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B.S. Trading with Kenneth Lee

  • #4,641
  • Oct 16, 2012 1:35pm Oct 16, 2012 1:35pm
Quoting Infest
What Im still having problems with is the following: I find good supply and demand levels and almost everytime they work out at least 15 pips , sometimes when reaching the small range zone before breaking out, sometimes at the end (this is usually not so good since i enter before the range)

So now Im having a hard time deciding either to take the 15pips and get out, or setting a Break Even level.
Easy this one. Take 50% off at 15 pips and go to BE on the rest of the position. I'd probably get the entire position to BE even earlier.
  • #4,642
  • Oct 16, 2012 2:02pm Oct 16, 2012 2:02pm
Quoting C-12
Easy this one. Take 50% off at 15 pips and go to BE on the rest of the position. I'd probably get the entire position to BE even earlier.
This is the way to go. I remember when i first learned of trading someone was telling me to take profits early and then setting the rest to BE. It's sort of like setting a goal for a minimum return and calling that your paycheck while the rest will be the account builder. I also remember reading someone else talk about this from this forum. Its definately a great place to trade from psychologically.
  • #4,643
  • Oct 16, 2012 2:10pm Oct 16, 2012 2:10pm
Quoting C-12
Easy this one. Take 50% off at 15 pips and go to BE on the rest of the position. I'd probably get the entire position to BE even earlier.
Ok i will try to do that in the future... do you trade this style on every timeframe or is this better off lower or higher ones?

The worst is always to know you were in good profit and returned even a negative outcome... or at least break even...
  • #4,644
  • Oct 16, 2012 2:49pm Oct 16, 2012 2:49pm
Quoting Infest
The worst is always to know you were in good profit and returned even a negative outcome... or at least break even...
I will never allow that to happen. I get to BE fast and trail my stop aggressively.

If I can lock in 10-15 pips off an M1 chart I'll take my money and run. For me that's $100 to $150 and I refuse to hand that profit back to the market.
  • #4,645
  • Oct 16, 2012 3:16pm Oct 16, 2012 3:16pm
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I traded the 3010-3000 EURUSD first retest at pole after its breakout during london

pretty safe 25pips, also hidden divergence to be seen
  • #4,646
  • Oct 17, 2012 3:13am Oct 17, 2012 3:13am
Quoting C-12
I decided to try Sam Seiden's day trading method and watch the small timeframes between 7am - 9am central.

Firstly I go to the H4 and M30 on the majors and decide whether I want to go long or short and then mark off the levels on the M5.

As you can see the GBP and JPY worked a treat and already provided more than 3:1.
GOOD STUFF... More please
  • #4,647
  • Oct 17, 2012 9:00pm Oct 17, 2012 9:00pm
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Took this CAD for a 2 lot short in the Asian session. This was a Supply area that was both a Daily and 4HR. Price entered the Supply area back on 10.03. This also created the 4HR level inside the Daily as price entered a second time. We have good rejection of this 4HR early in the session of 10/16. The 1Hr shows this a little better than the 30M. As I viewed this level in the Asain session, price was moving sideways. We see the Rise-Base-and hoping for the Drop pattern. Decided to take the short. Why?

We have a 4HR Drop-Base -Rise coming back into the 4HR.
We are trading with the trend = Down
We have both a Daily and 4HR Supply = Level inside Level
We were bouncing off the Down Trend Line


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Exited the short @ TP for 80+ pips


You can also review my post # 4585 regarding the CAD prior to this trade.
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  • #4,648
  • Oct 18, 2012 2:17am Oct 18, 2012 2:17am
Quoting TraderinSD
Exited the short @ TP for 80+ pips


You can also review my post # 4585 regarding the CAD prior to this trade.
Nicely done there traderinSD. Very well held to target. I'm crap at holding out for those H4 levels.

Anyway. If anyone's been following Ken's work then this swap level (easier seen on a lower TF) in the GBPUSD on the open was a real no brainer.
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  • #4,649
  • Oct 18, 2012 2:53am Oct 18, 2012 2:53am
Still short the GBPUSD with a BE stop (yes I am holding a trade!) but taken this little counter trade on the EU.
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  • #4,650
  • Oct 18, 2012 3:08am Oct 18, 2012 3:08am
Quoting C-12
Nicely done there traderinSD. Very well held to target. I'm crap at holding out for those H4 levels.

Anyway. If anyone's been following Ken's work then this swap level (easier seen on a lower TF) in the GBPUSD on the open was a real no brainer.
GREAT move and way u incorp.. 1 min.. CRACKER
  • #4,651
  • Oct 18, 2012 3:10am Oct 18, 2012 3:10am
Quoting danc
GREAT move and way u incorp.. 1 min.. CRACKER
Cheers Dan, I try and get my entry as tight as I can. I use a fairly large position size so I'm not great at holding trades but getting better at it.
  • #4,652
  • Oct 18, 2012 3:15am Oct 18, 2012 3:15am
Update on these two trades. The GBPUSD is more of an intraday swing. The EURUSD is scalp so I'm happy to dig out a handful of pips and have stop locked it.
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  • #4,653
  • Oct 18, 2012 3:42am Oct 18, 2012 3:42am
That's why I'm a heavy user of the BE stop. What a cheap ass liquidity run...
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  • #4,654
  • Oct 18, 2012 3:47am Oct 18, 2012 3:47am
Yea.. i got tha C.. 4.. 20 plus.. picture 1 mi.. will post level next chart.. bEAUTY
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  • #4,655
  • Oct 18, 2012 3:51am Oct 18, 2012 3:51am
C....Assume this is legit level?? lower level marked as per yr earlier chart
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  • #4,656
  • Oct 18, 2012 3:57am Oct 18, 2012 3:57am
Good morning everyone,

Textbook trade in EURUSD just now....

Cheers.
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  • #4,657
  • Oct 18, 2012 4:00am Oct 18, 2012 4:00am
Quoting danc
C....Assume this is legit level?? lower level marked as per yr earlier chart
It was earlier but now spiked. A lot of whipsaw action in this session!

I took my 6 pips x 2 off the last trade and then BE stop out.

Entered again, took my 6 x 2 pips and now at BE.

You have to be very very aggressive with the stops and profit taking on days like this.
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  • #4,658
  • Oct 18, 2012 4:18am Oct 18, 2012 4:18am
Not much of a pattern guy but you cannot ignore this. Supply had been chopped down with higher lows and and an obvious breakout setup.

Straight to BE with 6 pips already taken.

Not a bad day so far but not for the feint hearted. lol
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  • #4,659
  • Oct 18, 2012 4:58am Oct 18, 2012 4:58am
Now we're moving. Plenty of green pips locked in.
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  • #4,660
  • Oct 18, 2012 5:01am Oct 18, 2012 5:01am
Quoting Kenneth Lee
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...
Thanks Ken
All that matters is winning the week
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