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B.S. Trading with Kenneth Lee

  • #3,981
  • Aug 19, 2012 9:53am Aug 19, 2012 9:53am
sorry just re-read my first post I trade 2 dollar for every 1000. sorry.
Good Trading To All ; Ken Lee
  • #3,982
  • Aug 19, 2012 10:00am Aug 19, 2012 10:00am
Ken, great points as always and you're 100% spot on that not every trade needs to work out every time. Even Sam Seiden made a few trade calls in his last fxstreet webinar that didn't work out. It happens.

At least if you can stack the odds in your favour and add discipline and positivity to your trading plan then you stand a much better chance in the long run. I'm a huge fan of the way you trade and especially the mindset you have.

Books like Think and Grow Rich and the Power of Now are what have set me of on this path and this thread is an extension to this learning.

Anyway, just had a quick look at the Aussie and it could be part of a longer term move lower against the dollar and a fair few other pairs. I know this doesn't affect your method since you go from H4 to H4 level on the M30 chart but worth keeping in mind I guess.
  • #3,983
  • Aug 19, 2012 10:05am Aug 19, 2012 10:05am
Quoting C-12
Ken, great points as always and you're 100% spot on that not every trade needs to work out every time. Even Sam Seiden made a few trade calls in his last fxstreet webinar that didn't work out. It happens.

At least if you can stack the odds in your favour and add discipline and positivity to your trading plan then you stand a much better chance in the long run. I'm a huge fan of the way you trade and especially the mindset you have.

Books like Think and Grow Rich and the Power of Now are what have set me of on this path and this thread is an...
yes liking the lower moves end of last week should provide some good entry levels this week and who knows might actually hold one.
Good Trading To All ; Ken Lee
  • #3,984
  • Aug 19, 2012 10:23am Aug 19, 2012 10:23am
1.0440 and 1.0470 are in my sites. but i always look at PA before entering

and would combine 440 with 450

470 is a swap and a 1/2 way retrace on last swing .
Good Trading To All ; Ken Lee
  • #3,985
  • Aug 19, 2012 10:30am Aug 19, 2012 10:30am
[11:24:04 AM] Kenneth Lee: yep . gets near level look for slowing and then lower highs in actual pa.
[11:24:35 AM] Kenneth Lee: like a pressure gauge . it will make higher spikes if increasing and lower highs if running low on oil

One of my favorite ways of explaining how I look at PA .

easy to see in real time .

also i look for a final push up into a level and the obvious fast rejection when it hits the stack of supply. If i have been seeing those lower high movement or level then get a higher push still within the level i am looking at i will almost always take the trade. I have said in the past a entry as close to my stop as possible is the best.
Good Trading To All ; Ken Lee
  • #3,986
  • Aug 19, 2012 10:50am Aug 19, 2012 10:50am
The last post is what forms pins. and when we get a pin after a entry are the ones we need to consider holding . if with the overall trend .
Good Trading To All ; Ken Lee
  • #3,987
  • Aug 19, 2012 10:54am Aug 19, 2012 10:54am
Quoting Kenneth Lee
1.0440 and 1.0470 are in my sites. but i always look at PA before entering

and would combine 440 with 450

470 is a swap and a 1/2 way retrace on last swing .
Nice levels. I also quite like the 1.038 1.040 area for a long since it's quite a small stop for a H4 level. Not such a fan of buying round numbers though,.
  • #3,988
  • Aug 19, 2012 11:57pm Aug 19, 2012 11:57pm
trade
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Good Trading To All ; Ken Lee
  • #3,989
  • Aug 20, 2012 12:07am Aug 20, 2012 12:07am
more,

But i never ever looked at the 5 min chart .. honestly but trying to show you guys the P A
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Good Trading To All ; Ken Lee
  • #3,990
  • Aug 20, 2012 9:04am Aug 20, 2012 9:04am
trade ..
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Good Trading To All ; Ken Lee
  • #3,991
  • Aug 20, 2012 9:12am Aug 20, 2012 9:12am
if you want to see the P.A that was really at the 1.0470 level look at a 15 min chart ..
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Good Trading To All ; Ken Lee
  • #3,992
  • Aug 20, 2012 9:13am Aug 20, 2012 9:13am
How many people or systems do you know that would enter off a pin (shooting Star) on a 15 min chart ?? That it is right against a supply level makes that confluence very good
Good Trading To All ; Ken Lee
  • #3,993
  • Aug 20, 2012 9:17am Aug 20, 2012 9:17am
Quoting Kenneth Lee
if you want to see the P.A that was really at the 1.0470 level look at a 15 min chart ..
I missed the order by a couple of pips so put in a manual short with a smaller position at 1.0460.

Get the feeling we might get another chance at that 1.0470 level as there are surely a lot of unfilled orders still waiting.
  • #3,994
  • Aug 20, 2012 9:19am Aug 20, 2012 9:19am
more charts
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Good Trading To All ; Ken Lee
  • #3,995
  • Aug 20, 2012 9:21am Aug 20, 2012 9:21am
Quoting C-12
I missed the order by a couple of pips so put in a manual short with a smaller position at 1.0460.

Get the feeling we might get another chance at that 1.0470 level as there are surely a lot of unfilled orders still waiting.
yep and entry should be a bit deeper so any Po's may still be good. Not that i use them ..

I just have to wait and see if me and price can get together when I have time to be here . Off for a nap before work right now . Trade safe ken
Good Trading To All ; Ken Lee
  • #3,996
  • Aug 20, 2012 9:34am Aug 20, 2012 9:34am
Here's a very useful link I like to use when at work for tracking my pairs. I can then manage my open orders on my iPhone.

http://www.fxstreet.com/rates-charts/currency-charts/
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  • #3,997
  • Aug 20, 2012 5:01pm Aug 20, 2012 5:01pm
Took some time off from trading to clear the brain.
Back with a clearer frame of mind!

EurUsd trade from last night.

I took an initial shot at it when it first entered the Supply Zone after the close of the candle and was stopped out for
-7 pips on (4) units (28 pips).
Price was close to my stop and with that Doji I thought it was a good entry.
Could have avoided that if I had set pending orders for when it was leaving the zone.

So I waited for a new PA entry.
It set up with an Inside Bar on the 15min chart after a test/ rejection of the higher (stronger) Supply Zone.
Also had about a 3.5 to 1 distance to the next demand so I figured I would get at least 2 to 1.
Entered at the break of the IB with (4) units and a 16 pip SL.
Set my TPs:
2 units at 1 to 1 (to make a free trade) = 32 pips (2x16)
1 unit at 2 to 1 = 32 pips
1 unit at 3 to 1 = 48 pips

Then off to bed. Woke this morning to a pleasant sight!
Probably because I was not there to mess with my plan!

Attached Image (click to enlarge)
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@ C-12,
I like the look of your charts and have adopted it!!!
I use a darker Green or Red for zones from higher time frames.
Lighter colors for shorter/ refined zones.
Thanks
Attitude can reflect outcome in life and trading!
  • #3,998
  • Aug 20, 2012 6:15pm Aug 20, 2012 6:15pm
Quoting krmo
Then off to bed. Woke this morning to a pleasant sight!
Probably because I was not there to mess with my plan!
Nicely done. Those set and forget ones are working best for me as well. When I try day trading I find myself into a world of trouble.
  • #3,999
  • Edited 3:30am Aug 21, 2012 2:24am | Edited 3:30am
Here is my Entry on a EurUSD Short from Supply Zone.
Used Price action of Inside Bar Break out of Zone.
Also USD Index is at a Demand Zone.

20 pip Stop on (4) units
TP =
(2) units at 1 to 1 (for free trade)
(1) unit at 2 to 1
(1) unit at 3 to 1

In case anyone really cares, this and the previous are live trades.
I like to post entries as that is real trading win or lose!!!
I will try to update in the morning.
Trade is planned and managed so off to bed shortly!

EurUsd
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USD Index
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****Update***
LOL - Just after posting this price shot up and stopped me out. That is trading!!!
I guess I am staying up a while longer!
Hind Sight (gotta love it) that was the third touch, so probably should not have taken it

EurUsd - Looking for new Price Action at next supply zone
USD Index - Looking for new demand zone

Attached Image (click to enlarge)
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Attitude can reflect outcome in life and trading!
  • #4,000
  • Aug 21, 2012 3:04am Aug 21, 2012 3:04am
Quoting krmo
Here is my Entry on a EurUSD Short from Supply Zone.
Used Price action of Inside Bar Break out of Zone.
Also USD Index is at a Demand Zone.

20 pip Stop on (4) units
TP =
(2) units at 1 to 1 (for free trade)
(1) unit at 2 to 1
(1) unit at 3 to 1

In case anyone really cares, this and the previous are live trades.
I like to post entries as that is real trading win or lose!!!
I will try to update in the morning.
Trade is planned and managed so off to bed shortly!

EurUsd
Attachment

USD Index
Attachment


[color="Red"]****Update***
LOL...
hi,krmo
i love real trading also,thank u for your charts
i short AUSUSD at 1.0515 because there is an obvious supply level,and my sl. is 15pips
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