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B.S. Trading with Kenneth Lee

  • #5,321
  • Apr 11, 2013 11:32pm Apr 11, 2013 11:32pm
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Price has moved away from our resistance area. Looking for price to break the swing low and continue.
  • #5,322
  • Apr 11, 2013 11:41pm Apr 11, 2013 11:41pm
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Price continues to move in our direction. Testing the swing at this point.
  • #5,323
  • Apr 11, 2013 11:51pm Apr 11, 2013 11:51pm
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Price just sitting at our swing low...Any day now..
  • #5,324
  • Apr 12, 2013 12:13am Apr 12, 2013 12:13am
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Price stalling a bit too much..So we took our exit...

5+ pips...Sometimes they go.. Sometimes they don't..

We must manage our trades and live with our decisions.

TSD
  • #5,325
  • Apr 12, 2013 12:49am Apr 12, 2013 12:49am
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Just an update...Price did turn back in our direction..

Patience ...One of the most important aspects of trading yet can be very difficult to maintain..The method works..Trading into the level was the target. On of my so called ' Magnet trades '

Looking back our position, it was never in any real trouble.. We simply got shaken out. Lack of patience !!

TSD
  • #5,326
  • Apr 12, 2013 1:06am Apr 12, 2013 1:06am
Nice entry TraderinSD. When trading in lower timeframes like the 5m i tend to stick with the recent broader trend, which in this case is up, thus would be paying more attention for opportunities to go long. I actually like the area 1.0520/12 in the Aussie, a nice RBR on the 30m. There was an initial pullback in the transition btw NY and Tokyo which saw price bid before even coming into contact with that level, suggesting imbalance must be strong in favour of buyers... There is another area of fresh demand I am looking but is far lower at 1.0465/1.0450. SEE CHART

Back to your trade, patience is key, perhaps you could have placed your protective stop above that little spike in the first retest of DBD supply created away from the entry... but again, in hindsight all look too easy, doesn't it? well done on your trade management regardles me thing, you walked us all the way
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  • #5,327
  • Apr 12, 2013 1:28am Apr 12, 2013 1:28am
Quoting IvanFX
Nice entry TraderinSD. When trading in lower timeframes like the 5m i tend to stick with the recent broader trend, which in this case is up, thus would be paying more attention for opportunities to go long. I actually like the area 1.0520/12 in the Aussie, a nice RBR on the 30m. There was an initial pullback in the transition btw NY and Tokyo which saw price bid before even coming into contact with that level, suggesting imbalance must be strong in favour of buyers... There is another area of fresh demand I am looking but is far lower at 1.0465/1.0450....
Yes, the 0520 demand was the magnet for this trade.. I call these trades Magnet Trades as theses areas, like the 0520, act like price magnets... trading out of the base back into a S/D Level..Basically, just another way to trade this method.. my own thing..

I rarely move my stop from the initial risk as I prefer to manage the trade. I always have a mental stop and will draw " lines in the sand " as mentioned.. This were I expect price to retrace and hold. Once in these moves you can see new levels being formed ( changing TF will sometime give you a better view of these level ) as the trade progresses. ( see the white line I drew ). It is a trade management tool I use based on the concepts of S/D levels.. Again, my own thing..I will also use S/R levels in the same manner..S/D and S/R levels can be the same and different.. but they are not the same even though they may be in the same place.

Simply this was a mental mistake.. I am a big proponent of the mental side of trading. The requirement for trader to rewire their thinking is CRITICAL to success in trading ( IMHO ) .. "Patience" is at the corner stone of this thinking.

Thanks for the kind words IvanFX.. I like to post live trades now and then in hopes that some will benefit from them.. regardless of the outcome.

Good trading to you !!

TSD
  • #5,328
  • Apr 12, 2013 1:33am Apr 12, 2013 1:33am
Nice charts and comment TraderinSD. Any particular supply/demand areas you are looking at at the moment?

I'm struggling a bit with deciding if I have to look for long or short trades.
  • #5,329
  • Apr 12, 2013 1:42am Apr 12, 2013 1:42am
Can we analyse this current 30min GU chart ? Which of the 3 marked areas would you consider? I.e. are we looking for long or short trades?
Would you consider any of these areas for a pending order or are we going down to lower timeframes and wait for price action at these levels?
Attached Image
  • #5,330
  • Apr 12, 2013 1:49am Apr 12, 2013 1:49am
Quoting TraderinSD
{image} Just an update...Price did turn back in our direction.. Patience ...One of the most important aspects of trading yet can be very difficult to maintain..The method works..Trading into the level was the target. On of my so called ' Magnet trades ' Looking back our position, it was never in any real trouble.. We simply got shaken out. Lack of patience !! TSD
Hello TraderinSD:

Great real time analysis of AUDUSD. Better than watching football. Well maybe close to it.

The markets sure know how to test your patience. Great charts.

Can you tell what time zone your charting software is set for ? Mine is set for EST.

Are your charts off MT4 ?

Thanks

Borg
May the Forex be with you.
  • #5,331
  • Apr 12, 2013 2:06am Apr 12, 2013 2:06am
Quoting pasopvirpot
Can we analyse this current 30min GU chart ? Which of the 3 marked areas would you consider? I.e. are we looking for long or short trades? Would you consider any of these areas for a pending order or are we going down to lower timeframes and wait for price action at these levels? {image}

Look at the 4HR the 5433 Supply.. Price is moving toward this area. Go back to 2/20/2013. We had a 160 point drop.. Price left this level sharply..Price is now returning.. See the pattern..Now look at the 30M and asked yourself what direction may be the best trade? Is there a level above that may be there if the level does not have the proper set up.

Next.. review your ODDS ENHANCERS to see if price fits regarding the move into this 4HR level? Can you tighten up the 4HR to a 30M to lower you risk?


TSD
  • #5,332
  • Apr 12, 2013 5:41am Apr 12, 2013 5:41am
Lets see how this plays out...
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  • #5,333
  • Apr 12, 2013 7:33am Apr 12, 2013 7:33am
Stopped out at -2 pips...
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  • #5,334
  • Apr 12, 2013 9:56am Apr 12, 2013 9:56am
Quoting pasopvirpot
Stopped out at -2 pips... {image}
You managed it well with only a small loss.. Well done.

May take a look at the 0483 - 0475 on the Oz 30M..Now take the same chart to a 4HR.. See the level we picked out is also a resistance level Mar 26 and Apr 3. We also might see a bounce @ the round number 0500. ( KL likes to fade these moves so the play would be long here ) The 0500 would also be a good TP if Price hit our Demand level 0483 - 0475. The round number will act as resistance. Whether it holds or not don't know?? We should see at least a stall on the long trade from Demand..Good place to take a partial if trading multiple lots...

This down move is coming from the Daily Supply @ 0535..We have a Weekly Supply at 0840 so the larger pattern favors the long. I tend to lean toward the larger TF pattern ( Weekly so longs are still the play for the highest probability ) ... The difficulty is we are in the middle of the weekly range.. This make choosing a direction for a higher probability trade difficult. Range as I see it 1.1000 -.9624.

just some thoughts

TSD
  • #5,335
  • Apr 12, 2013 10:51am Apr 12, 2013 10:51am
charts
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Good Trading To All ; Ken Lee
  • #5,336
  • Apr 12, 2013 11:42am Apr 12, 2013 11:42am
Quoting TraderinSD
{image} Just an update...Price did turn back in our direction.. Patience ...One of the most important aspects of trading yet can be very difficult to maintain..The method works..Trading into the level was the target. On of my so called ' Magnet trades ' Looking back our position, it was never in any real trouble.. We simply got shaken out. Lack of patience !! TSD
I like your post , and appreciate all "very kind and patient explanations". I became a loyal reader of this thread and I am very happy to learn from all You guys here- Thank You. I believe will improve my trading a lot here.
I would like to ask about your volume indic, is it some special one or standard Mt4 ? could you share it please? I had a luck to take last move up and now trying S will see .. any advise/ critics I will love to here as they will help me to improve.

have a good trading
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  • #5,337
  • Apr 12, 2013 11:51am Apr 12, 2013 11:51am
Quoting Amcee
I like your post , and appreciate all "very kind and patient explanations". I became a loyal reader of this thread and I am very happy to learn from all You guys here- Thank You. I believe will improve my trading a lot here. I would like to ask about your volume indic, is it some special one or standard Mt4 ? could you share it please? I had a luck to take last move up and now trying S will see .. any advise/ critics I will love to here as they will help me to improve. have a good trading {image}
Hi Amcee, I'm at exactly the same entry:
http://www.forexfactory.com/showthre...96#post6600096

Here's my reasons of going short: hope it makes sense:
http://www.forexfactory.com/showthre...89#post6599289 (ignore the USDCAD)

and an extra:
http://www.forexfactory.com/showthre...34#post6599334

Sorry for copy and paste of link, as I don't know how to quote posts from a reply. Any kind souls willing to share how?
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #5,338
  • Apr 12, 2013 12:21pm Apr 12, 2013 12:21pm
Quoting keroro0o0o
Hi Amcee, I'm at exactly the same entry: http://www.forexfactory.com/showthre...96#post6600096 Here's my reasons of going short: hope it makes sense: http://www.forexfactory.com/showthre...89#post6599289 (ignore the USDCAD) and an extra: http://www.forexfactory.com/showthre...34#post6599334 Sorry for copy and paste of link, as I don't know how to quote posts from a reply. Any kind souls willing to share how?
Hi thanks for your comments, I Like your SL location more so moved 3 pips up market is almost sleeping already so .....

Have a nice weekend to all
  • #5,339
  • Apr 12, 2013 1:30pm Apr 12, 2013 1:30pm
Hey everyone, just want to introduce myself. I am keen as mustard to take part in this awesome thread (thanks Ken!!).

Ive been learning forex for about 1.5 years, and I stumbled upon Sam Seiden's work about 3 weeks ago. I haven't looked back. To me Supply/Demand is the missing piece to the forex puzzle, something that finally makes sense (still learning though!) So when I found this thread i was pretty damn excited. So thanks everyone!

Aussie
  • #5,340
  • Apr 12, 2013 4:05pm Apr 12, 2013 4:05pm
Quoting Kenneth Lee
charts {image} {image}
Well done Sir

Thanks for all that you do for us!

TSD
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