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B.S. Trading with Kenneth Lee

  • #5,441
  • Apr 17, 2013 12:39pm Apr 17, 2013 12:39pm
Quoting thestarting
What's one to do at this point for a Supply area? What levels can we be looking at? 1.3040?
This time of day if your not into scalping quick trades , I would stay out. The target to loss ratio is normally skewed.
Good Trading To All ; Ken Lee
  • #5,442
  • Apr 17, 2013 12:41pm Apr 17, 2013 12:41pm
If you want to attempt to trade slow times . Just keep in mind that price moves between levels. So if it left a demand it is headed towards a supply . So you can try getting aboard a swing in progress. it take s a bit of skill to do this with much success though and can cause many losses to the uninitiated.
Good Trading To All ; Ken Lee
  • #5,443
  • Apr 17, 2013 12:49pm Apr 17, 2013 12:49pm
Quoting Kenneth Lee
thoughts {image}
Thanks Ken, that's something else I should have considered. I think the fact that, like you said, the area is pretty wide and the RR is not really ideal should have kept me out of that trade. I fell in love with how price moved away from the level but didnt look at the big picture!

Thanks again
  • #5,444
  • Apr 17, 2013 1:07pm Apr 17, 2013 1:07pm
quick scalp..
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Good Trading To All ; Ken Lee
  • #5,445
  • Apr 17, 2013 1:14pm Apr 17, 2013 1:14pm
Thank you Trading SD, I seen this video. I have a question: I have here a few levels what not worked. I have to losses here. Why this levels not worked? I am wrong? This is EUR-USD m15.
Quoting TraderinSD
Heres the link: Sam Seiden http://www.fxstreet.com/webinars/ses...e-c31b85045dee Watch this video How To Identify Fresh Supply and Demand Levels in The Forex Market. Hope this helps TSD
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  • #5,446
  • Apr 17, 2013 1:15pm Apr 17, 2013 1:15pm
Quoting Kenneth Lee
quick scalp.. {image}
Nice Audusd looked good too, i wasn;t watching tho
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  • #5,447
  • Apr 17, 2013 1:25pm Apr 17, 2013 1:25pm
yep but as you can see, it can turn on a dime this time of day. Low trading volume kicks in and as the day gets later , positions can be squared or closed so Price Action can not look as normal. why i take a lot of quick scalps in off hours.
Good Trading To All ; Ken Lee
  • #5,448
  • Apr 17, 2013 1:30pm Apr 17, 2013 1:30pm
Quoting Kenneth Lee
yep but as you can see, it can turn on a dime this time of day. Low trading volume kicks in and as the day gets later , positions can be squared or closed so Price Action can not look as normal. why i take a lot of quick scalps in off hours.
Yeh I like this time for trading too, because of the PA, its just a shame I'm on the other side of the world..4:30am is not a kind hour...
  • #5,449
  • Apr 17, 2013 1:43pm Apr 17, 2013 1:43pm
Quoting Aussie-FX
Yeh I like this time for trading too, because of the PA, its just a shame I'm on the other side of the world..4:30am is not a kind hour...

I trade when i have the time , It is normally when most would not even try. But if you think in a clear way and try and see where price is going and not focus on a certain pattern as such , It becomes easier. Plus if you look for a level near the current price action it is a very easy idea. The biggest obstacle is like today , Bad news kinda voids a lot of good levels. Just remember to mark the next level. It may break thru 3 or 4 but when it does turn it will be at a level. I like to look at longer time frame charts when price really starts moving as they will hold at least long enough to get out with a few or Break even.

Always remember we are looking for a aggressive move away from our choices . If the market is dead it may meander around even getting close to our stops. But in normal trading it should act like a scalded cat and jump away from the right levels. If it doesn't think about getting out with little or no damage. He who losses the least wins in this game.
Good Trading To All ; Ken Lee
  • #5,450
  • Apr 17, 2013 1:54pm Apr 17, 2013 1:54pm
I would add to the above . it is always better to try and join a massive move than to try and fight it. Kinda like catching a falling knife . better to stand aside and let it fall.
Good Trading To All ; Ken Lee
  • #5,451
  • Apr 17, 2013 2:02pm Apr 17, 2013 2:02pm
Quoting Kenneth Lee
I trade when i have the time , It is normally when most would not even try. But if you think in a clear way and try and see where price is going and not focus on a certain pattern as such , It becomes easier. Plus if you look for a level near the current price action it is a very easy idea. The biggest obstacle is like today , Bad news kinda voids a lot of good levels. Just remember to mark the next level. It may break thru 3 or 4 but when it does turn it will be at a level. I like to look at longer time frame charts when price really starts moving...
Thanks for the advice Ken, and thats just it, trying to see where price is going ties it all together and is what Im working on at the moment. Im spotting the levels pretty well its just knowing the ones to stay out of because of where price wants to go! Im finding the 30minute levels very reliable, but I can get caught out by looking at the 5min TF too much. What you say about that strong move away from a level has helped me get out of a few positions at BE or a little more, so thanks . Bed time for me now.

Have a good afternoon
  • #5,452
  • Apr 17, 2013 4:47pm Apr 17, 2013 4:47pm
Dear ken, tradersd and all
My plan for tommorrow are buy eur/usd @ 1.2980 ..sl 1.2963 and tgt 1.3050 or sell eur/usd @ 1.3135....sl 1.3152 and tgt 1.3050 ? any comments
  • #5,453
  • Apr 17, 2013 5:37pm Apr 17, 2013 5:37pm
Quoting sariya
Dear ken, tradersd and all My plan for tommorrow are buy eur/usd @ 1.2980 ..sl 1.2963 and tgt 1.3050 or sell eur/usd @ 1.3135....sl 1.3152 and tgt 1.3050 ? any comments

Do you mind showing us a chart? and why 1.2980?
  • #5,454
  • Apr 17, 2013 5:56pm Apr 17, 2013 5:56pm
Quoting Kenneth Lee
E/U Charts {image} {image}
Thanks a lot, now it is much more clear picture .... Just question about "fresh zone", should we calculate this place marked by arrow as 1 visit or it is not important?

I appreciate your help
Thank you very much.
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  • #5,455
  • Apr 17, 2013 11:37pm Apr 17, 2013 11:37pm
Quoting Amcee
Thanks a lot, now it is much more clear picture .... Just question about "fresh zone", should we calculate this place marked by arrow as 1 visit or it is not important? I appreciate your help Thank you very much. {image}
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Looking at the 4HR we see a RISE-BASE-RISE pattern. When looking for levels to trade, our best levels are those that move side for a short period of time.... ( Area B )... Then blasted off... like PA did in this case. Looking left we do not see any additional price activity like we see below and above. ( price moving sideways for a longer period of time ) See how clean this level appears vs PA above and below this level. Lastly, look at PA above and below. No where do you see price RISE out a LEVEL/BASE as that of "B".. The SM's are most active at this level.

Yes one could argue that price did bounce from a Demand level 2994 but I would suggest that it was more that of the Round Number 3000. KL has made reference as he likes to fade price at these levels/round numbers.


TSD
  • #5,456
  • Apr 18, 2013 2:28am Apr 18, 2013 2:28am
Quoting Amcee
Thanks a lot, now it is much more clear picture .... Just question about "fresh zone", should we calculate this place marked by arrow as 1 visit or it is not important? I appreciate your help Thank you very much. {image}
You can , but one of the criteria for picking levels is time away. a retest as price is leaving is not always a first touch , Plus time of week or day has to be considered . One reason i would choose that as a fresh level. Is because it is a Friday close/Sunday open spot and for some reason they hold great value as targets as well as turning levels. Also as SD said a big number . Pus one of my own views is the fact that the level above had turned price a few times using up some supply in the quest to this making it a level on level area.

Hope this is kinda clear ... Ken
Good Trading To All ; Ken Lee
  • #5,457
  • Apr 18, 2013 2:39am Apr 18, 2013 2:39am
here is the chart. Am I doing correctly ken?
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  • #5,458
  • Edited 3:18am Apr 18, 2013 2:49am | Edited 3:18am
Quoting Kenneth Lee
You can , but one of the criteria for picking levels is time away. a retest as price is leaving is not always a first touch , Plus time of week or day has to be considered . One reason i would choose that as a fresh level. Is because it is a Friday close/Sunday open spot and for some reason they hold great value as targets as well as turning levels. Also as SD said a big number . Pus one of my own views is the fact that the level above had turned price a few times using up some supply in the quest to this making it a level on level area. Hope this...

Quoting TraderinSD
{image} Looking at the 4HR we see a RISE-BASE-RISE pattern. When looking for levels to trade, our best levels are those that move side for a short period of time.... ( Area B )... Then blasted off... like PA did in this case. Looking left we do not see any additional price activity like we see below and above. ( price moving sideways for a longer period of time ) See how clean this level appears vs PA above and below this level. Lastly, look at PA above and below. No where do you see price RISE out a LEVEL/BASE as that of "B".. The SM's are most...
Thank you very much for your explanation, helps me a lot
  • #5,459
  • Apr 18, 2013 8:21am Apr 18, 2013 8:21am
Hi guys, just wanna share my "pain"...missed the sell limit by 0.2pips on EJ. Painful to see it move in favor now...hope it will SHOOT UP, so that I don't feel so bad.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #5,460
  • Apr 18, 2013 8:40am Apr 18, 2013 8:40am
Hi Ken, I am unable to do a print screen right now, but can you help confirm if we are now at a demand level @ daily for AUD/NZD pair ?
Thanks for your enlightment,
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