also dipped below the usual 61.8% from 0.9968. I was thinking that it would have gone to 1.0045/50 area that is a perfect S/D level plus liquidity gap fill, and would be a 76.4/78.6% retracement.

Now it's gone up sharply, with supply/resistance level almost immediately above. I wonder in this case if it's possible that aussie is going up to meet supply in order to go down again, or if I have missed something and that aussie has found a good demand at around 101 and is reaching to higher grounds? What do you think?

Thanks


http://i46.tinypic.com/2lc9ys6.jpg
  • #3,791
  • Jul 14, 2012 9:19am Jul 14, 2012 9:19am
Quoting Oshawa
Hi, Ken

I have a question that has a good example on the following aussie chart. The bounce from 1.01 is a round number bounce, but from a supply/demand and/or liquidity gap fill perspective, it seems a little bit out of nowhere, it also dipped below the usual 61.8% from 0.9968. I was thinking that it would have gone to 1.0045/50 area that is a perfect S/D level plus liquidity gap fill, and would be a 76.4/78.6% retracement.

Now it's gone up sharply, with supply/resistance level almost immediately above. I wonder in this case if it's possible...
Chart
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #3,792
  • Jul 14, 2012 10:02am Jul 14, 2012 10:02am
Quoting Kenneth Lee
Chart
Has something gone wrong with the attachment? No chart?
  • #3,793
  • Jul 14, 2012 11:13am Jul 14, 2012 11:13am
Quoting Oshawa
Has something gone wrong with the attachment? No chart?

I see it on this end.. ????????
Good Trading To All ; Ken Lee
  • #3,794
  • Jul 14, 2012 11:37am Jul 14, 2012 11:37am
Quoting Kenneth Lee
I see it on this end.. ????????
I've tried 2 different computers, and 2 browsers, still no luck

Can see only this
http://i48.tinypic.com/rcmqoo.jpg
  • #3,795
  • Jul 14, 2012 11:57am Jul 14, 2012 11:57am
I will attach again. I have had that issue in the past , they will normally show up later .. But I have attached it again here just in case it helps.
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #3,796
  • Jul 14, 2012 12:00pm Jul 14, 2012 12:00pm
Looks like something on FF side . see a lot of members avatar pics now just saying avatar . I am sure they will get it sorted . Have a great weekend ..
Good Trading To All ; Ken Lee
  • #3,797
  • Jul 14, 2012 6:40pm Jul 14, 2012 6:40pm
Quoting Oshawa
Has something gone wrong with the attachment? No chart?
Oshawa,

Let me reply with my 2 cents worth, simply cause I also want to hear what others may have to say.

Price turned at that level because it was a previous supply level that was not respected on the way up, when this happens KL calls them swap levels, i.e. a Supply level becomes a demand level.

Why is that, from my understanding, 1 contributing factor to this was because when price busted through 1.01. there are some traders that went short, based on the 1.01 being a previous high, they got in to some trouble, so when price came back they exited, when exiting a sell trade you buy, therefore adding to buying pressure, hence price turned at that level.

In short to see why price went up at 1.01, instead of going all the way to the demand zone - look left.

Also I still 1.004 is a valid demand level, depending on how price gets back.

Remember also that parity/ round numbers tend to be magnates and I have found generally they tend to swap very consistently from being S to D or D to S
<---Look Left
  • #3,798
  • Jul 15, 2012 12:24pm Jul 15, 2012 12:24pm
Quoting Oshawa
Hi, Ken
I have a question that has a good example on the following aussie chart. The bounce from 1.01 is a round number bounce, but from a supply/demand and/or liquidity gap fill perspective, it seems a little bit out of nowhere, it also dipped below the usual 61.8% from 0.9968. I was thinking that it would have gone to 1.0045/50 area that is a perfect S/D level plus liquidity gap fill, and would be a 76.4/78.6% retracement.
That level comes from here.

ps. for some reason I cannot upload GIF picture... sorry about the messy picture
Attached Image (click to enlarge)
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  • #3,799
  • Edited Jul 16, 2012 1:14am Jul 15, 2012 10:35pm | Edited Jul 16, 2012 1:14am
hello everyone. I've been lurking around on this thread for a while now and I thought I'd join you. first I'd like to thank Kenneth for starting the thread and for the PDF and also for sticking around helping newbies like myself. I'm going to be posting charts and updates about all the trades I take. any feedback or input from Kenneth or any of the guys that have been here for a while will be very much appreciated.

here's a trade I'm waiting for at the moment, please if you have any input it would help a lot as I am still not confident in my picking. top one is H4 and bottom one is M30
zone "1" : a supply zone that I marked but missed the entry.
zone "2": is the demand zone that I'm waiting for price to reach and plan to enter long there.
Odd enhancers:
-strength of the move: 2
-length of the movement: almost 3 times the entry-stop zone. 2
-big picture: the daily shows the same demand level and indicates an uptrend. 2
-tests: level seems fresh 2
time at the level : the way I see it, and observations would be appreciated here , price stayed at the level for about 9 candles. so 0 ( in one of sams webinars he says that he looks for 2 to 6 candles in the base)
arrival: ? I'm not sure

will update later on.

charts:
http://i.imgur.com/1mh7L.png
  • #3,800
  • Jul 16, 2012 12:12am Jul 16, 2012 12:12am
Hi KL,

Thanks for the pdfs on supply/demand. Very useful indeed.

I have skimmed through most of the posts in your thread, and notice that the way the support/demand zone is drawn varies a lot among traders. Most of them are drawn retrospectively and it appears that none, except yours, has a systematic way of defining such zones. If I am not mistaken, the support/demand zones are bounded by the swing low/high and the body high/low of the bar prior to the momentum bar. Please advise.

Thanks again for the great thread.

Regards,
King
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