B.S. Trading with Kenneth Lee

Took a quick scalp of 25pips on NZDUSD M30 by risking 10pips.

http://s7.postimage.org/o38ztq1lj/NZDUSD.jpg

In at 1.2559 with 10 pips of risk

Half off at 1.2538.

And the rest off at 1.2500

21 pips on the 1st half = 1.05%
59 pips on the 2nd half = 2.95%

For a total of 4%

Nice pre-holiday trade.

hey guys, i wondered what views people took certain areas being "fresh" zones.
good ol sam seiden just uses the original point of imbalance and says any further touches are retests. to be honest after looking at alot of them that would mean alot of trades missed! i personally think that if price makes a drop base rally / rally base drop and goes higher/lower than the original zone then it would be good to look at that as a potential zone

what are your thoughts?
btw obviously there's more to it in terms of criteria but just speaking generally

Nice idea. In my opinion, it could be another odd enhancer for you, but knowing the location, where the price heads and the strength of a level are more important to me.

very true indeed, would anyone else like to discuss how they approach retests as fresh levels?

cheers

Please allow me to participate in this discussion.

The way I see it is this: price was in a strong move going up, having to pass supply or resistance areas 1, 2, and 3 (all of which had already had their supply tested before, 1 led to 2, and 2 led to 3), by the time price made its way past 3, it had already used a lot of power and so the next level (the red line) might be a natural way to stop it. This might be what Sam Seiden calls levels above levels, though I never did any OTA courses and only heard it from his webinars some long time ago, so I could be very wrong. If anyone else has other explanation for this, please let me know.

If you look left, the dashed line drawn is also a level that is a previous support area. So, all in all, it is like price went up to test a previous support. And it went up in a strong manner with great momentum. Also it's done a 5-wave, combined with the 2 legs from 17/Aug low it looked like a 3-3-5 flat (I know this is off the topic here).

All things considered, it's a great place to short. But I must admit that I didn't short it. I was long on the way up and was only too pleased with the profit and didn't come round to think about shorting. So this is just done with hindsight. But with hindsight this is how I see it.

http://i50.tinypic.com/iwogeb.jpg

I would call a retest as a fresh level when it stalls (not pivots) and rally/drop in a strong fashion. Besides, odd enhancers will need to take into consideration.

However, it might fail too.

more stuff

quicky

I never said i was a great trader but I can spot the entries better than most.

Good stuff here KL

If I am seeing / understanding correctly...One of the hardest trades to make is when a level in blown through. Waiting for price to retrace back into that level (swap) and trading with the trend or counter trend. As you stated... If I am not in this trade what would be my next one?

I would add we also need to look for the next level in which we are trading to, our target. Having some idea where we are likely to go, enough room to trade is very important. Seeing the next target.

Thank as always

TSD

Plus it depends on your point of view. I take trades in either direction , with the trend or against (Counter Trend or CT ) I am long oz and e/u as I type.
9/5/2012 2:46 eastern pm.

I am looking for consolidation to continue and maybe get 10 pips between the two or more if it is offered up. I just know that between sessions Price consolidates and forms pendants and flags or triangles, not having enough volume to move thru levels.

But a example of what i am talking about was Sunday afternoon. I haven't trade that time in a long time because of work . but have had a change of hrs lately and was off at 2 pm. so i took a long CT trade at the bottom of the opening red candle.

When i got back from some errands I had a nice 15 pip profit sitting at 1.0300, For some reason I did not close or reverse and lost that one.

I had mentioned to someone that 300 would be a good spot for a short.

If I had not been in the long I would have not thought at all about taking that short fading the zeros. (00 numbers). swap line . Blah Blah Blah . it is these types of dumb mistakes that hurt the most.

So anytime your in a trade just ask. "If I wasn't in a trade where would I be looking now ?"

It will either help you see targets which should be part of your plan anyway . But also where to get in the right direction.

I know a lot of people that once they are in a trade they lose all objectivity and just focus on the end of price action and watch it bounce around .

Always be looking for that exit and your next entry. they can come at you quickly so any pre-trade work you can do the better. I miss a lot of trades posting here and building the charts. So been thinking to put on PO's of trades i would take if I was sitting here. Because we all turn our heads or go to make a snack. it stinks to come back and see you missed the best trade of the day.

Oh closed my long scalp for a combined 10. .. Oz moved e/u didn't much

I was actually in a trade off of the same group of action on the EU. I entered at 1.26204 and i was planning on taking a profit at around 1.25900 but price has been stalling and its about that time so i just bought back at 1.25972.

I also took a trade last night based off of the same area. Around 10pm est price rejected from around the previous highs of aug 31 so i set my po for 1.26251 which was 3 pips below that rejection. Tp was for 1.25900. PO hit while i slept and i got my 35 pips.

Entry near the edge of price action is the only thing i feel confident enough about to trade. The closer you enter to the top or bottom then the less you have to risk or if you keep a static pip stop then the more room you give price to move. Plus the higher you enter on a down move is the more pips that are in profit, same goes for the lower you enter on an up move.

Based on actual past entries and exits if i didn't take my entries like this i would probably be surfing at break even due too less tps from stops getting hit and less pips from sub par entries. Definately need patients to wait for the proper entry and also need to accept that you might just miss the trade all together. Kenneth Lee dropin jewels.

Hi everyone,

Does anyone agree/disagree with the following trade setup:

Short USDJPY @ 79.15, stop 79.30, target 78.50 ?

There is 15 pips risk for 65 pips potential (4:1) off a strong 1h/4h chart setup.

Feed back welcome. Cheers!

Well after a dreadful week I'm finally back in business. I've been buying this thing all the way down after calling for a major top only last week.

Took some heat with the stops though!

Fantastic short-term setup C-12 ! Great work.

There was a similar setup in EURUSD, too bad price didn't reach down far enough.

Cheers!

Since my work hours have changed a bit , I now have the chance to trade the Sunday open , So in a attempt to get a better grasp on the price action on those days I opened a file and will be saving the Sunday evening charts.

I might post some here time to time ,

hey people,

just wondering if anyone had some thoughts on why this one didnt work, normally im ok with it but this one puzzles me!

looking at 4 hr ...

I decided to try Sam Seiden's day trading method and watch the small timeframes between 7am - 9am central.

Firstly I go to the H4 and M30 on the majors and decide whether I want to go long or short and then mark off the levels on the M5.

As you can see the GBP and JPY worked a treat and already provided more than 3:1.