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B.S. Trading with Kenneth Lee

  • #4,081
  • Sep 13, 2012 11:22am Sep 13, 2012 11:22am
Quoting Kenneth Lee
looking at 4 hr ...
are you saying that it is more of a pullback than a DBR?

also if the drop was alot bigger would you have taken it (in theory) as it would mean (hopefully) a change in price and not a continuation
  • #4,082
  • Sep 13, 2012 1:03pm Sep 13, 2012 1:03pm
Have you worked on the Odd enhancer to achieve a high probabilty trade? I will like you to share
  • #4,083
  • Sep 13, 2012 7:03pm Sep 13, 2012 7:03pm
Quoting fx.trader56
are you saying that it is more of a pullback than a DBR?

also if the drop was alot bigger would you have taken it (in theory) as it would mean (hopefully) a change in price and not a continuation
I am relatively new to this, but if I may be allowed to jump in, this is how I see it.

Level 1 -- the one you picked. It's a busy area and I can see there might be some easy impression that it would be resistance turned support. But the range is a drop-base-rally. Sam mentioned in one of the recent webinars that DBR is basically revisiting demand, so demand in that area would be weakened, and not so strong. It did have some small bounce but too small to be profitable.

Level 2 -- this is the next support level I would look at. It also produced some small bounces of 20 pips. One would be able to get some small profits or at least get out at B/E.

Level 3 -- this is further to the left. On 1H if you look left, that's also just 1 pip or 2 above the high of the Sunday opening gap.

http://i45.tinypic.com/2z902g5.jpg

Quoting ejiexe2
Have you worked on the Odd enhancer to achieve a high probabilty trade? I will like you to share
ejiexe2. I think Ken has included Sam's odds enhancer at the end of his first PDF. 2 PDFs can be downloaded on the first page of this thread.
  • #4,084
  • Sep 14, 2012 2:59am Sep 14, 2012 2:59am
Quoting fx.trader56
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!
Hi,

This is my view of the demand. I think it was reaction of the lower level and the origin of the move up was from the break of the wedge. This is of course hindsight analysis, but you can see that the beautiful big green bar was not the one that was the origin of the move up. It could have held and turned the price up, but this time it did not. It was a big downtrend as Ken said. Buyers needed more levels to consume the power of sellers.
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  • #4,085
  • Sep 14, 2012 7:59am Sep 14, 2012 7:59am
With the USDX in demand the shorts we're favoured on the NZD and a nice level formed earlier.

Trades play out pretty quickly on the M5 and the bonus is you can potentially catch a runner with small stop and a large position size.
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  • #4,086
  • Sep 14, 2012 8:10am Sep 14, 2012 8:10am
Quoting rami_8
Hi,

This is my view of the demand. I think it was reaction of the lower level and the origin of the move up was from the break of the wedge. This is of course hindsight analysis, but you can see that the beautiful big green bar was not the one that was the origin of the move up. It could have held and turned the price up, but this time it did not. It was a big downtrend as Ken said. Buyers needed more levels to consume the power of sellers.
Excellent analysis.
  • #4,087
  • Sep 14, 2012 1:11pm Sep 14, 2012 1:11pm
Quoting Kenneth Lee
looking at 4 hr ...
Nice one Ken. The 4hr doesn't show it, but on the 3hr aud/jpy the candles in the second circle create a higher high. I use Oanda and FXCM, and FXCM's 4hr clearly showed higher highs for the candles in the second circle as well confirming the long signal. Oanda's 4hr chart was misleading.
  • #4,088
  • Edited Sep 16, 2012 2:47am Sep 15, 2012 3:32am | Edited Sep 16, 2012 2:47am
Thanks for sharing second chart Rami 8 it gave me confidence to trade an established trend.Really like the decision points ( demand /supply Areas) can turn into swap points.Have been focusing on swap points a lot lately and this
helped me see other opportunities I had not seen before
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  • #4,089
  • Sep 16, 2012 3:01am Sep 16, 2012 3:01am
Hi Everyone
Great thread -- Kenneth your style of trading crossed my path 2 years ago at that stage I could not grasp trading with price alone as I was caught up with a screen full of indicators believing it was the way to go, so recently I came across another great trader using the same method of trading, so the endeavour began to nail the trading read about 60 % of your thread and both the pdf documents you posted on the first page. I do have hundreds of questions so if you guys do not mind me joining in and learning, I will keep my questions brief and to a minimum :-)

The screen shot attached is from last week’s price action, the massive reaction highlighted what is the consensus on that?
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BE THE BEST YOU CAN BE AND BE IT TODAY
  • #4,090
  • Sep 16, 2012 4:39am Sep 16, 2012 4:39am
Quoting C-12
Excellent analysis.
Thanks C,

Quoting sako
Thanks for sharing second chart Rami 8
Thanks sako. I'm glad if it helped.

I'm still learning, so don't take me too serious. That's just something that I have noticed.... And I believe that Ken has said it earlier . He has ability to simplify things and thats the beauty of this thread.
  • #4,091
  • Sep 16, 2012 5:05am Sep 16, 2012 5:05am
Quoting Jns
Hi Everyone
I do have hundreds of questions so if you guys do not mind me joining in and learning, I will keep my questions brief and to a minimum :-)

The screen shot attached is from last week’s price action, the massive reaction highlighted what is the consensus on that?
Hi and welcome,
I would like to try this one. I think it was just levels on levels. And like they like to say in "price is everything" tread that news are for the big boys as they want to get in with better price. How good those levels will be? Only time can tell/ show us.
The chart below your's is 30 min chart.
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  • #4,092
  • Sep 16, 2012 5:52am Sep 16, 2012 5:52am
Quoting rami_8
Hi and welcome,
I would like to try this one. I think it was just levels on levels. And like they like to say in "price is everything" tread that news are for the big boys as they want to get in with better price. How good those levels will be? Only time can tell/ show us.
The chart below your's is 30 min chart.
Thanks for that Rami, I will plot the levels on my chart
BE THE BEST YOU CAN BE AND BE IT TODAY
  • #4,093
  • Sep 16, 2012 6:08pm Sep 16, 2012 6:08pm
Quick little Sunday afternoon trades .. total of 32 pips.
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Good Trading To All ; Ken Lee
  • #4,094
  • Sep 16, 2012 7:55pm Sep 16, 2012 7:55pm
Hi
Below is a screen shot of the AU30min did I identify the level correctly?
Ken your trading - Do you conduct it mainly from the 30 min chart.
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BE THE BEST YOU CAN BE AND BE IT TODAY
  • #4,095
  • Sep 16, 2012 9:51pm Sep 16, 2012 9:51pm
Attached Image (click to enlarge)
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Took a short in the Asian session. Trading into the demand level on an up trend. The demand level would be the retrace before the long move into the 4 HR supply level just above. I did take this a bit too soon on a market order but still within my RR @ 2:1. Will see ??

TSD

Overall view

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  • #4,096
  • Sep 16, 2012 10:04pm Sep 16, 2012 10:04pm
Attached Image (click to enlarge)
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Heading in the right direction but, the night is still young.

TSD
  • #4,097
  • Sep 17, 2012 4:20am Sep 17, 2012 4:20am
Hi Kenneth,

A short question...We assume that it is an 30Minutes chart..Would you enter at B ?
Attached Image
  • #4,098
  • Sep 17, 2012 7:06am Sep 17, 2012 7:06am
I'm testing a new broker (Pepperstone) which has low spreads so hopefully should make things easier to trade the lower time frames.

Eventually it would be great to trade the futures market but you need a pretty sizable account to trade full size contracts. EURUSD is $12.50 per pip.

As for trading on the smaller timeframes, the key is to lock in profits and get to safety at the first target. It's much easier to hold for a runner.

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  • #4,099
  • Sep 17, 2012 7:45am Sep 17, 2012 7:45am
Another thing about Sam Seiden and the XLT. He never talks about trade management on FXstreet apart from saying things like "go for 4:1 but take 3:1" etc..

I've watched a few XLT videos and his trade management is quite aggressive. He always bank profits at 1:1 and then moves his stop to entry. If he then gets stopped out he will retake the level on the 2nd retest, as long as the level hasn't been breached by 50% and the profit margin remains.

Also he'll use limit entries for fresh levels but confirmation market entries on the 2nd.
  • #4,100
  • Sep 17, 2012 7:58am Sep 17, 2012 7:58am
Quoting C-12
Another thing about Sam Seiden and the XLT. He never talks about trade management on FXstreet apart from saying things like "go for 4:1 but take 3:1" etc..

I've watched a few XLT videos and his trade management is quite aggressive. He always bank profits at 1:1 and then moves his stop to entry. If he then gets stopped out he will retake the level on the 2nd retest, as long as the level hasn't been breached by 50% and the profit margin remains.

Also he'll use limit entries for fresh levels but confirmation market entries on the 2nd.

Good info thanks!!!
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