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B.S. Trading with Kenneth Lee

  • #4,701
  • Edited Oct 23, 2012 8:24am Oct 22, 2012 10:04pm | Edited Oct 23, 2012 8:24am
My recent trades
NZDUSD
Locked in half profit at ~10 pips then moved SL to BE and SL got hit.

USDCAD
Still going, SL is about 10 pips wide.
Has been thinking of closing the trade as it does not seem to go anywhere.
currently at -0.9 pips as I write this

Am I drawing the correct supply/demand level?

EDIT: USDCAD Took half position at 7.5 pips and left the other run to TP, also hit at ~20 pips
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  • #4,702
  • Oct 23, 2012 4:36am Oct 23, 2012 4:36am
Hi everyone,

I hope those up this morning saw this EURJPY picture perfect setup on the 5-min.

+25 pips up.

Cheers.
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  • #4,703
  • Oct 23, 2012 11:02am Oct 23, 2012 11:02am
Hey I got a question, the bas where price moves sideways, is that where orders are resting /accumilated to go either long or short? Is that why you look for those areas and the use them to short when price comes back to them or long them?
  • #4,704
  • Oct 23, 2012 11:56am Oct 23, 2012 11:56am
Quoting dappa
Hey I got a question, the bas where price moves sideways, is that where orders are resting /accumilated to go either long or short? Is that why you look for those areas and the use them to short when price comes back to them or long them?
'
When price is going sideways in a tight range or consolidation , then it POPS away up or down it takes a good deal of orders to make that move. we are expecting that some of those orders are leftover and others may have added to those LEVEL making them the best places to look for entries.

Sometimes price want even make it to the orders because some are worried they will miss the entry. But those will get used up first then the next touches or test will let price go further into the levels where the true big boy orders are .

This is why tho it looks scarey the best entries most times are the ones closest to your stop . less risk and bigger trades. take a look at oz 30 min at the top.
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Good Trading To All ; Ken Lee
  • #4,705
  • Oct 23, 2012 12:18pm Oct 23, 2012 12:18pm
how swap lines are created and played.
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Good Trading To All ; Ken Lee
  • #4,706
  • Oct 23, 2012 12:22pm Oct 23, 2012 12:22pm
Quoting Kenneth Lee
'

This is why tho it looks scarey the best entries most times are the ones closest to your stop . less risk and bigger trades.
Does that suggest it's not a great idea to move SL to BE after just a few pips?
  • #4,707
  • Oct 23, 2012 12:46pm Oct 23, 2012 12:46pm
Quoting tzkennedy
Does that suggest it's not a great idea to move SL to BE after just a few pips?

I think what we should do is . make your plan mark your TP , then place a Trend line at it that way when your trade ends by you or whatever you can start to see what you need to do. if your isn't the best entry could get stopped . but the question that is always on your mind is " If I wasn't in a Trade where would I enter?"

So if you get stopped at BE which was below the true level. You have to be mentally prepared to get into that short higher up. But as it is a second test wait for the higher area at least split the difference

here is a OZ trade i just entered , I placed a PO the squares but the price stalled so I went in manually . but if I had waited my po would have taken me in with a better price.
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Good Trading To All ; Ken Lee
  • #4,708
  • Oct 23, 2012 1:51pm Oct 23, 2012 1:51pm
Hey i getthe base setup, but in your pic where you drew that green box, what makes that a base level to short from? Sometimes I see you guys mark bases and sometimes its a candle.

I could never get what is the science to drawing the lines. Second how do you know that the level will hold when price comes back to it even when you indentify them,

I see some levels work and I see price go through some of those levels straight.

Is there anything to look for a s a sign of a reversal at those levels? I know pinbars and such but sometimes you see these price bars and price still advances through the zone. These are things a struggle with all the time.
  • #4,709
  • Oct 23, 2012 1:54pm Oct 23, 2012 1:54pm
Quoting dappa
Hey i getthe base setup, but in your pic where you drew that green box, what makes that a base level to short from? Sometimes I see you guys mark bases and sometimes its a candle.

I could never get what is the science to drawing the lines. Second how do you know that the level will hold when price comes back to it even when you indentify them,

I see some levels work and I see price go through some of those levels straight.

Is there anything to look for a s a sign of a reversal at those levels? I know pinbars and such but sometimes you see...

it isn't a science to each their own. I draw my lines based on the candle that leaves the area. so when the first red candle broke down and didn't go backup That is my line for a short . saying that i also enter most my trades by market order a bit early . to not miss the trade.
Good Trading To All ; Ken Lee
  • #4,710
  • Oct 23, 2012 2:23pm Oct 23, 2012 2:23pm
My demo trading is going well, but I'm struggling a bit with swap levels. In the AUD example above, price seemed to push through the demand level quite easily. So, are swap levels good to trade from as a general rule, even when the level they went through wasn't apparently strong?

Thanks for your input - I won't keep saying 'thanks' after
Each response as it doesn't add much to the forum, so please take this as a general heartfelt thanks for all past and future help from everyone here!
  • #4,711
  • Oct 23, 2012 2:32pm Oct 23, 2012 2:32pm
Quoting tzkennedy
My demo trading is going well, but I'm struggling a bit with swap levels. In the AUD example above, price seemed to push through the demand level quite easily. So, are swap levels good to trade from as a general rule, even when the level they went through wasn't apparently strong?

Thanks for your input - I won't keep saying 'thanks' after
Each response as it doesn't add much to the forum, so please take this as a general heartfelt thanks for all past and future help from everyone here!

Unfortunately there is so much to trading trying to cover it all is hard . But that swap level is high on my list of tradable levels . firstly it has held a while had 3 or 4 touches secondly it is a big number 300. I will almost 100% of the time take a FADE trade of a big number WITH the trend . So when price broke down and came back and retested the big number and by the way formed a check mark , i would not hesitate. Unfortunately I was asleep.

But if you now look at a 4 hr chart you will see almost the exact thing play out as on the 30 min.

The key is not to get tunnel vision . remember to look at your other time frames. most of us have a level or area in mind for trades anytime we sit down . So why is it so hard to flip through the charts and look for alignment.

Hope this answered your query Ken
Good Trading To All ; Ken Lee
  • #4,712
  • Oct 23, 2012 2:49pm Oct 23, 2012 2:49pm
Quoting Kenneth Lee
it isn't a science to each their own. I draw my lines based on the candle that leaves the area. so when the first red candle broke down and didn't go backup That is my line for a short . saying that i also enter most my trades by market order a bit early . to not miss the trade.

Hey ken can you post a pic of what you mean, pics are always great.
  • #4,713
  • Oct 23, 2012 3:14pm Oct 23, 2012 3:14pm
Quoting dappa
Hey ken can you post a pic of what you mean, pics are always great.

Ok here is anothe,r I have only posted about 600 charts on this thread and have always drawn my levels the same way .. even the chart your question was about ..

Anyway here you go. Ken
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Good Trading To All ; Ken Lee
  • #4,714
  • Oct 23, 2012 4:04pm Oct 23, 2012 4:04pm
Quoting Kenneth Lee
Ok here is anothe,r I have only posted about 600 charts on this thread and have always drawn my levels the same way .. even the chart your question was about ..

Anyway here you go. Ken

AHHHHH , I seeee! thank you very much sir! No science just the way you do it?
  • #4,715
  • Oct 23, 2012 5:49pm Oct 23, 2012 5:49pm
Hi Ken,
Took this trade yesterday and hit the SL (-15 pips).
Did I draw a wrong level of supply?
There was a chance to get out at BE but it was too quick, price went up and down within minutes.

I did have better luck in EU, got in after the big red candle.
+17.5 pips at the moment and have moved SL to BE.
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  • #4,716
  • Oct 23, 2012 7:28pm Oct 23, 2012 7:28pm
Quoting Kenneth Lee
Ok here is anothe,r I have only posted about 600 charts on this thread and have always drawn my levels the same way .. even the chart your question was about ..

Anyway here you go. Ken

Hey Ken I know you may have posted pics like that couple hundred times, sorry for asking, would may have been hundreds of pages long,to pick up on that, it just seem like random lines at first glance when you look at the charts. Not sure if you may have mentioned it but my bag, just needed to understand that. I scratched me head trying to figure that out and it seemed like no one could explain it or maybe I was just not paying attention.

I just need to clarify how they were drawn. reason being is that it is important to draw them right cause that is what you are gauging your stops by.

But now I understand it a lot better. I used to draw a line at the close of price and treat that as a supply or demand level, when price crossed it I would assume that it was broken.

I would always get confused by this. last question for , how long have you been trading this way and I am guessing that time has proven that the way you trade these levels work? cause you are sucessfull at it.
  • #4,717
  • Oct 23, 2012 7:44pm Oct 23, 2012 7:44pm
Talking about the Aussie, just got home from work and switched on my PC. Some news going on?
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  • #4,718
  • Oct 23, 2012 8:01pm Oct 23, 2012 8:01pm
Quoting yoshipau
Hi Ken,
Took this trade yesterday and hit the SL (-15 pips).
Did I draw a wrong level of supply?
Sometimes it's not just about the level but the bigger picture and the context of the trade. If you're trading the M30 then you probably want to look at the H4 and Daily to see what which side you want to trade from.

On the other hand it may well have been a great level that just failed, it happens.
  • #4,719
  • Oct 23, 2012 9:40pm Oct 23, 2012 9:40pm
Hey Fellas do I have my zones marked right, ya think?
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  • #4,720
  • Oct 23, 2012 10:27pm Oct 23, 2012 10:27pm
Quoting C-12
Sometimes it's not just about the level but the bigger picture and the context of the trade. If you're trading the M30 then you probably want to look at the H4 and Daily to see what which side you want to trade from.

On the other hand it may well have been a great level that just failed, it happens.
Hi C-12, when you said "look at the H4 and Daily to see what which side you want to trade from", do you normally see the trend? or are you looking for another supply/demand level on the big time frame?

I'm still confuse what exactly we have to do when people said to look at bigger time frame.
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