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B.S. Trading with Kenneth Lee

  • #4,601
  • Oct 15, 2012 7:56am Oct 15, 2012 7:56am
Not sure I can explain this entry to be honest (screentime perhaps?) but I took my 6 pips and got to BE and now stop locked it.

That's the important thing since I cannot predict the future.

Ok off to work.
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  • #4,602
  • Edited 2:10pm Oct 15, 2012 1:59pm | Edited 2:10pm
Thanks TraderinSD

I have a quick question on the levels for KL, TrendinSD, C-12.

Please see the highlited text in blue. From what I understand, we should consider ONLY those levels that has a base(few candles sideways. Number of candles depends on the time frame)

A sharp Rise with no base(Demand level) or a sharp drop with no base(Supply level) is not considered as a level. am I right?

Thanks for your help!

Quote
#2 Price move SIDEWAYS for 7 candles. Remember in the smaller TF you can get a few more bars. The key is are they moving SIDEWAYS? This is not a pull back. Price then proceeds to drop again creating the Drop-Base-Drop pattern. This creates a great level ( the BASE in the Drop-Base-Drop ) to be looking for price to return (Supply)... Remember we are in a down trend... Odds Enhancer = Trading with the trend

Quote
a) Price did not spend any real time creating a base ( Rise-base-Drop)
Thanks to Rocky!
  • #4,603
  • Edited 2:29pm Oct 15, 2012 2:13pm | Edited 2:29pm
Quoting Nritv
A sharp Rise with no base or a sharp drop with no base is not considered as a level. am I right?
Yes and no really, it's could also be time frame dependent. I've seen single candle pivot highs and lows work great. It depends if they are fresh or not. That appears to be the main thing from what I can see.

Earlier I posted an M1 chart with a 2 candle spike high that worked nicely.

What I recommend is to use Gilben's clean cube indicator, mark off the levels and then return later and see what the result was. Lot's and lots of practicing.
  • #4,604
  • Oct 15, 2012 3:14pm Oct 15, 2012 3:14pm
thanks for posting this indicator... great stuff!

makes supply demand trading a lot easier
  • #4,605
  • Oct 15, 2012 6:19pm Oct 15, 2012 6:19pm
Thanks guys. I will go back the drawing board and do more research.
Winners add to winning trades!
  • #4,606
  • Oct 15, 2012 7:39pm Oct 15, 2012 7:39pm
Maybe the Asian session isn't so bad after all

*EDIT* apparently there was some news about possible rate cuts? I have no idea about that.. Price just arrived beautifully into a demand level.
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  • #4,607
  • Oct 15, 2012 9:47pm Oct 15, 2012 9:47pm
Quoting TraderinSD
Attachment


Took this short on the second revist into the 30M Supply level. Notice how price moved deeper into the level on second revisit. KL speaks to this..
Odds Enhancer = Price approached this area in fairly strong fashion. ..then fizzled at the last minute.
Odds Enhancer = As we are trading with the major trend.

We took the short on a MO.

Given this is the CAD and we are in the Asain session a 2:1 R/R is more than enough..This is an agressive trade Will see?

Good trading to all

TSD
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A bit of a delay on posting a chart for the exit on the CAD short. Closed a 2 lot position for just over 40 + pips. As we can see price blew right through my TP which is fine. This was set with 2 lots with a 2: 1 R/R.

Plan the trade.. Trade the plan.

Good trading to all

TSD
  • #4,608
  • Oct 15, 2012 10:12pm Oct 15, 2012 10:12pm
Quoting C-12
Maybe the Asian session isn't so bad after all

*EDIT* apparently there was some news about possible rate cuts? I have no idea about that.. Price just arrived beautifully into a demand level.

Maybe the Asian session isn't so bad after all ....

Yep.. works for me.. Just shows that KL's method can be traded profitably in the Asain session or on the 1M TF as you have shown C-12.


But please remember all.. For those still in the early stage of learning this method, if you can trade the London/US session.. DO SO.. Stay with the 30M as KL has suggested...

C-12 does a very good job at trading the 1M.. But learn the method on the 30M first. You will then stand a very good chance of trading the 1M as C-12 does.

Good trading to all

TSD
  • #4,609
  • Oct 15, 2012 10:44pm Oct 15, 2012 10:44pm
Just putting my black hat on :-)....Does a couple of good trades during Asia really prove that trading during Asia is as reliable as any other session? Do your historical records show you that that is the case? I know for me, the Asian session is less reliable over time.
All that matters is winning the week
  • #4,610
  • Oct 15, 2012 11:09pm Oct 15, 2012 11:09pm
Quoting C-12
What I recommend is to use Gilben's clean cube indicator, mark off the levels and then return later and see what the result was. Lot's and lots of practicing.
Tried downloading it. Contained some sort of problem in the script and would not download to Oanda MT4 platform.
  • #4,611
  • Oct 15, 2012 11:37pm Oct 15, 2012 11:37pm
Quoting lindsayf
Just putting my black hat on :-)....Does a couple of good trades during Asia really prove that trading during Asia is as reliable as any other session? Do your historical records show you that that is the case? I know for me, the Asian session is less reliable over time.
All my trades posted on this thread are from the Asain session. Sorry to hear you having trouble.

TSD
  • #4,612
  • Oct 16, 2012 12:33am Oct 16, 2012 12:33am
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A quick little short on the 1M..Couldn't resist C-12 .

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Headed in the right direction

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We started to stall a bit.. So I took my leave fora 10 pips plus profit.

The spread a bit tough

Good Trading to All

TSD
  • #4,613
  • Oct 16, 2012 3:37am Oct 16, 2012 3:37am
Quoting Lou
Tried downloading it. Contained some sort of problem in the script and would not download to Oanda MT4 platform.
Have you tried it on another platform? I use FXPro and it works a treat. Maybe worth dropping by on acegazette.com and seeing if Gilben can take a look at the error.
  • #4,614
  • Oct 16, 2012 3:54am Oct 16, 2012 3:54am
Quoting TraderinSD
We started to stall a bit.. So I took my leave fora 10 pips plus profit.

The spread a bit tough

Good Trading to All

TSD
Nice work. Yes the spread is a serious issue on the M1 which is why the london session is great.

Anyway. A pocket of M1 supply formed earlier in the EU just in time for my arrival at the computer.

An easy 6 pips bagged and now risk free.
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  • #4,615
  • Oct 16, 2012 4:16am Oct 16, 2012 4:16am
Quoting C-12
An easy 6 pips bagged and now risk free.
So I went to the bathroom and came back and I was stopped out for BE.

I immediately saw the obvious rejection off the higher M30 level and got straight back in. Took my 6 pips and now we have a runner.

Can you see the importance of getting safe early by taking some pips and getting to BE?

There is no need to lose money at this guys.

.
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  • #4,616
  • Oct 16, 2012 4:19am Oct 16, 2012 4:19am
Sharp catch there, I missed the first leg to short it and have to wait for a possible retracement and FTB to this minor level. Rejection off the high seems strong.

Quoting C-12
So I went to the bathroom and came back and I was stopped out for BE.

I immediately saw the obvious rejection off the higher M30 level and got straight back in. Took my 6 pips and now we have a runner.

Can you see the importance of getting safe early by taking some pips and getting to BE?

There is no need to lose money at this guys.

.
  • #4,617
  • Oct 16, 2012 4:23am Oct 16, 2012 4:23am
Chart
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  • #4,618
  • Oct 16, 2012 5:17am Oct 16, 2012 5:17am
Quoting lindsayf
Just putting my black hat on :-)....Does a couple of good trades during Asia really prove that trading during Asia is as reliable as any other session? Do your historical records show you that that is the case? I know for me, the Asian session is less reliable over time.

When trading Asia , it is important to trade follow thru/ looking for continuation of the directions started by London and then the U.S.
It is normally a matter of just trying to finish a leg or move started from a level moving towards the next , on longer time frames . During the overlap or quite periods price will consolidate forming classic patterns pendants, flags and triangles. This are pretty reliable during these times and if played to continue the moves are good entry levels.

It still comes down to trading the S/D levels but maybe you have to join a move in progress.

I take trades at the most strange times , Just when i sit down at my machine, But I look for where price has left and then where it is headed. I don't zoom down into a fast chart like C-!2 but I can see pretty much what he is taking his trades off by watching Price Action unfold and knowing what the direction of the move could be by where price is lying in relation to levels on the screen.

These are good things to look for during slow periods as you can just scroll your chart back wards and then move to the right candle by candle to see action that has happened . It is important to do these things because talking about stuff doesn't show you what it looks like in real time.

Cheers
Good Trading To All ; Ken Lee
  • #4,619
  • Oct 16, 2012 5:23am Oct 16, 2012 5:23am
Plus don't forget we get news releases during every session and it is news that moves the price into our levels. Just each time of day has it's own personality and takes a bit of getting used to. but if you can scratch out a few during slower sessions then think how that could improve your trading during faster sessions. Plus I remember the days that getting just a few during any session was the best we could do.
Good Trading To All ; Ken Lee
  • #4,620
  • Oct 16, 2012 5:33am Oct 16, 2012 5:33am
During the overlap or quite periods price will consolidate forming classic patterns pendants, flags and triangles. This are pretty reliable during these times and if played to continue the moves are good entry levels.

I threw out the above comment , but if you look within those patterns you will find S/D levels to enter off of. This is where learning a bit of price action pays off. as each turn is caused by orders, The pattern forms because more orders coming quicker as the mentality starts to see the possibility . then when the new session opens we can get a POP threw whatever reaming counter force was left . But a lot of times that is the complete move so if your not in it you missed it.
Good Trading To All ; Ken Lee
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