B.S. Trading with Kenneth Lee | Page 219 | 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

  • #4,361
  • Oct 3, 2012 9:48am Oct 3, 2012 9:48am
Quoting Haydel
Well it is clear that I have a lot to learn about this method. I was Stopped out on this one. This is what I think went wrong.

1. The way the price approached the Demand Level. In this case it was too slow, it took several bars to get there, so there where almost no reaction.

2. I could have considered Level over Level to see the need of using a bigger SL and because that SL would have been too big I would have preferred to avoid the trade.

3. The Daily TF is showing a nice Demand Level, I should have waited to start seen the reaction form...
Just look at bigger picture it make things much clearer.

Thais is how i see it

http://s13.postimage.org/b4btrwy6v/C...y_snapshot.png
  • #4,362
  • Oct 3, 2012 9:58am Oct 3, 2012 9:58am
GBPUSD looks interesting too BUY.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_h4-2012-10-04.gif Size: 17 KB
  • #4,363
  • Oct 3, 2012 10:12am Oct 3, 2012 10:12am
Quoting Rufus
Every trade is not going to be a winner. You might lose the next 4 staight then win twenty. It was a good level.

I had considered some pending orders on the Aussie. The only thing that kept me from doing so was all the news coming out this week. We have no idea the orders that may get pulled off.
Thank you for your comment Rufus.

During my trading experience I see that I get to exited when I have to decide when to pull the trigger and lately I'm making bad emotional decisions at those moments. That is why I'm trying Pending Orders on Supply/Demand Levels in order to analyse the charts, set a plan for every trade and remove the emotional part.
  • #4,364
  • Oct 3, 2012 10:17am Oct 3, 2012 10:17am
Quoting Haydel
GBPUSD looks interesting too BUY.
To choppy for me, I would not go long until 1.6035, you can scalp it for few pips but is there reasonable R:R ?
  • #4,365
  • Oct 3, 2012 4:05pm Oct 3, 2012 4:05pm
This is what I'm waiting for the next one or two days on EURUSD
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_h4-2012-10-04.gif Size: 13 KB
  • #4,366
  • Edited 5:05pm Oct 3, 2012 4:52pm | Edited 5:05pm
Here's a pending order made earlier off the M1 against my plan but with a 5 pip stop, the R/R looked great.

This can still potentially run overnight but my trade manager line was auto set to TP at 20 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: audm1.jpg Size: 171 KB
  • #4,367
  • Oct 3, 2012 10:30pm Oct 3, 2012 10:30pm
Here is a nice little supply level on GBP/USD. Looking for 1:2 risk/reward on this.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.jpg Size: 157 KB
PIP'N
  • #4,368
  • Oct 3, 2012 10:54pm Oct 3, 2012 10:54pm
Attached Image (click to enlarge)
Click to Enlarge Name: AUD #1.JPG Size: 80 KB


Here was the set up for the AUD long off the 4HR level.


Attached Image (click to enlarge)
Click to Enlarge Name: AUD #2.JPG Size: 87 KB


Price dropped right on top of my resting order..Missed the entry by less than a pip.

Sometimes you catch them .. sometimes you dont.

On to the next one.

TSD
  • #4,369
  • Oct 4, 2012 1:10am Oct 4, 2012 1:10am
Quoting golferguy99
Here is a nice little supply level on GBP/USD. Looking for 1:2 risk/reward on this.
The move up to that level was strong but the move away from the level didn't look very strong. It was also a level which was created in the overnight sessions.

Also GBPUSD had just started basing for a potential up move. Why such a large stop? Are you still in this trade?
  • #4,370
  • Oct 4, 2012 1:42am Oct 4, 2012 1:42am
I'm up nice and early for the london session and I like to evaluate the USDX.

We have come off daily supply but price barely touched the level. We can't rule out a further upthrust into the level but bias is bearish.

On the H1 you can see that the DX stalled in no mans land over the last 2 sessions. This has created some slow moving trading conditions.
Attached Image (click to enlarge)
Click to Enlarge Name: DX.jpg Size: 112 KB
  • #4,371
  • Oct 4, 2012 2:30am Oct 4, 2012 2:30am
Quoting C-12
I'm up nice and early for the london session and I like to evaluate the USDX.

We have come off daily supply but price barely touched the level. We can't rule out a further upthrust into the level but bias is bearish.

On the H1 you can see that the DX stalled in no mans land over the last 2 sessions. This has created some slow moving trading conditions.
There was no lower low it can still turn around and go higher. Daily supply level is more of a drop base drop. Overall its a strong down trend tho (dollar printing).

euro index is also at some resistance.

http://s9.postimage.org/5rt6hhvhb/eurx.jpg
  • #4,372
  • Oct 4, 2012 2:43am Oct 4, 2012 2:43am
Quoting Peter_FX
There was no lower low it can still turn around and go higher. Daily supply level is more of a drop base drop. Overall its a strong down trend tho (dollar printing).

euro index is also at some resistance.
Direction still short term uncertain so I'm scalping what I can and trailing aggressively.
Attached Image (click to enlarge)
Click to Enlarge Name: eu2.gif Size: 20 KB
  • #4,373
  • Oct 4, 2012 2:54am Oct 4, 2012 2:54am
C-12,

That was my only concern with it but I was willing to put my money on the line. Stop was only 7 pips and I got stopped out.
PIP'N
  • #4,374
  • Oct 4, 2012 2:59am Oct 4, 2012 2:59am
Hi All,


GBPUSD 1-min chart: Drop-base-rally and entry on the first retracement.


Long at 1.6103. Took half of my profits at 10pips, and now stop at break-even for the other half, will let it run to short-term supply at 1.6124.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 1min.jpg Size: 63 KB
  • #4,375
  • Oct 4, 2012 3:02am Oct 4, 2012 3:02am
Quoting EuroPipper
Hi All,


GBPUSD 1-min chart: Drop-base-rally and entry on the first retracement.


Long at 1.6103. Took half of my profits at 10pips, and now stop at break-even for the other half, will let it run to short-term supply at 1.6124.
Excellent trading.

Although I would have trailed my 2nd stop to either of these levels to really lock profits down.

On the other hand I can see there's no problem leaving a BE stop for a runner.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.jpg Size: 62 KB
  • #4,376
  • Oct 4, 2012 3:18am Oct 4, 2012 3:18am
exactly, i think there's too much noise on the 1-min to trail tightly.

Just got filled on the second half at 1.6124!
  • #4,377
  • Oct 4, 2012 3:22am Oct 4, 2012 3:22am
Quoting EuroPipper
exactly, i think there's too much noise on the 1-min to trail tightly.

Just got filled on the second half at 1.6124!
'noise' on the M1. You'll soon realise the opposite if you keep trading this time frame.

Anyway. Back in again on the EU.
Attached Image (click to enlarge)
Click to Enlarge Name: eu2.gif Size: 22 KB
  • #4,378
  • Oct 4, 2012 3:44am Oct 4, 2012 3:44am
Hi All,

Looking to have another shot at buying GBPUSD on a drop-base-rally setup.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 1min II.png Size: 18 KB
  • #4,379
  • Oct 4, 2012 3:52am Oct 4, 2012 3:52am
EUR/JPY keeping an eye on this setup, there is one pullback to this zone so I squeezed it to 30 pips stop, about 100 pips profit.

http://s18.postimage.org/ulaqfc9ll/C...s_snapshot.png
  • #4,380
  • Edited 4:24am Oct 4, 2012 4:14am | Edited 4:24am
Quoting EuroPipper
Hi All,

Looking to have another shot at buying GBPUSD on a drop-base-rally setup.
It could work out for a few pips but I didn't take it. Arrival was sloppy and I didn't see much of a sharp rejection.

Then again after 10am UK time the market always seems to die a death.

Also I'm not much of a candlestick follower but the H1 candle is hard to ignore and would cause me some issues.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp2.gif Size: 24 KB
2 traders viewing now