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B.S. Trading with Kenneth Lee

  • #4,281
  • Sep 28, 2012 6:12am Sep 28, 2012 6:12am
Quoting C-12
Well after a quiet morning with very little action in the EURUSD we get a big spike up into supply.
A quick update about this trade. I've been waiting for fresh levels to form to protect my stop and lock in some profits but it's a very rounded drop and nothing clean so far.

This is where it gets tricky for me. I can either take my money and run or hold out for the bigger picture to play out.

If I was a full time trader then I'd need a plan to deal with this since I'd be relying on the income.
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  • #4,282
  • Sep 28, 2012 6:13am Sep 28, 2012 6:13am
thank you again...

i have read all of sam seiden articles and watched his webinars..and feel that something is still missing when it comes to when to choose a DBR and RBD as a new fresh level or a touch to a previous level...

i do not know which detail i am missing..

Quoting C-12
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.
  • #4,283
  • Sep 28, 2012 6:14am Sep 28, 2012 6:14am
Quoting Trappist
i do not know which detail i am missing..
I do. Screen time.
  • #4,284
  • Sep 28, 2012 6:21am Sep 28, 2012 6:21am
Could you please explain "screen time" with a few sentences ?

Quoting C-12
I do. Screen time.
  • #4,285
  • Sep 28, 2012 6:26am Sep 28, 2012 6:26am
Quoting Trappist
Could you please explain "screen time" with a few sentences ?
Yes. Basically sit, watch and practice and practice over and over. Keep marking off those levels on all time frames and see how price reacts.

Look at Sam's last webinar from yesterday. He picked out a great level on the AUDUSD. To my untrained eye it looked really ugly but it turned price this morning.

*update* I'm out of the EURUSD trade. price based and then spiked up. Not bad for a 6 pip stop.
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  • #4,286
  • Sep 28, 2012 7:31am Sep 28, 2012 7:31am
Right, so now we see pockets of 1 minute supply popping up. The level has all the odds enhancers.

A 3 /4 candle base, strong drop. It was a 3:1 risk reward. Exactly in the right area on the bigger picture .

I took the pin as confirmation and then aggressively trail my stop. That's another 10 pips banked no matter where this goes.
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  • #4,287
  • Edited 8:51am Sep 28, 2012 8:47am | Edited 8:51am
Hi everyone,

Is anyone looking at this demand level to buy GBPUSD off the Daily chart?

Any comments welcome!
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  • #4,288
  • Sep 28, 2012 8:55am Sep 28, 2012 8:55am
Ok last one for the week. My first $1000+ week. Cheers guys for this awesome thread.

Now this entry would appear a bit random but I watch multiple pairs and they all started tanking big time!

It was very clear there was no demand level to hold up the Euro.

I wanted to join the party so I entered, stuck my stop to break even and trailed it.
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  • #4,289
  • Sep 28, 2012 8:58am Sep 28, 2012 8:58am
Not sure how many of you trade the Dow index (US30), but seems like there is a good demand zone here right now on 1-hour chart:

Long Dow @ 13366, stop @ 13320 (46 pips risk for 230pips target, 6:1 RR ratio, OR take half at 120pips target, 3:1)

Any comments welcome!
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  • #4,290
  • Sep 28, 2012 11:48am Sep 28, 2012 11:48am
Quoting C-12
Ok last one for the week. My first $1000+ week. Cheers guys for this awesome thread.
Great C-12. You have done some great trading.
  • #4,291
  • Sep 28, 2012 1:00pm Sep 28, 2012 1:00pm
Quoting rami_8
Great C-12. You have done some great trading.
Thanks. The difference this week was the larger position size, the smaller stops and extra aggressive trade management.

It's amazing what a string of winners can do for your confidence but I'll have to see if I can keep this up consistency.
  • #4,292
  • Sep 28, 2012 1:06pm Sep 28, 2012 1:06pm
Quoting C-12
It was very clear there was no demand level to hold up the Euro.
Simple enough right? Keep it up and this definitely won't be your last $1000 week.
  • #4,293
  • Sep 28, 2012 1:22pm Sep 28, 2012 1:22pm
Quoting C-12
Thanks. The difference this week was the larger position size, the smaller stops and extra aggressive trade management.

It's amazing what a string of winners can do for your confidence but I'll have to see if I can keep this up consistency.
Yes. Consistency is my problem at the moment. This week was not for me. I have not yet analyzed what I did, but I know now that I did too much bad trading. The good news is that it was only a BE week for me, but I have to figure out what I did wrong and learn my lesson.

I hope you can keep on trading as you have done now. I think you will. You have got it and you just do it because you like it. I believe that if you feel good and confident, it will come to you naturally, but if you try to force it then it will be more difficult. That's why it's so important to learn and find trading method that fits to you and your personality. And even in S&D there are many ways to do this and find the way that fits to you. It seems that you have found yours.
  • #4,294
  • Sep 28, 2012 1:34pm Sep 28, 2012 1:34pm
Just got home from work and see my short oz , tp'd for 61 pips
had a bit of draw down on it , But the last stretch last night, this am. touched a fresh 4 hr supply so I tightened my stop and hung on .

There was a bit of news last night that pushed it higher but you will find the longer time frame levesl are where price will turn. But it is a gamble after news but that is what makes the market move.

Funny but the level is only clear on the 4 hr chart. it happens.

Nice to finish the week with a good trade.
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Good Trading To All ; Ken Lee
  • #4,295
  • Sep 28, 2012 1:42pm Sep 28, 2012 1:42pm
Bit more
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Good Trading To All ; Ken Lee
  • #4,296
  • Sep 28, 2012 1:49pm Sep 28, 2012 1:49pm
and one more
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Good Trading To All ; Ken Lee
  • #4,297
  • Sep 28, 2012 1:58pm Sep 28, 2012 1:58pm
Quoting Kenneth Lee
Bit more
I was expecting also down move, but would have liked more if there was not that close above the highs. That was just a classic order accumulation and better price for big fish... so I did get in a bit later, and had to close sooner. But win is a win and it's good to end the week with a winning trade.
  • #4,298
  • Sep 28, 2012 2:01pm Sep 28, 2012 2:01pm
Quoting rami_8
I was expecting also down move, but would have liked more if there was not that close above the highs. That was just a classic order accumulation and better price for big fish... so I did get in a bit later, and had to close sooner. But win is a win and it's good to end the week with a winning trade.


yep, Good Job
Good Trading To All ; Ken Lee
  • #4,299
  • Sep 28, 2012 2:07pm Sep 28, 2012 2:07pm
Quoting rami_8
I was expecting also down move, but would have liked more if there was not that close above the highs. That was just a classic order accumulation and better price for big fish... so I did get in a bit later, and had to close sooner. But win is a win and it's good to end the week with a winning trade.
I like 4 hr levels rarely will i pass on taking one. the previous 4 hr had two touches.making this fresh. And anytime price has turned down even for a bit before a new level. It is almost quarnteed to allow you to at least make something.
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Good Trading To All ; Ken Lee
  • #4,300
  • Sep 28, 2012 4:33pm Sep 28, 2012 4:33pm
Quoting Kenneth Lee
Just got home from work and see my short oz , tp'd for 61 pips
had a bit of draw down on it , But the last stretch last night, this am. touched a fresh 4 hr supply so I tightened my stop and hung on .

There was a bit of news last night that pushed it higher but you will find the longer time frame levesl are where price will turn. But it is a gamble after news but that is what makes the market move.

Funny but the level is only clear on the 4 hr chart. it happens.

Nice to finish the week with a good trade.
Ahhh .. It's a beautiful thing

Nice trade KL

TSD
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