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B.S. Trading with Kenneth Lee

  • #4,001
  • Aug 21, 2012 3:15am Aug 21, 2012 3:15am
Quoting chye
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
Thanks.
Also looking at AudUsd Short. Just waiting for the USD Index to show dollar strength.
It is heading down to two stronger Demand levels so we will see we what happens!
First level is off of the 4 hour chart.
Second from Daily

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Attitude can reflect outcome in life and trading!
  • #4,002
  • Aug 21, 2012 4:02am Aug 21, 2012 4:02am
USDX now in H4 demand but not many clean demand levels below this.

Anyway. Nice to wake up and see both my EURUSD and AUDUSD H4 shorts trigger overnight. Got stopped out on my last 1.0470 short from last night but had already banked profits.
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  • #4,003
  • Aug 21, 2012 4:48am Aug 21, 2012 4:48am
If I see a supply level just above a round number it adds confluence to a trade.

Take a look at the OANDA open historical orders.

Retail love to fade their round numbers with stops just above. Notice how easily all the sell orders got taken out.

http://fxtrade.oanda.co.uk/analysis/...al-open-orders
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  • #4,004
  • Aug 21, 2012 5:47am Aug 21, 2012 5:47am
A couple of reasons why I didn't take that EURUSD order: 1- I is against the main trend which is long. 2- It was the 3rd retest of the zone.



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
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USD Index
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****Update***
[color=red]LOL...
  • #4,005
  • Aug 21, 2012 9:49pm Aug 21, 2012 9:49pm
i close my audusd trade and get 50 pips ,cheers .
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  • #4,006
  • Aug 22, 2012 3:39am Aug 22, 2012 3:39am
short gbp @ 1.5810 sl. @1.5850 [email protected]
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  • #4,007
  • Aug 22, 2012 4:01am Aug 22, 2012 4:01am
Hi there, new to the thread. Very good stuff, I do have a question on this GU though.

It looks to me like this level here is not a fresh one on the daily since it has been touched twice already, I see a fresh one a bit above (just below 1.6100 area). Am I making sense or am I completely off track ?
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The quality of your life is brought about by the quality of your thinking.
  • #4,008
  • Aug 22, 2012 6:21am Aug 22, 2012 6:21am
Quoting hornet
Hi there, new to the thread. Very good stuff, I do have a question on this GU though.

It looks to me like this level here is not a fresh one on the daily since it has been touched twice already, I see a fresh one a bit above (just below 1.6100 area). Am I making sense or am I completely off track ?

chart
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Good Trading To All ; Ken Lee
  • #4,009
  • Aug 22, 2012 6:23am Aug 22, 2012 6:23am
chart a
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Good Trading To All ; Ken Lee
  • #4,010
  • Aug 22, 2012 6:31am Aug 22, 2012 6:31am
Quoting Kenneth Lee
chart
Hi there, thanks.
What do you mean differently, is it not the candle that breaks away that defines ?
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The quality of your life is brought about by the quality of your thinking.
  • #4,011
  • Aug 22, 2012 6:48am Aug 22, 2012 6:48am
Quoting hornet
Hi there, thanks.
What do you mean differently, is it not the candle that breaks away that defines ?
Yep, Right where I drew that white box. Is my take on it but of course you have to live with your choices.
Good Trading To All ; Ken Lee
  • #4,012
  • Aug 22, 2012 6:54am Aug 22, 2012 6:54am
Quoting Kenneth Lee
Yep, Right where I drew that white box. Is my take on it but of course you have to live with your choices.
I sort of see what you mean, I was actually looking at the candle that breaks the previous low starting the move away. In the area above it coincides, in the one below I now understand how it is different. Thanks, for explaining.
The quality of your life is brought about by the quality of your thinking.
  • #4,013
  • Aug 22, 2012 6:57am Aug 22, 2012 6:57am
chart , Damn typing stinks today ..
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Good Trading To All ; Ken Lee
  • #4,014
  • Aug 22, 2012 6:58am Aug 22, 2012 6:58am
Just The way i tend to look at things. but we all have to SEE the way we can.
Good Trading To All ; Ken Lee
  • #4,015
  • Aug 22, 2012 7:05am Aug 22, 2012 7:05am
Quoting Kenneth Lee
Just The way i tend to look at things. but we all have to SEE the way we can.
Well yes, I am still trying to understand how to spots areas, never mind defining tight levels of S&D, it will come with time I guess. I've read you PDF, great stuff and very well explained. Thanks for sharing it.

So you primarily trade the 30 mins chart, and do you go down to 5 mins to better evaluate the entry price or just place PO at your limit price ?
The quality of your life is brought about by the quality of your thinking.
  • #4,016
  • Aug 22, 2012 7:08am Aug 22, 2012 7:08am
Quoting hornet
Well yes, I am still trying to understand how to spots areas, never mind defining tight levels of S&D, it will come with time I guess. I've read you PDF, great stuff and very well explained. Thanks for sharing it.

So you primarily trade the 30 mins chart, and do you go down to 5 mins to better evaluate the entry price or just place PO at your limit price ?
I primarily enter manually and watch price Action in real time on my 30 min chart, with as much time as I have into trading I can see what is unfolding by just the price moving up and down . I really never look at a faster charts as it has to much noise and you can find yourself trying to take trades that LOOK good but really aren't.

if you do look at a 5 min or fast chart for entries . keep your longer term chart open as well to see the relationship between the two.
Good Trading To All ; Ken Lee
  • #4,017
  • Aug 22, 2012 7:16am Aug 22, 2012 7:16am
Quoting Kenneth Lee
I primarily enter manually and watch price Action in real time on my 30 min chart, with as much time as I have into trading I can see what is unfolding by just the price moving up and down . I really never look at a faster charts as it has to much noise and you can find yourself trying to take trades that LOOK good but really aren't.

if you do look at a 5 min or fast chart for entries . keep your longer term chart open as well to see the relationship between the two.
Is this GU a sell trade that you took ? Is it apparent on the 30 mins chart ?

I can't seem to find it, I mean we are going back to 22 of may and on 30 mins it has already been used up. Correct ?
The quality of your life is brought about by the quality of your thinking.
  • #4,018
  • Aug 22, 2012 7:25am Aug 22, 2012 7:25am
Just wanted to say a big thanks to Ken and everyone else who have made this one of the best threads on FF.

I have been lurking for a week or so reading the thread and I am really impressed with the simplicity of the system and the accuracy. I have always used S/R in my trading but this just takes my trading to a new level.

I guess a lot of it is just common sense and the mechanics of buying/selling are quite obvious but it's strange how we forget the basics rules of supply & demand when we open a chart.

I am trading live but I started a new demo account on Monday to start testing some S/D setups. I only trade the 4H because my time is limited but I do follow around 20 pairs. This means placing a lot of pending orders that don't get hit but so far I have had five orders triggered. Two have been losers but three have been winners for a nett gain of 8.22%. The two losers in hindsight were my own fault and probably part of the learning process (that's my excuse anyway ).

I will get some charts up later today when I have a bit more time. Good luck to all and thanks for a great thread Ken
  • #4,019
  • Aug 22, 2012 7:29am Aug 22, 2012 7:29am
Quoting hornet
Is this GU a sell trade that you took ? Is it apparent on the 30 mins chart ?

I can't seem to find it, I mean we are going back to 22 of may and on 30 mins it has already been used up. Correct ?
It hasn't been used up until it crosses your stop past the level a bit. I f your level is drawn off the daily then it won't be on the 30 min . the first entry on a 30 min would be after it turns or flips then a retest of a new supply level formed . if your watching in real time and trying for that tight entry you look for turns on faster charts..

I personally rarely trade the gbp as it has so much volume at times it pushes out of it's boundaries only to turn and go the right way . because it take time for the orders to fill. Plus maybe stop runs and what not.
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Good Trading To All ; Ken Lee
  • #4,020
  • Aug 22, 2012 7:34am Aug 22, 2012 7:34am
Price may come back and retest this newly formed supply level and is clear on a 30 min chart . and because it now has dropped further and been away longer it would be a better short . But if you are a scalper like me only trying to get a 100 pips a week a 30 pip quickie is fine by me .
Good Trading To All ; Ken Lee
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