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B.S. Trading with Kenneth Lee

  • #4,201
  • Sep 25, 2012 8:39am Sep 25, 2012 8:39am
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Entry long w/ a market order. Reason, price had hit this area once previously ( see 4Hr below ) .. Price move very agressively back into this area its second time. Waited to see if we would get a solid reversal inside this 4HR and if we would get a deeper retrace ( KL talks about this deeper retrace regarding second visits into an area.. See 4HR ). If you look at the 30 Min you will see the a very strong "long" pin bar. This my indication to get long. Also by waiting this allowed me to structure my stop accordingly.

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Exited at the Yellow line first stall point. Notice the yellow line shows a S/R area as well as a Supply area on the 15M.. Hit that area near perfect.

TP hit for 34 pips ..

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Here is the 4HR second retrace..

Good trading to all

TSD
  • #4,202
  • Edited 6:43am Sep 26, 2012 6:15am | Edited 6:43am
Morning guys, earlier we saw Aussie bounce at H4 demand.

I came late to this so just dropped down and found a long entry off a S/R flip.

*update* 10 pips and stopped. Will look lower for a long.
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  • #4,203
  • Sep 26, 2012 7:24am Sep 26, 2012 7:24am
charts
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Good Trading To All ; Ken Lee
  • #4,204
  • Sep 26, 2012 7:50am Sep 26, 2012 7:50am
Good point Ken about wanting to get in too early. I thought that price had already left the station from the H4 demand level. The nice thing is with tight money management you can be wrong and still make a little profit.

Anyway. I just watched price break that prior swing low (where retail traders place their stops). Great liquidity for the smart money to get filled long.

The M15 pin is the after effect.
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  • #4,205
  • Sep 26, 2012 8:14am Sep 26, 2012 8:14am
Quoting C-12
Good point Ken about wanting to get in too early. I thought that price had already left the station from the H4 demand level. The nice thing is with tight money management you can be wrong and still make a little profit.

Anyway. I just watched price break that prior swing low (where retail traders place their stops). Great liquidity for the smart money to get filled long.

The M15 pin is the after effect.
yep , CT trades can be a pain .
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Good Trading To All ; Ken Lee
  • #4,206
  • Sep 26, 2012 8:58am Sep 26, 2012 8:58am
Quoting Kenneth Lee
yep , CT trades can be a pain .
I guess in a lot of ways S&D trading you're always trading counter to at least against the very short trend.

So now that I'm getting quite good at picking levels it's all about the trade management and becoming consistent.

I've been number crunching and from observation I can usually get at least 10-15 pips out of a trade.

With this in mind, 20-30 pips per day should be fairly straight forward with just 2 trades. The key therefore is being 100% ruthless with taking my 10-15 pips and moving to BE.

I need to let any runners take care of themselves. I've taken my 20 pips out of this Aussie trade so it's ok if I get stopped out.
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  • #4,207
  • Sep 26, 2012 9:07am Sep 26, 2012 9:07am
Quoting C-12
I guess in a lot of ways S&D trading you're always trading counter to at least against the very short trend.

So now that I'm getting quite good at picking levels it's all about the trade management and becoming consistent.

I've been number crunching and from observation I can usually get at least 10-15 pips out of a trade.

With this in mind, 20-30 pips per day should be fairly straight forward with just 2 trades. The key therefore is being 100% ruthless with taking my 10-15 pips and moving to BE.

I need to let any runners take care of themselves....
Was just talking with someone about this very thing. It is very important to always have the mind set of , What trade would i be looking at if I wasn't even in a trade. So then if your in a CT trade you look for the TP spot which is also a Trend entry . So tp then enter but then Hold. I get into trouble a lot by not holding the runners . not so much trouble as I really don't like leaving a boat load on the table.

Good trading ,, Cheers
Good Trading To All ; Ken Lee
  • #4,208
  • Sep 26, 2012 9:22am Sep 26, 2012 9:22am
Quoting Kenneth Lee
Was just talking with someone about this very thing. It is very important to always have the mind set of , What trade would i be looking at if I wasn't even in a trade. So then if your in a CT trade you look for the TP spot which is also a Trend entry . So tp then enter but then Hold. I get into trouble a lot by not holding the runners . not so much trouble as I really don't like leaving a boat load on the table.

Good trading ,, Cheers
Well I guess if you have a nice account and position size you have the luxury of taking profits quickly. It's a good situation to be in since you don't depend on running trades.

I can imagine why many newbies get frustrated due to having a small account and position sizing (meaning they have to run trades). Just look at the guys on the James16 thread putting stops behind 100+ pip daily bars. Also having the patience to wait for those trades to play out.

There's an fxstreet webinar where Sam Seiden talks about knowing floor traders who were happy to just grab a few pips here and there. It would be awesome to be able to make a comfortable living out of 10 pips per day!
  • #4,209
  • Sep 26, 2012 9:30am Sep 26, 2012 9:30am
Quoting C-12
Well I guess if you have a nice account and position size you have the luxury of taking profits quickly. It's a good situation to be in since you don't depend on running trades.

I can imagine why many newbies get frustrated due to having a small account and position sizing (meaning they have to run trades). Just look at the guys on the James16 thread putting stops behind 100+ pip daily bars. Also having the patience to wait for those trades to play out.

There's an fxstreet webinar where Sam Seiden talks about knowing floor traders who were...
yep, know what you mean . I had a spell scalping where I thought there wasn't anything bigger than a 7 pip trade. Seemed Like that was all i would take. but took 20 or 30 trades a day with very few losers.

But you get into habits snatching and grabbing and then they are hard to break. Why we always need to remind ourselves where we are on the charts and which way we are going and where to.. A Plan OH MY ..
Good Trading To All ; Ken Lee
  • #4,210
  • Sep 26, 2012 10:06am Sep 26, 2012 10:06am
Hi everyone!

I posted this 2 days ago; we're getting closer to entry.

AUDUSD based off the 4-hour chart:

Long @ 1.0290, Stop @ 1.0270, Target: tbd. (No matter what, risk-reward ratio is clearly beyond 3:1 )

Any comments welcome!
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  • #4,211
  • Sep 26, 2012 10:18am Sep 26, 2012 10:18am
Quoting EuroPipper
Hi everyone!

I posted this 2 days ago; we're getting closer to entry.

AUDUSD based off the 4-hour chart:

Long @ 1.0290, Stop @ 1.0270, Target: tbd. (No matter what, risk-reward ratio is clearly beyond 3:1 )

Any comments welcome!
chart

Remembered you just copied it to here.
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Good Trading To All ; Ken Lee
  • #4,212
  • Sep 26, 2012 10:29am Sep 26, 2012 10:29am
updated chart
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Good Trading To All ; Ken Lee
  • #4,213
  • Sep 26, 2012 10:36am Sep 26, 2012 10:36am
Well the EURUSD has given very little opportunity for S&D traders today. Had to drop down to the M1 just to find a small pocket of supply.

Straight to BE already.
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  • #4,214
  • Sep 26, 2012 10:37am Sep 26, 2012 10:37am
Quoting C-12
Well the EURUSD has given very little opportunity for S&D traders today. Had to drop down to the M1 just to find a small pocket of supply.

Straight to BE already.
yes with all the unrest over there anything is a bit of a punt . i am in long but who knows .. More a trade off the bottom than an s/d entry
Good Trading To All ; Ken Lee
  • #4,215
  • Sep 26, 2012 10:44am Sep 26, 2012 10:44am
Thanks for your comments Ken!

I absolutely agree, I double-check with any Fibo levels.

However, this possible AUDUSD trade reminds me what NZDUSD did on the 5th of September: (see attached chart) ...

It went deep below the 61.8 to catch the demand zone, kissed 0.7913 and shot up 430pips by the following week.

I'm hoping for a re-visit to such a scenario :-) Fingers crossed.
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  • #4,216
  • Sep 26, 2012 1:33pm Sep 26, 2012 1:33pm
Quoting C-12
Well the EURUSD has given very little opportunity for S&D traders today. Had to drop down to the M1 just to find a small pocket of supply.

Straight to BE already.
Hey C-12

Glad I'm not the only one who trades down into the really small TF...

Good stuff

Many pips to ya

TSD
  • #4,217
  • Sep 26, 2012 1:40pm Sep 26, 2012 1:40pm
Quoting TraderinSD
Hey C-12

Glad I'm not the only one who trades down into the really small TF...

Good stuff

Many pips to ya

TSD
Yeah, you can get some really nice risk reward ratios on a 1 minute chart if you get a broker with a low spread.

Although I need to stop expecting 30+ pip runners off a 1 minute level. Doesn't happen too often.
  • #4,218
  • Sep 26, 2012 3:53pm Sep 26, 2012 3:53pm
Quoting C-12
Yeah, you can get some really nice risk reward ratios on a 1 minute chart if you get a broker with a low spread.

Although I need to stop expecting 30+ pip runners off a 1 minute level. Doesn't happen too often.
30+ .. Yeah.. wouldn't that be nice

TSD
  • #4,219
  • Sep 26, 2012 4:47pm Sep 26, 2012 4:47pm
Ok, so this Aussie trade has now cleared a few obstacles. I'm going to try and run the last position to target by the trailing the stop behind any fresh demand levels.

It's around another 65 pips away from here. Let's see how this goes.
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  • #4,220
  • Sep 26, 2012 7:35pm Sep 26, 2012 7:35pm
Quoting EuroPipper
Thanks for your comments Ken!

I absolutely agree, I double-check with any Fibo levels.

However, this possible AUDUSD trade reminds me what NZDUSD did on the 5th of September: (see attached chart) ...

It went deep below the 61.8 to catch the demand zone, kissed 0.7913 and shot up 430pips by the following week.

I'm hoping for a re-visit to such a scenario :-) Fingers crossed.

Add 78.6 fib to your tool. See what happens
Illegitimi non carborundum - Noli pati a scelestis opprimi.
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