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B.S. Trading with Kenneth Lee

  • #4,041
  • Aug 23, 2012 3:08pm Aug 23, 2012 3:08pm
Quoting fx.trader56
hi ken, great pdf much appreciated, what i wanted to know is when you try to narrow down your risk on a on a smaller timeframe if there is no obious level inside the level what do we look for. i have attached a mt4 screen of a H4 supply level on a m15 chart, where would you try and make this zone smaller from? thanks alot in advance!
chart
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Good Trading To All ; Ken Lee
  • #4,042
  • Aug 24, 2012 4:06am Aug 24, 2012 4:06am
Quoting Kenneth Lee
chart
thank you very much for that, very informative,

Would anyone have a logical reason why this trade didnt work out the YELLOW demand one? cheers
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  • #4,043
  • Aug 24, 2012 4:17am Aug 24, 2012 4:17am
Quoting fx.trader56
thank you very much for that, very informative,

Would anyone have a logical reason why this trade didnt work out the YELLOW demand one? cheers
nice spot, good quality of Demand on aud/usd there.

it was actually work, see how price was stalling for few moments there? before it get rejected down and broke that Demand.

BUT!!!

have you check the bigger picture? correlation?

EU @ weekly daily and h4 supply. it shouldnt go in the same way but as I know EU and AU has the same/ positive correlation/ direction mostly one each other.

remember to qualify a good level we can't only look at only one criteria. there are lots of odds enhancers that each of them give a critical value to qualify a good level.
Simplicity Is The Ultimate Sophistication ~LDV~
  • #4,044
  • Aug 24, 2012 4:17am Aug 24, 2012 4:17am
Quoting fx.trader56
thank you very much for that, very informative,

Would anyone have a logical reason why this trade didnt work out the YELLOW demand one? cheers
I hope Ken doesn't mind me answering this. You've got to look at the higher timeframe. We're moving away from supply on the monthly, weekly, daily and H4.

Daily demand had just been removed by the last time price visited that area on the H4 chart.
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  • #4,045
  • Aug 24, 2012 4:20am Aug 24, 2012 4:20am
Quoting C-12
I hope Ken doesn't mind me answering this. You've got to look at the higher timeframe. We're moving away from supply on the monthly, weekly, daily and H4.

Daily demand had just been removed by the last time price visited that area on the H4 chart.
perfect... that's what i'm talking about...
Simplicity Is The Ultimate Sophistication ~LDV~
  • #4,046
  • Aug 24, 2012 5:04am Aug 24, 2012 5:04am
thank you both for that but the yellow supply has been hit once already the same as the yellow demand so both are not fresh. but saying that price was approaching a demand level (still valid as it hasnt been broken so i expected a reversal in price there that is why i went long. taking a long and a short near both zones would e more risky as price isnt fresh on the higher timeframe but, is there anything that make that demand weaker than the supply ? would it be how far price went in?
  • #4,047
  • Aug 24, 2012 5:22am Aug 24, 2012 5:22am
that's the way you do it
(Money for nothin' and your chicks for free)

Great advise thanks!


Quoting C-12
I hope Ken doesn't mind me answering this. You've got to look at the higher timeframe. We're moving away from supply on the monthly, weekly, daily and H4.

Daily demand had just been removed by the last time price visited that area on the H4 chart.
  • #4,048
  • Aug 24, 2012 5:56am Aug 24, 2012 5:56am
This is basically what I do. I use 6 charts on screen for each pair.

I look at M1, W1 and D1 for S&D levels and decide which way I want to trade (ie with the longer term trend and moving away from S or D)

I then go to the H4 chart to pick a clean S or D level

I then go to the H1 or M30 to refine an entry within the level.

I'll either place a limit order there or watch for price action on the M5 or M15 if I'm at home.
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  • #4,049
  • Aug 24, 2012 6:06am Aug 24, 2012 6:06am
ah ok so does the higher t/f (to see if you want to buy or sell) have to be fresh, if you are looking for a counter trend trade (on smaller t.f). also if price is approaching a zone that isnt fresh do you wait for price to move away before you start to trade in that direction?
  • #4,050
  • Aug 24, 2012 6:12am Aug 24, 2012 6:12am
Quoting fx.trader56
ah ok so does the higher t/f (to see if you want to buy or sell) have to be fresh, if you are looking for a counter trend trade (on smaller t.f). also if price is approaching a zone that isnt fresh do you wait for price to move away before you start to trade in that direction?
Yeah you basically want price to prove itself buying showing some form of rejection on the M5, M15 if countertrend or 2nd visit. Also have to be conservative with targets.

If the longer term is down like the Aussie, I'm ok with limit orders to re-engage the trend.

This week wasn't great due to the FOMC announcement but generally having very good results with this method.
  • #4,051
  • Aug 25, 2012 8:17am Aug 25, 2012 8:17am
Time for a little wash and rinse cycle.
81.jpg
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Good Trading To All ; Ken Lee
  • #4,052
  • Aug 25, 2012 8:34am Aug 25, 2012 8:34am
Quoting Kenneth Lee
Time for a little wash and rinse cycle.
81.jpg
Hi Ken ....
Longtime ..no talk ..on my part..( remember EOHATER thread )
but i hope life is treating you well ..and health is good..
just saw your thread..and its more or less the same as phanti..
hence might be a good idea to share setups on both threads ..
anyway take care and see you later..

baz

http://www.forexfactory.com/showthre...37#post5957037
  • #4,053
  • Edited 9:29am Aug 25, 2012 9:13am | Edited 9:29am
Quoting Kenneth Lee
Time for a little wash and rinse cycle.
81.jpg
The red area is approaching where I will be on vacation in 3 months. Bonita Springs. And of course RIGHT NOW where you live. Yikes.
  • #4,054
  • Aug 26, 2012 11:40pm Aug 26, 2012 11:40pm
thanks for the great journal Ken, awesome PDF too

  • #4,055
  • Aug 27, 2012 1:21am Aug 27, 2012 1:21am
Quoting Kenneth Lee
Time for a little wash and rinse cycle.
81.jpg
no work tomorrow here in miami
  • #4,056
  • Edited 9:22am Aug 28, 2012 9:01am | Edited 9:22am
Hi everyone,

We had an overnight EURUSD opportunity to catch a retracement in this temporarily bullish market: long at 1.2572, stop at 1.2552, Target 1.2652 (80 pips to the 1hour supply level) gave us a 4:1 risk-reward ratio.

Just booked.

Good trading to all!
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  • #4,057
  • Aug 28, 2012 9:38am Aug 28, 2012 9:38am
wrong post
Simplicity Is The Ultimate Sophistication ~LDV~
  • #4,058
  • Aug 28, 2012 9:29pm Aug 28, 2012 9:29pm
Good thread Ken. Keeping tabs on this now.
PIP'N
  • #4,059
  • Aug 29, 2012 3:49am Aug 29, 2012 3:49am
Took buy on swap area.
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Do you think can go to here? Or consume that supply?
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Any comment appreciate.
  • #4,060
  • Aug 29, 2012 7:47am Aug 29, 2012 7:47am
Quoting ydaudw
Took buy on swap area.
Attachment

Do you think can go to here? Or consume that supply?
Attachment

Any comment appreciate.

Hi ydaudw,

that's an excellent chart/swap line! Given that EURUSD went down after twice touching the supply zone you've mentioned, I would refrain from shorting there anymore.

Cheers
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