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B.S. Trading with Kenneth Lee

  • #5,001
  • Jan 31, 2013 8:24am Jan 31, 2013 8:24am
Quoting TraderinSD
Attachment

Overview of the long. Notice that we had two touch prior to my entry. What I was specifically looking for was a deeper move inside the Demand level on the 3'd touch... KL speaks to this in his thread.... Price did just that.

Attachment

TSD
Hi TSD,

I wasn't able to open any of your attachments. If it's just me don't worry, but it may be a problem for everyone.

Cheers,
g
  • #5,002
  • Jan 31, 2013 8:44am Jan 31, 2013 8:44am
Quoting TheLunny
Kenneth, I like your idea of using plain price action to determine trend (eg. HH HL, etc) but I found myself always caught in this situation whereby the trend is UP and price begins to reverse and come down but I'm still taking long orders at my demand levels hoping to catch the bottom of the swing (trade with the trend) and it turns out that it becomes a pro-longed retracement that goes deeper down taking out all my demand levels.

Then when I start taking shorts at supply levels after deciding that the market has made substantial LH LL, that's...
Good to see u back Kenneth! Was wondering if u could help me out with my doubts if u have a little time to spare. Thanks!
  • #5,003
  • Jan 31, 2013 8:45am Jan 31, 2013 8:45am
So this is what we all need to do , Paste your trades into paint , make notes of what happened then make notes of how you could have done better add a page of text , I use paint so i can view it as a slide show end of week. Describe why you took or why you shouldn't have, if your having issues with moving stops or closing to soon or closing when it breathes and goes negative . Write down why your doing that . It is the only way to learn , Ultimately in the end trading is more about management than entries.

If You Can't be bothered to do this then quit trading now and save yourself and those trying to teach a lot of grief.

I know a lot of people come into trading thinking about commercial traders and the compensation we all read about them making, If you read the bad as well as the good you will also read they have risk departments that track their trades. WE can do no worse than them as we have to police ourselves.

The key to trading is learn a entry that gives a better than 50% win to loss ratio then learn to mange the winners and let the losers take care of themselves.

But I personally feel the monster in the path is within ourselves. I have been doing this a long time and I have known for most of the time that I was the issue keeping me from becoming a very successful trader. Most of my efforts are spent on taming the inner conflicts of being poor and needy to having the mindset of those that make and lose millions a day. people born into wealth have different thought patterns than most of us.


Of course this is just my own opinion and as in most cases you have to make your choices as well. It is very easy to click the button and go to another thread .

I have started trying to tame the beast within myself, with a bit of different money management as well as trading as posted above . I know how to trade it is the execution where I screw up. As far as money management I have broken my trading account into 3 accounts the one I am trading , a account to hold spare funds and the one I make payday draws from.

It is a simple procedure to click and move funds. But you then have the same thought as you do when taking money from your savings account to put into your checking to buy something you should save for. One difference between us and those pros is that fact they are never trading ALL their money or their bosses.


enough waffling Cheers Ken
Good Trading To All ; Ken Lee
  • #5,004
  • Jan 31, 2013 8:46am Jan 31, 2013 8:46am
Quoting TheLunny
Good to see u back Kenneth! Was wondering if u could help me out with my doubts if u have a little time to spare. Thanks!

If you can post a chart of your thinking maybe I can help. I will try later to .. Ken
Good Trading To All ; Ken Lee
  • #5,005
  • Jan 31, 2013 9:07am Jan 31, 2013 9:07am
chart
Attached Image (click to enlarge)
Click to Enlarge Name: 163.jpg Size: 250 KB
Good Trading To All ; Ken Lee
  • #5,006
  • Jan 31, 2013 10:37am Jan 31, 2013 10:37am
Quoting TraderinSD
Attachment

Overview of the long. Notice that we had two touch prior to my entry. What I was specifically looking for was a deeper move inside the Demand level on the 3'd touch... KL speaks to this in his thread.... Price did just that.

Attachment

We got long on the PIN BAR w/ a 2 lot.. Yes, this is a very aggressive counter trend trade. My equity allows me to do this. Yours may not??

Attachment

I tend to move down in TF to the 15M to manage my trades. Sometime I will step down to the 5M.. I am...

Apparently something has gone wrong with my upload.. Will repost later this eve...

TSD
  • #5,007
  • Jan 31, 2013 8:19pm Jan 31, 2013 8:19pm
Hey guys, Im new to this and just read your pdf, great stuff!

I was wondering if the bottom rectangle in this picture was an area of supply. I dont think it is because it was a very minor retracement, but just making sure ...

Attached Image (click to enlarge)
Click to Enlarge Name: supply.jpg Size: 130 KB
  • #5,008
  • Jan 31, 2013 9:25pm Jan 31, 2013 9:25pm
Quoting Kenneth Lee
So this is what we all need to do , Paste your trades into paint , make notes of what happened then make notes of how you could have done better add a page of text , I use paint so i can view it as a slide show end of week. Describe why you took or why you shouldn't have, if your having issues with moving stops or closing to soon or closing when it breathes and goes negative . Write down why your doing that . It is the only way to learn , Ultimately in the end trading is more about management than entries.

[size=4][b]If You Can't be bothered...
Superb Ken

I am continually looking for ways to simplify journaling. Now all trades for the month go into a picture file. Typing in text on the chart for easy review. The slide show is a winner
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #5,009
  • Jan 31, 2013 9:43pm Jan 31, 2013 9:43pm
Quoting Starry
Hey guys, Im new to this and just read your pdf, great stuff!

I was wondering if the bottom rectangle in this picture was an area of supply. I dont think it is because it was a very minor retracement, but just making sure ...

Attachment
chart
Attached Image (click to enlarge)
Click to Enlarge Name: 164.jpg Size: 360 KB
Good Trading To All ; Ken Lee
  • #5,010
  • Edited 10:13pm Jan 31, 2013 9:52pm | Edited 10:13pm
Kenneth, I like your idea of using plain price action to determine trend (eg. HH HL, etc) but I found myself always caught in this situation whereby the trend is UP and price begins to reverse and come down but I'm still taking long orders at my demand levels hoping to catch the bottom of the swing (trade with the trend) and it turns out that it becomes a pro-longed retracement that goes deeper down taking out all my demand levels.

Then when I start taking shorts at supply levels after deciding that the market has made substantial LH LL, that's where price begins to come back up to resume the primary UP trend.

Do you have any suggestions on how I can improve on this and avoid getting caught between the trend change/retracement? I don't think it's wise to keep taking longs at all demand levels until one works (it may end up to be a reversal instead of retracement). But the nature of Sam's teaching is to "buy low sell high" which means trying to catch the swing ends isn't it?

How would you trade in such situations? Apart from choosing good levels with the odd enhancers, what other ways do you use to determine the dominant or higher probability trade direction at the point of placing your PO?

Once again thanks in advance

I guess for me it is picking a time frame I like and sticking with it. I like the 30 min as it is pretty stable . I also still like normal retracement Price Action FIBs and the such I am not fond of deep retracements and prefer shallow ones after big moves up, They don't normally have gerat odds enhancer properties as they tend to be new. But i also keep my eye of the longer time frame charts , I took a e/j trade off a weekly chart a week or so back as that was the only time frame I could find a level on . To me those are the best . when you have to change time frames to find fresh levels.
Good Trading To All ; Ken Lee
  • #5,011
  • Jan 31, 2013 11:17pm Jan 31, 2013 11:17pm
This is the re post as the previous did no take for some reason....

Attached Image (click to enlarge)
Click to Enlarge Name: AUD 1.30 Long #1.JPG Size: 168 KB


Overview of the long. Notice that we had two touch prior to my entry. What I was specifically looking for was a deeper move inside the Demand level on the 3'd touch... KL speaks to this in his thread.... Price did just that.

Attached Image (click to enlarge)
Click to Enlarge Name: AUD 1.30 Long 30M #2.JPG Size: 96 KB


We got long on the PIN BAR w/ a 2 lot.. Yes, this is a very aggressive counter trend trade. My equity allows me to do this. Yours may not??

Attached Image (click to enlarge)
Click to Enlarge Name: AUD 1.30 Long 15M #3.JPG Size: 93 KB


I tend to move down in TF to the 15M to manage my trades. Sometime I will step down to the 5M.. I am basically looking inside my trade. This will sometimes give me clues as to how my trade is progressing. It's my comfort zone if you will. Some will agree, some will not.

Attached Image (click to enlarge)
Click to Enlarge Name: AUD 1.30 Long 15M #4.JPG Size: 86 KB


I exited the trade with 28 pips on the 15M PIN BAR...Initial SL was 12 pip x 2 lots = 24 pips.. So basically we had a 1:1 return... Looking back my original target, it was a bit aggressive .. Ya Think ...

But what is more important... I was long off a 3 touch, counter trend.. Cannot get greedy.. Management of counter trend trades has to be a bit more aggressive.

This level may very well turn into a Swap Level trade.. Will just have to wait and see ??

TSD
  • #5,012
  • Feb 1, 2013 4:36am Feb 1, 2013 4:36am
Hi Guys,

Love this thread. What do you think about this trade.
Attached Image (click to enlarge)
Click to Enlarge Name: Snap 2013-02-01 at 21.33.59.png Size: 28 KB
  • #5,013
  • Feb 1, 2013 4:49am Feb 1, 2013 4:49am
Quoting hlakhani
Hi Guys,

Love this thread. What do you think about this trade.
Good trade. Lots of downward momentum though I'd take profits at a modest level.
What is any ocean but a multitude of drops?
  • #5,014
  • Feb 1, 2013 4:54am Feb 1, 2013 4:54am
Took half at 1.5830. SL is at BE, risk free ride
  • #5,015
  • Feb 1, 2013 5:00am Feb 1, 2013 5:00am
How about this pending trade for EU?
Attached Image (click to enlarge)
Click to Enlarge Name: Snap 2013-02-01 at 21.58.58.png Size: 27 KB
  • #5,016
  • Feb 1, 2013 8:26am Feb 1, 2013 8:26am
This is my first post.English is not my native language.So I shall only post my charts.KENNETH LEE you are my hero.There are so many supply and demand system in this forum but your system and your way of thinking about chart labels really so great. Here is GBPCHF chart.Sir please tell me my labels which i mark correct or not ?
Attached Image (click to enlarge)
Click to Enlarge Name: yy.gif Size: 28 KB
  • #5,017
  • Feb 1, 2013 8:43am Feb 1, 2013 8:43am
What do you think about this ?
Attached Image (click to enlarge)
Click to Enlarge Name: ddd.gif Size: 18 KB
  • #5,018
  • Feb 1, 2013 9:03am Feb 1, 2013 9:03am
Quoting Kenneth Lee
chart
thanks
  • #5,019
  • Feb 1, 2013 9:08am Feb 1, 2013 9:08am
Kenneth,
I havent read this thread, except for the pdf, so maybe i missed it . But what sort of price acction do you use to verify an area of supply or demand? or do you use any?
  • #5,020
  • Feb 1, 2013 10:17am Feb 1, 2013 10:17am
Quoting Starry
Kenneth,
I havent read this thread, except for the pdf, so maybe i missed it . But what sort of price acction do you use to verify an area of supply or demand? or do you use any?

Not sure of your query , Supply and Demand is Price Action. I don't look for any entry signal. and picking levels is gone over a lot . every chart i post normally has a level marked on it. I don't over complicated it . I try to keep it basic .If a level doesn't look great i may wait and see if price is stalling and trying to turn before joining in especially on a 2nd or 3rd touch . But I also am worried i might miss a trade for waiting to long on a first touch , as I believe we aren't the only ones looking at these levels and some are willing to risk more getting in early.


Cheers Ken
Good Trading To All ; Ken Lee
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