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B.S. Trading with Kenneth Lee

  • #4,441
  • Oct 9, 2012 6:39am Oct 9, 2012 6:39am
Quoting golferguy99
Ok,

2nd is the Aussie/$. This one is a little more tricky. we are creeping closer to a demand level on the daily. I will be trying to catch this supply level on the way down to the daily demand.

http://www.forexfactory.com/attachme...1&d=1349747952

Both levels look pretty decent. I will try and update their progress.
http://s14.postimage.org/6sj1kvob5/C...s_snapshot.png
  • #4,442
  • Oct 9, 2012 6:40am Oct 9, 2012 6:40am
Hi everyone!

Just an interesting picture here on GBPUSD's 30-min chart ... short-term supply levels coincide with the relevant Fibo retracement levels.

I'm pretty sure there are 3 scalp opportunities right there :-)
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.jpg Size: 85 KB
  • #4,443
  • Oct 9, 2012 6:44am Oct 9, 2012 6:44am
Hi again,

Just took this short GBPUSD off the 5-min chart.

Nice setup, odds are there.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD2.jpg Size: 70 KB
  • #4,444
  • Oct 9, 2012 6:48am Oct 9, 2012 6:48am
A cheeky scalp at BE while getting ready for work.. And why not.

With tight trade management even crappy looking levels can bring home a few pips... or a BE stop out. lol

Attached Image (click to enlarge)
Click to Enlarge Name: eu4.gif Size: 18 KB
  • #4,445
  • Oct 9, 2012 7:06am Oct 9, 2012 7:06am
Hi everyone,

Here's a EURUSD trade possibly coming soon:

Short @ 1.3004, stop @ 1.3024

Coincides with a short-term 61.8% Fibo, a gap, and levels-on-levels supply.

Comments welcome!
Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.jpg Size: 88 KB
  • #4,446
  • Oct 9, 2012 7:16am Oct 9, 2012 7:16am
Quoting EuroPipper
Hi everyone,

Here's a EURUSD trade possibly coming soon:

Short @ 1.3004, stop @ 1.3024

Coincides with a short-term 61.8% Fibo, a gap, and levels-on-levels supply.

Comments welcome!
Cheers.
This is exactly the same level Sam marked yesterday, so I'm moving my entry to match yours, to much competition
  • #4,447
  • Oct 9, 2012 7:17am Oct 9, 2012 7:17am
Quoting EuroPipper
Hi again,

Just took this short GBPUSD off the 5-min chart.

Nice setup, odds are there.
Another no brainer for at least 10 pips right there.
  • #4,448
  • Oct 9, 2012 7:17am Oct 9, 2012 7:17am
Quoting Peter_FX
This is exactly the same level Sam marked yesterday, so I'm moving my entry to match yours, to much competition
Awesome! We're like Pilots ;-)
  • #4,449
  • Oct 9, 2012 7:17am Oct 9, 2012 7:17am
it is rare to see S/D traders use fiboo !! what is the idea behind it ?
  • #4,450
  • Oct 9, 2012 7:20am Oct 9, 2012 7:20am
Quoting extremerrage
it is rare to see S/D traders use fiboo !! what is the idea behind it ?
Hi extremerrage,

Fibo is definitely on the bottom of my check list, however, that said, Demand/Supply traders are by definition "limit-order" or "retracement" traders.

So, if I think there is a "Good" supply level, a Fibo just gives me the extra confidence I need to reassure myself. I'd say it's a personal thing.

A Fibo level does not have to exist for a trade to be a winner.
  • #4,451
  • Oct 9, 2012 7:24am Oct 9, 2012 7:24am
Quoting EuroPipper
Hi extremerrage,

Fibo is definitely on the bottom of my check list, however, that said, Demand/Supply traders are by definition "limit-order" or "retracement" traders.

So, if I think there is a "Good" supply level, a Fibo just gives me the extra confidence I need to reassure myself. I'd say it's a personal thing.

A Fibo level does not have to exist for a trade to be a winner.
same like me it is the last thing to check ...
  • #4,452
  • Oct 9, 2012 7:28am Oct 9, 2012 7:28am
Guys, I want to provide you with a reason not to use conventional technical analysis such as fibs, trendlines, round numbers and moving averages.

Think about it logically.

If the majority of traders use these tools and 95% of those traders lose, you want be taking the opposite side of their trades and not joining them.

If a fib lines up with a supply level then it would only make me cautious about taking the level. Banks and institutions use conventional technical analysis for their own gains to trip up the masses.
  • #4,453
  • Oct 9, 2012 7:32am Oct 9, 2012 7:32am
Quoting C-12
Guys, I want to provide you with a reason not to use conventional technical analysis such as fibs, trendlines, round numbers and moving averages.

Think about it logically.

If the majority of traders use these tools and 95% of those traders lose, you want be taking the opposite side of their trades and not joining them.

If a fib lines up with a supply level then it would only make me cautious about taking the level. Banks and institutions use conventional technical analysis for their own gains to trip up the masses.

Ok, fair point, can't argue with that.
  • #4,454
  • Oct 9, 2012 7:33am Oct 9, 2012 7:33am
AUDUSD:

patiently waiting :-)
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.jpg Size: 78 KB
  • #4,455
  • Oct 9, 2012 7:36am Oct 9, 2012 7:36am
Quoting EuroPipper
Ok, fair point, can't argue with that.
The only indicator I use are pivots points but only as price reference points for viewing charts on multiple time frames, never for trading decisions.

Best thing is stick to the really obvious levels where banks and institutions are clearly buying and selling.
  • #4,456
  • Oct 9, 2012 7:52am Oct 9, 2012 7:52am
A thing of beauty.

Even nicer on a M1 chart. It's a 1.5 pip size level.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd3.gif Size: 26 KB
  • #4,457
  • Oct 9, 2012 8:38am Oct 9, 2012 8:38am
Quoting C-12
A thing of beauty.

Even nicer on a M1 chart. It's a 1.5 pip size level.

The trade of the day!
  • #4,458
  • Oct 9, 2012 8:41am Oct 9, 2012 8:41am
Damn my long scalp on GBP was not filled, got through it by 0.5pip, I need to get less precise

I moved my buy to 1.5980-ish area, I don't feel too confident buying where everyone else is buying.
  • #4,459
  • Oct 9, 2012 8:47am Oct 9, 2012 8:47am
Quoting EuroPipper
The trade of the day!
Aye looks like it ran for 40 pips. Can any other trading method deliver 20 or 30 to 1 ratios?

I doubt it.
  • #4,460
  • Oct 9, 2012 9:32am Oct 9, 2012 9:32am
Hi there Europipper!
Is that level considered fresh? Seems a front run of the supply level slightly just when price left that region.


Quoting EuroPipper
Hi everyone,

Here's a EURUSD trade possibly coming soon:

Short @ 1.3004, stop @ 1.3024

Coincides with a short-term 61.8% Fibo, a gap, and levels-on-levels supply.

Comments welcome!
Cheers.
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