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

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B.S. Trading with Kenneth Lee

  • #4,521
  • Oct 10, 2012 9:57pm Oct 10, 2012 9:57pm
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Took this long off the 30M TP Demand area previously discussed.( see chart below candle 1,2, and 3 ) I was obviuosly late on the entry as I was looking for clear rejection as we are trading counter trend. Entered with a maket order.

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Things happen rather quickly as we can see. Did not have time to set my stops.. ( not a smart thing to do )

Please do not try this at home !

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Reasons behind taking this trade.

1) Series of HH's and HL's indicated by the white trend line.
2) This move is coming up from Daily and 4Hr Demand Level
3) We are trading between the levels.
4) We had clear rejection at the 30M Demand Area. ( key for this counter trend )
5) We are trading out of a Drop-Base-Rise pattern on the longer TF's Daily and 4Hr.
6) When we are in a base on the larger TF's, the Supply Level ( in this case ) tend to act like magnets for price to move to. This can allow us to trade counter trend given the proper (previoulsy discussed 1-5 above) PA

It is a higher risk trade and those still learning ( hell, we're all still learning ) should not take these until you are doing very well on the 30M in the direction of the trend.

Pipage on this trade +36

Good trading to all

TSD
  • #4,522
  • Oct 10, 2012 11:46pm Oct 10, 2012 11:46pm
good morning everybody,

pending order at 1,2817 was nicely executed with a 40pip + , thats how to start a day and a pending order...yess
  • #4,523
  • Oct 11, 2012 12:14am Oct 11, 2012 12:14am
Quoting Infest
good morning everybody,

pending order at 1,2817 was nicely executed with a 40pip + , thats how to start a day and a pending order...yess
Did it even get that low?
A 1 pip gain is better than a 1 pip loss.
  • #4,524
  • Oct 11, 2012 12:53am Oct 11, 2012 12:53am
Quoting TraderinSD
Attachment It is a higher risk trade and those still learning ( hell, we're all still learning ) should not take these until you are doing very well on the 30M in the direction of the trend.

Pipage on this trade +36

Good trading to all

TSD
Nice trading sir and great advice as always.

I'd like to share a fantastic indicator that I stumbled across the other day on Ace Gazette.

Gilben's Clean cut cube indicator will auto format your rectangle levels drawn in metatrader. It can also change the box colour when the level has been touched and even show swap levels. I am amazed how useful this tool is!

For more info on this go to:

http://www.acegazette.com/en/forum/i...cube.html#5976

Also that site and forum is awesome for all S&D traders.
Attached File(s)
File Type: zip GilbenCleancutCubev103.zip   2 KB | 1,468 downloads
  • #4,525
  • Oct 11, 2012 12:57am Oct 11, 2012 12:57am
Quoting C-12
Nice trading sir and great advice as always.

I'd like to share a fantastic indicator that I stumbled across the other day on Ace Gazette.

Gilben's Clean cut cube indicator will auto format your rectangle levels drawn in metatrader. It can also change the box colour when the level has been touched and even show swap levels. I am amazed how useful this tool is!

For more info on this go to:

http://www.acegazette.com/en/forum/i...cube.html#5976

Also that site and forum is awesome for all...

Thanks C-12..

Will take a look

TSD
  • #4,526
  • Oct 11, 2012 1:00am Oct 11, 2012 1:00am
Quoting TraderinSD
Thanks C-12..

Will take a look

TSD
Really worth trying. Here's what it does. Notice how it perfectly formats your boxes to the right.. It always keeps your levels visible on the screen

I've set mine to turn grey when touched and dark blue when it's a swap level.

Seriously awesome indicator.
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  • #4,527
  • Oct 11, 2012 1:06am Oct 11, 2012 1:06am
[quote=Infest;6087877]good morning everybody,

pending order at 1,2817 was nicely executed with a 40pip + , thats how to start a day and a pending order...yess [/QUOTE

Oh i meant 1 2828 sry
  • #4,528
  • Oct 11, 2012 2:09am Oct 11, 2012 2:09am
Quoting C-12
Really worth trying. Here's what it does. Notice how it perfectly formats your boxes to the right.. It always keeps your levels visible on the screen

I've set mine to turn grey when touched and dark blue when it's a swap level.

Seriously awesome indicator.

Fantastic! ... and nice trade there on the 5-min, C-12 :-))
  • #4,529
  • Oct 11, 2012 2:16am Oct 11, 2012 2:16am
Quoting EuroPipper
Fantastic! ... and nice trade there on the 5-min, C-12 :-))
Yeah took some pips out of that one. And back in on a deeper retest.

My days work is done and it's only 8:15. lol
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  • #4,530
  • Oct 11, 2012 2:17am Oct 11, 2012 2:17am
Quoting C-12
Yeah took some pips out of that one. And back in on a deeper retest.

My days work is done and it's only 8:15. lol

LOL !!! Time for a coffee then ;-)
  • #4,531
  • Oct 11, 2012 2:24am Oct 11, 2012 2:24am
Quoting EuroPipper
LOL !!! Time for a coffee then ;-)
Haha

Here's how I'm trailing it. A 15 pip stop lock but would like to see a run to the upper level. Maybe a champagne breakfast then.

I ain't giving any of them pips back.
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  • #4,532
  • Oct 11, 2012 2:44am Oct 11, 2012 2:44am
A quick 1-min chart scalp for 5 pips.
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  • #4,533
  • Oct 11, 2012 2:46am Oct 11, 2012 2:46am
Quoting C-12
Haha

Here's how I'm trailing it. A 15 pip stop lock but would like to see a run to the upper level. Maybe a champagne breakfast then.

I ain't giving any of them pips back.

I used to be scared of the 1-min chart. I'm starting to fall in love...
  • #4,534
  • Oct 11, 2012 3:03am Oct 11, 2012 3:03am
Quoting EuroPipper
I used to be scared of the 1-min chart. I'm starting to fall in love...
Absolutely, and of course the best risk reward ratios. You just have to be very sharp with the trade management, grab your pips when offered and chop down any losers fast.

The runners will take care of themselves eventually.
  • #4,535
  • Oct 11, 2012 3:18am Oct 11, 2012 3:18am
I'm not a fan of breakouts usually but this reaction in blue to the left supply level (asian session) was clearly bogus.

Same trade management applies, BE stop and then will try trail this to the next supply level.
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  • #4,536
  • Oct 11, 2012 5:02am Oct 11, 2012 5:02am
Hi Guys

Just wanted to say a big thank you to Ken for a great thread.
Been lurking in the background for sometime.
Hope to post some charts and participate a bit.

Cheers

Andy
  • #4,537
  • Oct 11, 2012 5:28am Oct 11, 2012 5:28am
Currently short eur/$ from 4hr supply area.
Watching the 60 min flip area at 1.2865 to cover my position.
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  • #4,538
  • Oct 11, 2012 6:00am Oct 11, 2012 6:00am
Something I like to add to my charts is ATR (Average True Range). Once a pair has hit it's 20 day average range then a reversal is likely, especially when it lines up with a supply level.
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  • #4,539
  • Oct 11, 2012 7:04am Oct 11, 2012 7:04am
What do you think of this level on the 4hr?

I personally don't like that the swing high has just been taken out and price has now closed on this 4hr chart above the high. Momentum looking bullish indeed.
But ATR is done for today so possible retracement on the cards.

Thoughts welcomed as always.
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  • #4,540
  • Oct 11, 2012 7:10am Oct 11, 2012 7:10am
Quoting Red or Black
What do you think of this level on the 4hr?

I personally don't like that the swing high has just been taken out and price has now closed on this 4hr chart above the high. Momentum looking bullish indeed.
But ATR is done for today so possible retracement on the cards.

Thoughts welcomed as always.
Agreed. I've had 5 failed attempts to short this thing over the last couple of hours. Each one stopped out dead for BE. Frustrating but eventually one is going to run.

Attempt 6 in progress.
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