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B.S. Trading with Kenneth Lee

  • #3,821
  • Jul 18, 2012 5:15am Jul 18, 2012 5:15am
I put a PO on this 30M chart... the zone was drawn on the M5 where there's a nice consolidation area

opinions please...
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  • #3,822
  • Jul 18, 2012 5:21am Jul 18, 2012 5:21am
...also missed this one...+2:1 TP
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  • #3,823
  • Jul 18, 2012 6:41am Jul 18, 2012 6:41am
Quoting bali2002
...also missed this one...+2:1 TP

hi bali2002,

Pardon my ignorance but could you please explain how you draw the demand zone? Thanks.

Regards,
King
  • #3,824
  • Jul 18, 2012 7:01am Jul 18, 2012 7:01am
I draw it in the M1, using the last few candles of the consolidation zone, top of candle/bottom wick (but please don't mark my words and check with the experts)

Regards,
Bali

Quoting Kingsw
hi bali2002,

Pardon my ignorance but could you please explain how you draw the demand zone? Thanks.

Regards,
King
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  • #3,825
  • Jul 18, 2012 8:16am Jul 18, 2012 8:16am
Quoting Oshawa
Thanks, Ken, great charts. I have a question though, given euro's strong down trend, when you are long on its way up, how would you decide that it would not end at a previous support level broken such as 2270 on the current chart? This has always been an area of hesitation for me in trading with this kind of setup, not sure which side of supply/demand to take for more importance. Your view will be greatly appreciated.
You don't unless your great at telling the future. That would be your first tp level.

That is some of the personal part of trading deciding when to take profits or hold, You have choices to make then. You take the profits and be happy. You move your stop to Breakeven and look for a higher move. Or you take a partial profit and move to breakeven and maybe add that 1/2 back to your trade if it retraces .

The choices depend on the trader and what each goals are. The person living off trading will have different goals to a person using trading as a investment for long term. The difference in trading account size plays into so many variables.

But as you grow as a trader you will find yourself holding for bigger gains. But number one is always protecting gains. A move may stall out and turn back as long as you don't lose money on it . That is point one. Because at some point your holding will pay off. But it is all a personal choice.

But each should have some type of plan in place so they have rules to follow.

Not sure if this helps to me is one of the pieces we each have to find for ourselves. I personally have a set PIP goal each week and that is my primary focus and that seems to work for me.

Cheers
Good Trading To All ; Ken Lee
  • #3,826
  • Edited 8:49am Jul 18, 2012 8:24am | Edited 8:49am
Quoting Kingsw
Hi KL,

What's the general ratio (open-close range?) that you look for between the momentum bar and bar prior to it?

Thanks.

Regards,
King
I don't look at that in so much as i look at the total move away. How far price has moved since it left a level. It is preferred that price shoot away and a large exit is seen but that is not always the case. I take into account factors such as time of day , news releases and such . The odds enhancers in the end of the pdf give you a good place to start when choosing levels . very basic and to the point.

Then with more experience you can add your own flair to it. I can and do take trades during times of the day others would not even look for one. But this is not something learned over night. Plus I am willing to take a scalp trade with a small gain when I know that is what is being offered.

But the learning the basics of PA is the core to it all. And the supply and demand levels and watching how price interacts to those levels , Is a very good place to start learning PA. as you learn to see that price is always moving from one level to the next and then see how you can join that movement.
Good Trading To All ; Ken Lee
  • #3,827
  • Jul 18, 2012 8:29am Jul 18, 2012 8:29am
Quoting Kenneth Lee
I don't look at that in so much as i look at the total move away. How far price has moved since it left a level. I is preferred that price shoot away and a large exit is seen but that is not always the case. I take into account factors such as time of day , news releases and such . The odds enhancers in the end of the pdf give you a good place to start when choosing levels . very basic and to the point.

Then with more experience you can add your own flair to it. I can and do take trades during times of the dayothers would not even look for one....

Thanks, KL. Good trading.

King
  • #3,828
  • Jul 18, 2012 9:34am Jul 18, 2012 9:34am
Quoting Kenneth Lee
You don't unless your great at telling the future. That would be your first tp level.

That is some of the personal part of trading deciding when to take profits or hold, You have choices to make then. You take the profits and be happy. You move your stop to Breakeven and look for a higher move. Or you take a partial profit and move to breakeven and maybe add that 1/2 back to your trade if it retraces .

The choices depend on the trader and what each goals are. The person living off trading will have different goals to a person using trading as...
Hi, Ken. It all makes sense, and actually I know all that very well too. I am always hoping to find perhaps a 'secret formula' that would give maybe just a few more ounces of certainty, though in reality I do realise it's something we have to adapt to each person's own circumstances.

Thanks.
  • #3,829
  • Jul 19, 2012 8:13am Jul 19, 2012 8:13am
good day,wow nice thread i trade supply and demand u have very rich chart self explinatory i am reading your bs trading beautiful,
  • #3,830
  • Jul 19, 2012 9:46am Jul 19, 2012 9:46am
Hope some caught this one
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  • #3,831
  • Jul 19, 2012 10:01am Jul 19, 2012 10:01am
or euro ..
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  • #3,832
  • Jul 19, 2012 10:04am Jul 19, 2012 10:04am
Quoting Kenneth Lee
or euro ..

To my eyes that's a second touch from the previous demand zone...?
  • #3,833
  • Jul 19, 2012 10:17am Jul 19, 2012 10:17am
Quoting bali2002
To my eyes that's a second touch from the previous demand zone...?
Yep
That just means it is a bit riskier, not that we don't have to take em
just understand the risk. If your willing to close it with a few or move your stop to BE then , some of those can be big winners. The ascending trend line was a a sign to me that it might break . although the higher highs and lows can signal a short as well. but trading always cares risk , but a easy 20+ could have been had along with over 20 on oz. So depends on your goals and wants. Of course if your long from the bottom of oz . u might not even look at this two trades.
Good Trading To All ; Ken Lee
  • #3,834
  • Jul 19, 2012 10:50am Jul 19, 2012 10:50am
Quoting Kenneth Lee
or euro ..
I was in the Euro. I would have liked to have gotten in lower. I kinda jumped the gun with this one but still made some decent profits. I also should have reversed my position for a quick 10 pips but i had to step away from the screen.

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  • #3,835
  • Jul 19, 2012 11:06am Jul 19, 2012 11:06am
Quoting bali2002
To my eyes that's a second touch from the previous demand zone...?
Chart.
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  • #3,836
  • Jul 20, 2012 1:22am Jul 20, 2012 1:22am
does anybody else have this marked?
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  • #3,837
  • Jul 20, 2012 4:27am Jul 20, 2012 4:27am
Good day i personally do not trade that pair due to spread but i can trade it if i like on h4 at least but not to discourage you ita a nice stop remember stops +spread
  • #3,838
  • Jul 20, 2012 4:57am Jul 20, 2012 4:57am
the blue line is demand since trend is up so the trade might work out the white line is the 1 st target due to spread of 6pips it makes the risk less than 2 to 1 unless u chose to target higher on the daily but if i do trade it i will have to wait for pa because its less than my AAA rating.euro is breaking out on swap currently 5min time frame hope u caught that.many pips bro
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  • #3,839
  • Jul 20, 2012 8:06am Jul 20, 2012 8:06am
could have scalped a few off any of these levels , as this is with the trend on any of these longs.
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  • #3,840
  • Jul 20, 2012 10:18am Jul 20, 2012 10:18am
was able to grab 17 off a long on e/u after I had closed my oz and a/j shorts
This I entered strictly off pa.

I call this move the flip and happens on all time frames but you can notice it on anytime frame but taking notice of how the price is moving on chart.
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