B.S. Trading with Kenneth Lee | Page 214 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Day Trading vs. Swing Trading vs. Position Trading 86 replies

Attachments: B.S. Trading with Kenneth Lee
Exit Attachments

B.S. Trading with Kenneth Lee

  • #4,261
  • Sep 27, 2012 11:55am Sep 27, 2012 11:55am
Quoting bali2002
When you say higher TF which ones are looking? H1, H4, daily?
Basically I have my eye on the H4, H1 and M15 but will flick them around to a 30 or even the 5 if the levels aren't so obvious.

It's not really an exact science but you do have to be in sync with whats going on in the bigger picture.
  • #4,262
  • Sep 27, 2012 12:05pm Sep 27, 2012 12:05pm
Quoting bali2002
When you say higher TF which ones are looking? H1, H4, daily?
Regarding higher TF...

Basically we are looking for the overall trend... Wind at you back so to speak. Trading from levels that are in step with the overall trend. No counter trend trading at this point.

Stay with KL's 30M TF for now. This will teach you about picking SD levels. I would not recommend moving to the smaller TF at this time. Get a solid foundation on the 30M...


Many pips to ya

TSD
  • #4,263
  • Sep 27, 2012 12:07pm Sep 27, 2012 12:07pm
Quoting C-12
Just in the live webinar now with Sam Seiden and he's marked off a really strange level I've never seen before. His logic made sense.

Worth watching the video later.
Can you give us a tease..

TSD
  • #4,264
  • Sep 27, 2012 12:09pm Sep 27, 2012 12:09pm
C-12, what do you use to set your SL: S/D level or confirmation bar?
You can control your emotions
  • #4,265
  • Sep 27, 2012 12:16pm Sep 27, 2012 12:16pm
Quoting Sztukmistrz
C-12, what do you use to set your SL: S/D level or confirmation bar?
I start with it behind the S&D level and then bring it in behind the confirmation bar as price starts to engulf the confirmation bar. Once the trade starts moving I'm at break even + spread.

My mouse is constantly hovering over the stop loss bar as the trade starts moving. My aim is to take my risk out of the trade ASAP but you have to give it a few pips breathing space.
  • #4,266
  • Sep 27, 2012 12:45pm Sep 27, 2012 12:45pm
C-12, what money managment do you use?
You can control your emotions
  • #4,267
  • Sep 27, 2012 12:51pm Sep 27, 2012 12:51pm
Quoting Sztukmistrz
C-12, what money managment do you use?
1 standard lot. Keeps it simple.

So that's $10 per pip and stops are usually around 3 to 6 pips.
  • #4,268
  • Sep 27, 2012 1:19pm Sep 27, 2012 1:19pm
Well some bogus news event comes out and the Euro rallies 100 pips straight through some scruffy looking supply.

I'm not trading these levels but marked em off for fun. Think we'll most likely get to the upper level eventually as this is also H4 and H1 supply.

I want to see how price reacts to that and then start looking for fresh M1 supply levels tomorrow.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu15.gif Size: 31 KB
Click to Enlarge Name: 4.jpg Size: 218 KB
  • #4,269
  • Sep 28, 2012 4:31am Sep 28, 2012 4:31am
Well after a quiet morning with very little action in the EURUSD we get a big spike up into supply.

You just have to stand aside until and watch on days like this. If you see a obvious rejection at a good level then worth a punt. Get to break even fast though.

I also watch the GBPUSD and the EURGBP on the same screen. The GBP didn't confirm with this move at all.
Attached Image (click to enlarge)
Click to Enlarge Name: eu2.gif Size: 23 KB
  • #4,270
  • Sep 28, 2012 4:54am Sep 28, 2012 4:54am
Need your help to be sure if I am thinking right..

At the chart below, it is possible that we might have a supply level, in the rectangle I have drawn on the left corner, that is not seen at this time frame.

If we go down to a smaller time frame, and let's say we have find a supply level in the rectangle, that means the yellow shaded area is a pivot high to that level.

If my interpretations is wrong, than it means the yellow shaded area represents a fresh supply level.

Could anyone help to understand this issue ?

Many thanks
Attached Image
  • #4,271
  • Sep 28, 2012 4:56am Sep 28, 2012 4:56am
Quoting Trappist
If my interpretations is wrong, than it means the yellow shaded area represents a fresh supply level.

Could anyone help to understand this issue ?

Many thanks
My guess is that upper supply level was sourced from a lower time frame level. For upper supply levels you want to include the wicks at the top.
  • #4,272
  • Sep 28, 2012 5:06am Sep 28, 2012 5:06am
Thank you..any other comments are appreciated..
  • #4,273
  • Sep 28, 2012 5:11am Sep 28, 2012 5:11am
Quoting Trappist
Thank you..any other comments are appreciated..
You also mention about previous levels. You'll find that almost all levels are formed from prior S&D levels. My favorite being swap levels (supply turned demand and vica verca).

It's very rare to see price change for no reason but it happens. Big news can do this.

The important things to look for are:

1) Fresh level (no more than 2 retests)
2) Level structure. You'll notice this with time.
3) Bigger time frame context
  • #4,274
  • Sep 28, 2012 5:23am Sep 28, 2012 5:23am
In this concept of supply&demand..i think the only levels which are really fresh are Swap levels...

Because Rally-Base-Drop or Drop-Base-Rally levels are always touches to previous levels, most of the times these levels are not seen on the time frame we are looking at.

what do you think about these comments ?
  • #4,275
  • Sep 28, 2012 5:32am Sep 28, 2012 5:32am
c 12 i would like ur opinion about this 1 h gold chart , is that a clear swap level ? and in order to view a zone in SD should we include the wicks also ?
Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 32 KB
  • #4,276
  • Sep 28, 2012 5:34am Sep 28, 2012 5:34am
Quoting Trappist
In this concept of supply&demand..i think the only levels which are really fresh are Swap levels...

Because Rally-Base-Drop or Drop-Base-Rally levels are always touches to previous levels, most of the times these levels are not seen on the time frame we are looking at.

what do you think about these comments ?
Well I've seen great fresh levels fail and I've seen pivot highs / lows work great over and over. The key is being in sync with the bigger picture.

The next key is minimizing risk by taking some profits out of a trade early or just going straight to BE.

Here's the H4 & H1 picture right now of the EU. Would you prefer to take longs or shorts on the lower levels?
Attached Image (click to enlarge)
Click to Enlarge Name: eularger.jpg Size: 123 KB
  • #4,277
  • Sep 28, 2012 5:38am Sep 28, 2012 5:38am
Quoting extremerrage
c 12 i would like ur opinion about this 1 h gold chart , is that a clear swap level ? and in order to view a zone in SD should we include the wicks also ?
Yes that top level looks (and inside D1 supply) good now don't give anything back. Get the stop to break even and go to a lower time frame level and trail that stop behind any fresh levels that form.

Don't give anything back.

*Update* That is a swap level but why is that lower sell order still open? Keep your stops tight and don't be afraid to take the occasional small loss.
  • #4,278
  • Sep 28, 2012 5:46am Sep 28, 2012 5:46am
I see...since the higher time frame trend is down, I would short it..

but do you agree about any level which is Rally-Base-Drop or Drop-Base-Rally is always touch to a previos level which is maybe not visible on the time frame we look at ?

Quoting C-12
Well I've seen great fresh levels fail and I've seen pivot highs / lows work great over and over. The key is being in sync with the bigger picture.

The next key is minimizing risk by taking some profits out of a trade early or just going straight to BE.

Here's the H4 & H1 picture right now of the EU. Would you prefer to take longs or shorts on the lower levels?
  • #4,279
  • Sep 28, 2012 5:50am Sep 28, 2012 5:50am
Quoting Trappist
I see...since the higher time frame trend is down, I would short it..

but do you agree about any level which is Rally-Base-Drop or Drop-Base-Rally is always touch to a previos level which is maybe not visible on the time frame we look at ?
Yes.. But sometimes old levels can freshen up again and new orders can come into the market.

I see pivot highs as just a straight spike up and down. The RBD and DBR levels ideally have some brief trading activity before reversing.
  • #4,280
  • Sep 28, 2012 6:11am Sep 28, 2012 6:11am
Quoting C-12
Yes that top level looks (and inside D1 supply) good now don't give anything back. Get the stop to break even and go to a lower time frame level and trail that stop behind any fresh levels that form.

Don't give anything back.

*Update* That is a swap level but why is that lower sell order still open? Keep your stops tight and don't be afraid to take the occasional small loss.
yep u r right but this is just a demo... and the first one was opened yesterday and i forgot it but the second one i took today , and thx a lot for ur contribution c12
3 traders viewing now