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B.S. Trading with Kenneth Lee

  • #4,101
  • Sep 17, 2012 8:42am Sep 17, 2012 8:42am
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Closed out this short trade previuosly mentioned with a nice profit.



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Here is a shot of the 60 showing my target.. And as we can see there has been a good move long for those setting up there. I did not...My area down below originally mentioned may have been too far away. This 60M obviously was the better level to take the long.



TSD
  • #4,102
  • Sep 17, 2012 8:50am Sep 17, 2012 8:50am
Quoting bali2002
Good info thanks!!!
I'm starting to see that aggressive trade management is the key to making a success with this. I know Ken is very keen to lock in profits looking at his exits.

The trade I took earlier was split into 3 orders, although it was only practice money with the new broker.

Trade 1 banked $9.60 profit and I moved both remaining stops to entry.
Trade 2 profit taken for $18.60
Trade 3 was stopped out for $1 profit.

Catching a runner is where you can make some serious cash but you can't just sit and hope that will happen, especially when trading against a powerful daily trend.
  • #4,103
  • Sep 17, 2012 9:07am Sep 17, 2012 9:07am
Right,
I took this entry on the eur today, 3:1 profit

For now i'm being more conservative and taking entries with the trend, not on the top of ranges on higher TF, etc.

Quoting C-12
I'm starting to see that aggressive trade management is the key to making a success with this. I know Ken is very keen to lock in profits looking at his exits.

The trade I took earlier was split into 3 orders, although it was only practice money with the new broker.

Trade 1 banked $9.60 profit and I moved both remaining stops to entry.
Trade 2 profit taken for $18.60
Trade 3 was stopped out for $1 profit.

Catching a runner is where you can make some serious cash but you can't just sit and hope that will happen, especially when trading...
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  • #4,104
  • Sep 17, 2012 9:12am Sep 17, 2012 9:12am
Quoting bali2002
Right,
I took this entry on the eur today, 3:1 profit

For now i'm being more conservative and taking entries with the trend, not on the top of ranges on higher TF, etc.
Yes good point and nicely done. I mark off the previous sessions swing high / low with a thick red line to signal danger area.

You have to be careful around these areas since these swing highs are ripe for liquidity runs and stitch ups with all the stops up there.

Looks like that happened again today with the GBPUSD and EURUSD...
  • #4,105
  • Sep 17, 2012 9:30am Sep 17, 2012 9:30am
Well I see GBPUSD reaching the top of the range on W1 with a possible supply area there... opinions?



Quoting C-12
Yes good point and nicely done. I mark off the previous sessions swing high / low with a thick red line to signal danger area.

You have to be careful around these areas since these swing highs are ripe for liquidity runs and stitch ups with all the stops up there.

Looks like that happened again today with the GBPUSD and EURUSD...
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  • #4,106
  • Sep 17, 2012 9:42am Sep 17, 2012 9:42am
Quoting bali2002
Well I see GBPUSD reaching the top of the range on W1 with a possible supply area there... opinions?
Hard to really see where this might top out for a correction since the levels aren't so defined. I am seeing the USDX in monthly, weekly and now entering daily demand.. Although this is 2nd time into the daily demand so might not reverse right here.
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  • #4,107
  • Sep 17, 2012 9:51pm Sep 17, 2012 9:51pm
Quoting Jns
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.
yes i mainly use the 30 min chart and swings for my trading . I have found that I see the levels on it that work most of the times. I used to trade a 15 min chart for years, and did good on those as well.

The issue has always been that to much information can cause a person the raise doubt about what they see. But first you have to SEE. and if you can't see on one chart maybe try a different time,. Also the time allowed to trade has a affect as well.

But always have the larger picture in mind as big money will stomp on you if your caught napping. Always know the 4 hr and daily levels.As they normally always have a effect on price Action. Just as we see price stall at swap levels and supply and demand levels before they break. the longer time frames will do this as well. And the stalling can produce some pretty big moves in themselves.

Cheers Ken
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Good Trading To All ; Ken Lee
  • #4,108
  • Sep 17, 2012 11:31pm Sep 17, 2012 11:31pm
Attached Image (click to enlarge)
Click to Enlarge Name: JPY 9.17 View 4 Hr #1.JPG Size: 96 KB


This is the overview of the JPY on the 4HR. KL has talked about trading between the levels. Just below the bottom 4 HR level is a daily Demand level. Price did not make it into this lower level but ( IMHO ) there was rejection based on how price moved back up. One could argue that we have level on level as the yellow line indicates a daily level were price did reject. On the 4 HR we have a HH and a HL that was rejected at a 4HR Supply level. We should see a retrace back into the 78.39 area and a possible move back long. A continuation move / retracement shallow...back toward the second higher fresh Supply level 4HR. KL talks about when the second attemp at an area happens, the move tends to be deeper. What I am essentally saying is in what direction is the preasure for price to move.... Will see??

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Looking for a 3:1 RR for this long on the 15M.
  • #4,109
  • Sep 18, 2012 2:31am Sep 18, 2012 2:31am
Firstly thank you for the reply Ken it was very insightful. I had the daily plotted but too high took it off the spinning top -- wrong level -- TRADERSD your comment about the second attempt is cleary displayed in the EU 30M with price pushing up deeper into the Daily Supply level. "KL talks about when the second attemp at an area happens, the move tends to be deeper."
Thanks guys
BE THE BEST YOU CAN BE AND BE IT TODAY
  • #4,110
  • Sep 18, 2012 2:55am Sep 18, 2012 2:55am
Deeper penetration of the daily supply level as indicated in above message
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BE THE BEST YOU CAN BE AND BE IT TODAY
  • #4,111
  • Edited 7:03am Sep 18, 2012 5:07am | Edited 7:03am
Is it a valid short SND Setup Ken ?
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Human
  • #4,112
  • Sep 18, 2012 6:45am Sep 18, 2012 6:45am
Hi Ken

Looking at the AU would you have considered the supply level to be valid or do I need to draw the level from the outside candle.
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BE THE BEST YOU CAN BE AND BE IT TODAY
  • #4,113
  • Sep 19, 2012 4:47am Sep 19, 2012 4:47am
As Ken points out, you only really need to catch one of these a day. The session open appears to be the best time but unfortunately I struggle to get out of bed at 7am UK time!
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  • #4,114
  • Sep 19, 2012 5:04am Sep 19, 2012 5:04am
there is a supply zone on 4hr on GU. We can sell 1.6230 with stop 1.6285 and TP 1.6130
  • #4,115
  • Sep 19, 2012 5:49am Sep 19, 2012 5:49am
Quoting ejiexe2
there is a supply zone on 4hr on GU. We can sell 1.6230 with stop 1.6285 and TP 1.6130
I'm looking for shorts on this. I've marked off this as a potential swap level. Would nice if we get a nice drop here and then a pull back at the NY open.
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  • #4,116
  • Sep 19, 2012 11:15am Sep 19, 2012 11:15am
Quoting ejiexe2
there is a supply zone on 4hr on GU. We can sell 1.6230 with stop 1.6285 and TP 1.6130
Ok then. MY PO @ 1.6230 has been triggered with just 5 pips drawdown. Let see how long it will take to get to the next demand level.
  • #4,117
  • Sep 19, 2012 11:26am Sep 19, 2012 11:26am
Quoting ejiexe2
Ok then. MY PO @ 1.6230 has been triggered with just 5 pips drawdown. Let see how long it will take to get to the next demand level.
I'm in this as well on my live account. Just banked profits and moved remaining position to entry.
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  • #4,118
  • Sep 19, 2012 3:23pm Sep 19, 2012 3:23pm
Quoting C-12
I'm looking for shorts on this. I've marked off this as a potential swap level. Would nice if we get a nice drop here and then a pull back at the NY open.
Did u make the 20 pips off that ????
Good Trading To All ; Ken Lee
  • #4,119
  • Sep 19, 2012 3:37pm Sep 19, 2012 3:37pm
Quoting Kenneth Lee
Did u make the 20 pips off that ????
Well, I took around 11 pips off it and then got stopped for BE. Was hoping this would run a little but guess it wasn't to be.
  • #4,120
  • Sep 19, 2012 4:04pm Sep 19, 2012 4:04pm
Quoting C-12
Well, I took around 11 pips off it and then got stopped for BE. Was hoping this would run a little but guess it wasn't to be.

yep nice eye..
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Good Trading To All ; Ken Lee
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