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B.S. Trading with Kenneth Lee

  • #4,721
  • Oct 24, 2012 2:21am Oct 24, 2012 2:21am
Guys, all of the answers to the questions you're asking have been covered in great detail throughout the thread and also in Sam's FXstreet videos, you just have to put the time in to work through it.

On higher time-frames the most important factor is other supply and demand levels because price tends to head towards them like a magnet so that can define your direction. On the flipside you don't want to take a trade that's heading right into one. It's all common sense really.

Trend plays a part also but that's often defined by the supply and demand levels anyway.
  • #4,722
  • Oct 24, 2012 4:04am Oct 24, 2012 4:04am
Quoting yoshipau
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.
Here's an example. I trade off the very low time frames (M1/M5) so my bigger picture can be M30 and H4)

1) I start at H4 and look where price is in relation to the supply and demand level. In this chart I am looking for shorts.

2) I then look at my medium time frame (M30) Which shows price can fall further. Again, I am looking for shorts.

3) I then zoom down to my fast charts and look for levels to pick off shorts. They may only be 3:1's but with higher time frame support they can sometimes run further.
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  • #4,723
  • Oct 24, 2012 8:08am Oct 24, 2012 8:08am
Quoting C-12
Here's an example. I trade off the very low time frames (M1/M5) so my bigger picture can be M30 and H4)

1) I start at H4 and look where price is in relation to the supply and demand level. In this chart I am looking for shorts.

2) I then look at my medium time frame (M30) Which shows price can fall further. Again, I am looking for shorts.

3) I then zoom down to my fast charts and look for levels to pick off shorts. They may only be 3:1's but with higher time frame support they can sometimes run further.

Hey man that info was great and detailed bro!
Putting all the pieces to the puzzle
  • #4,724
  • Edited 8:51am Oct 24, 2012 8:33am | Edited 8:51am
Quoting dappa
Hey man that info was great and detailed bro!
Putting all the pieces to the puzzle
Just wanted to point out that what C-12 has described has been said earlier in the thread by Kenneth, me, traderinSD, bootsyjam, and probably more people who's names currently escape my memory.

If you haven't already, i suggest you start from page 1 and read all the way through to the present. Something about seeing the same stuff over and over explained in more than 3() different ways helps create that stuff that makes it stick. If at that point you have questions then ask away. If not then post your understandings. Who knows, maybe something you have to say will help will help another person grasp whats going on here.
  • #4,725
  • Oct 24, 2012 8:26pm Oct 24, 2012 8:26pm
Quoting C-12
Here's an example. I trade off the very low time frames (M1/M5) so my bigger picture can be M30 and H4)

1) I start at H4 and look where price is in relation to the supply and demand level. In this chart I am looking for shorts.

2) I then look at my medium time frame (M30) Which shows price can fall further. Again, I am looking for shorts.

3) I then zoom down to my fast charts and look for levels to pick off shorts. They may only be 3:1's but with higher time frame support they can sometimes run further.
Thanks for the reply C-12. Your detailed explanation with pictures definitely helps.

I'm sorry if my questions have been asked a lot of times in the forum. With over 300 page I'm sure most of the technical would have been covered.
I'm still going through the thread from the beginning, but as I'm doing my daily trade, the questions come up earlier before I got to where someone explained it in the forum.

I'll try to read more/search before asking the questions next time.
300 pages are still long way to go, but hopefully once I'm done I'll be able to trade consistently in green and also can help others with my understanding.
  • #4,726
  • Oct 24, 2012 8:27pm Oct 24, 2012 8:27pm
Here's some of my recent trade
GU (-6)
Would have been a great trade if my Stop was 1 pip higher.
Saw price entering the level very quick, enter manually when it's very close to SL to minimize loss, price came back to touch SL then dropped.

EJ (-12)
Was not a good one. RR was small, price didn't leave he area fast enough.
There was a better supply level after that but forgot to put the PO and was not in front of computer.

UCAD (+25)
PO hit while I was sleeping and went to hit TP.
It actually went higher after the pullback, but even if I'm awake I'm not sure how to get that. Still working on my Profit Taking.

There are some other trades but all in all still a profitable day.

Any comments/suggestions/critiques are most welcome
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  • #4,727
  • Oct 25, 2012 5:11am Oct 25, 2012 5:11am
Nice example (if I'm understanding it correctly) of a swap level on the EUR today. I lost out on shorting the supply level, but ended up in profit for the two trades by taking the swap.
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  • #4,728
  • Oct 25, 2012 7:59am Oct 25, 2012 7:59am
Quoting yoshipau
Here's some of my recent trade
GU (-6)
Would have been a great trade if my Stop was 1 pip higher.
Saw price entering the level very quick, enter manually when it's very close to SL to minimize loss, price came back to touch SL then dropped.

EJ (-12)
Was not a good one. RR was small, price didn't leave he area fast enough.
There was a better supply level after that but forgot to put the PO and was not in front of computer.

UCAD (+25)
PO hit while I was sleeping and went to hit TP.
It actually went higher after the pullback, but even if I'm awake...
I agree with your analysis.

Looking at the EJ chart. 2 things i don't like are that it's counter trend and just like you said price didn't really jump out the area.

These charts are good examples what too look for and what not too look for.
  • #4,729
  • Oct 25, 2012 8:00am Oct 25, 2012 8:00am
Quoting tzkennedy
Nice example (if I'm understanding it correctly) of a swap level on the EUR today. I lost out on shorting the supply level, but ended up in profit for the two trades by taking the swap.
Nice trade tz!
  • #4,730
  • Oct 25, 2012 8:10am Oct 25, 2012 8:10am
Anyone looking at the major Daily supply on USDJPY?

Comments welcome!

Cheers
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  • #4,731
  • Oct 25, 2012 8:21am Oct 25, 2012 8:21am
well for me that area is goin to be the third time back from that move,, i will be watching the above one
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  • #4,732
  • Oct 25, 2012 8:25am Oct 25, 2012 8:25am
Quoting extremerrage
well for me that area is goin to be the third time back from that move,, i will be watching the above one

Very good point.

I think it's worth trying, given that there is no wick, the entry/stop is tight (for a daily chart) and there's also a major 50% daily Fibo level at 80.66.

Maybe will be good for a few pips... (?)
  • #4,733
  • Oct 25, 2012 8:28am Oct 25, 2012 8:28am
Anyone else short GBP?
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  • #4,734
  • Oct 25, 2012 8:59am Oct 25, 2012 8:59am
i am long!
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  • #4,735
  • Oct 25, 2012 10:57am Oct 25, 2012 10:57am
Quoting C-12
Anyone else short GBP?
I got drunk and I missed it, I got drunk and I missed it....

Just kidding

But I did miss this one

TSD
  • #4,736
  • Oct 25, 2012 11:32am Oct 25, 2012 11:32am
Quoting C-12
Anyone else short GBP?
Waiting for a level on lower tfs to be formed... very nice level
Trade Smart
  • #4,737
  • Oct 25, 2012 12:21pm Oct 25, 2012 12:21pm
Quoting C-12
Anyone else short GBP?
yep... i sure am....
  • #4,738
  • Edited 3:09pm Oct 25, 2012 2:02pm | Edited 3:09pm
Quoting EuroPipper
Anyone looking at the major Daily supply on USDJPY?

Comments welcome!

Cheers

http://www.forexfactory.com/attachme...1&d=1351170632
I was checking my swing trade orders today and honestly I don't like this level for a long term trade. This level is 3rd pullback to an old supply zone, if u zoom it on 1hr there is this candle with big shadow pointing to supply, small rejection and some new supply coming in, also new demand level just below, I will skip this one. Upper one on 82.200 looks nice tho.

http://s18.postimage.org/6mu8uxt3t/C...s_snapshot.png
  • #4,739
  • Oct 25, 2012 9:22pm Oct 25, 2012 9:22pm
Quoting C-12
Anyone else short GBP?
Was in GBP but got out at BE.

Got in on AUDJPY, supposed to be a great trade, TP was for 40 pips.
Chickened out at 10 pips when price came back a bit. Grrr

Got burned twice on EURJPY.
I think it's because trend on higher time frame was still up, I though it was reversing.
It actually reversed on the next supply level, but there was a long wick, so not sure if I took the trade will probably be stopped also.
Anyone know why it didn't reverse on the previous levels? not even stopping, first SL hit within 5 minutes and second one within 10 minutes.

How do you guys set your SL by the way? On Sam's videos, he sometimes said not more than 3-4 pips from the level. I've been putting 5 pips from the level and sometimes price go over 6-7 pips before going my way.
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  • #4,740
  • Oct 25, 2012 11:05pm Oct 25, 2012 11:05pm
Quoting yoshipau
Was in GBP but got out at BE.

Got burned twice on EURJPY.
I think it's because trend on higher time frame was still up, I though it was reversing.
It actually reversed on the next supply level, but there was a long wick, so not sure if I took the trade will probably be stopped also.
Anyone know why it didn't reverse on the previous levels? not even stopping, first SL hit within 5 minutes and second one within 10 minutes.
I got burned once there but took it all back when my shorts on h4 got filled, except one on 104.42 missed by 0.2 pip
Price did reversed on that higher level but on 1hr chart, so it wasn't a fresh level when it got there on 30m

Quote
How do you guys set your SL by the way? On Sam's videos, he sometimes said not more than 3-4 pips from the level. I've been putting 5 pips from the level and sometimes price go over 6-7 pips before going my way.

Sometimes the reason why price get through levels is because there was already a pullback from that level on bigger tf, happened to me on Aussie,three pullbacks, 50 pips profit each without reaching my low TF level inside bigger TF level, then i got stopped out on fourth attempt.
That's why i split my orders now, based on different TFs view (if there's profit margin on bigger tfs ofc)
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