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B.S. Trading with Kenneth Lee

  • #5,501
  • Apr 24, 2013 12:49am Apr 24, 2013 12:49am
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Price retraced on a Supply Level.. Moved to a 5M chart just to see if I can get as better perspective..Price appears to be resuming move north.. Patience

TSD
  • #5,502
  • Apr 24, 2013 12:52am Apr 24, 2013 12:52am
Hi all,firstly want to say a big thank you to kenneth lee, just found this thread....trying to learn the method...hope i could post in here regularly...thanks
  • #5,503
  • Apr 24, 2013 1:02am Apr 24, 2013 1:02am
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Price having a tough time getting through this Supply Level.. might see some retrace..

TSD
  • #5,504
  • Apr 24, 2013 1:25am Apr 24, 2013 1:25am
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Price just not willing to move with any strength long at this point so, we exited our 2 lot with a 6 pip profit.

next trade

TSD
  • #5,505
  • Apr 24, 2013 2:20am Apr 24, 2013 2:20am
any take on this eur/jpy..4hr demand level...............
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  • #5,506
  • Apr 24, 2013 2:21am Apr 24, 2013 2:21am
sorry supply level..stili getting use to the termilogies..thanks
  • #5,507
  • Apr 24, 2013 3:01am Apr 24, 2013 3:01am
GM all. Thoughts on this AUDJPY?
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Felix R
  • #5,508
  • Apr 24, 2013 4:25am Apr 24, 2013 4:25am
Quoting felixrod76
GM all. Thoughts on this AUDJPY? {image}

Well, this one ended up failing. Can anyone give me a heads up on what could be a reason for it not holding? I've heard Sam talk about "fresh" levels and as long as it's "fresh" he takes it. Was this not a fresh level or was it just one of those times in which we just take a hit and continue on? Thanks in advance.

FR
Felix R
  • #5,509
  • Apr 24, 2013 5:26am Apr 24, 2013 5:26am
Quoting felixrod76
{quote} Well, this one ended up failing. Can anyone give me a heads up on what could be a reason for it not holding? I've heard Sam talk about "fresh" levels and as long as it's "fresh" he takes it. Was this not a fresh level or was it just one of those times in which we just take a hit and continue on? Thanks in advance. FR
The thing about trading is that it rewards randomly over the short term. You can take a good set up and it loses. You can take a poor trade and end up with a great result. You have to look at the long term. Just because a trade loses does not necessarily mean you did anything wrong.

IMO Your GBP long from a couple of days ago was a very poor entry, but it ended up with a great result.
  • #5,510
  • Apr 24, 2013 6:04am Apr 24, 2013 6:04am
Quoting felixrod76
{quote} Well, this one ended up failing. Can anyone give me a heads up on what could be a reason for it not holding? I've heard Sam talk about "fresh" levels and as long as it's "fresh" he takes it. Was this not a fresh level or was it just one of those times in which we just take a hit and continue on? Thanks in advance. FR
IMHO going with the trend is the best safety net. Yen crosses are all on their long march way up. Yesterday that fake twit spike held up nicely at support levels on all of them, and then the retrace from your orange box is exactly another 50%, it's bound to, or perhaps I should say, more likely to make a higher high than go down.

It actually did give you a bit of reaction at that 102.13 high, but one needs to be quick to get out and/or move stop to b/e knowing that one is fighting the trend. That's just how I see it.

Added a chart, the reaction got quickly bought at support again.

http://i36.tinypic.com/2e0jui0.jpg
  • #5,511
  • Apr 24, 2013 10:50am Apr 24, 2013 10:50am
Quoting felixrod76
{quote} Well, this one ended up failing. Can anyone give me a heads up on what could be a reason for it not holding? I've heard Sam talk about "fresh" levels and as long as it's "fresh" he takes it. Was this not a fresh level or was it just one of those times in which we just take a hit and continue on? Thanks in advance. FR
Hey felix, I almost took the same trade, it looked really good, its definately a fresh level, nice basing, great drop from the level. What stopped me from entering though was the demand area that formed around the 102.00 on the 30min. Which for me had reduced the R:R to 1:1. There is a level just above that one (102.400-102.536 on 30min) that offered a better R:R, so i opted to wait for that one. Really focus on those odds enhancers that Ken has listed in his PDF, it may seem like alot to think about at first when looking at levels (it seemed like that for me!), but like Ken says soon enough all the criteria will just become a regular part of your level selection thought process.
I hope this has been of some help.

Aussie
  • #5,512
  • Apr 24, 2013 11:14am Apr 24, 2013 11:14am
Quoting Aussie-FX
{quote} Hey felix, I almost took the same trade, it looked really good, its definately a fresh level, nice basing, great drop from the level. What stopped me from entering though was the demand area that formed around the 102.00 on the 30min. Which for me had reduced the R:R to 1:1. There is a level just above that one (102.400-102.536 on 30min) that offered a better R:R, so i opted to wait for that one. Really focus on those odds enhancers that Ken has listed in his PDF, it may seem like alot to think about at first when looking at levels (it seemed...
Thank you Aussie. It's a big help. I did see the level below that you were talking about. I just didn't think it was gonna hold cause it looked like that level was reacting to the demand right below it. So I thought that would make that level "not fresh" and the short would of gone through it. Know what I mean? Anyway, nice to see that trade you took is working out. I appreciate everyone's help. I should of joined this forum a long time ago.
Felix R
  • #5,513
  • Apr 24, 2013 12:43pm Apr 24, 2013 12:43pm
No matter what time frames you wish to trade it is a good idea to mark the 4 hr and daily levels on your charts even with a simple single line , this way it will give you the best picture of what is or may happen. Might have made you take a different view.
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Good Trading To All ; Ken Lee
  • #5,514
  • Apr 24, 2013 12:47pm Apr 24, 2013 12:47pm
Quoting felixrod76
{quote} Thank you Aussie. It's a big help. I did see the level below that you were talking about. I just didn't think it was gonna hold cause it looked like that level was reacting to the demand right below it. So I thought that would make that level "not fresh" and the short would of gone through it. Know what I mean? Anyway, nice to see that trade you took is working out. I appreciate everyone's help. I should of joined this forum a long time ago.
No worries, I'm glad I could help. I know exactly what you mean about that level, and your 100% right it was reacting from that level making it not a fresh level. If I can offer one thing, try not to think of an approach in terms of fresh or not fresh levels, be very objective i.e how far away is any demand level from your entry? If you are not getting your profit margin then look to the next level. That's it. When you start 'thinking' beyond that, thats when your making an assumption on something you can never possibly know. It either fits into your entry rules or it doesn't. I struggled alot with being objective, and thinking too much, but if you just trade what you see and your sticking with the odds enhancers it will all fall into place.

Aussie
  • #5,515
  • Apr 24, 2013 12:48pm Apr 24, 2013 12:48pm
I have 2 of my screens set Vertical, they are setup with these 3 chart times , gives me a quick overall view of trade possibilities.
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Good Trading To All ; Ken Lee
  • #5,516
  • Apr 24, 2013 1:20pm Apr 24, 2013 1:20pm
Quoting Kenneth Lee
No matter what time frames you wish to trade it is a good idea to mark the 4 hr and daily levels on your charts even with a simple single line , this way it will give you the best picture of what is or may happen. Might have made you take a different view. {image} {image}
So Ken, as long as the supply or demand level has not been used up completely we should still consider it as valid until it is used up? Cause I see you picked a level around 102.60 that is a supply level that is the top of a supply level that already hit (102.52). In other words, if there is a demand level created above demand or supply below another supply zone, those should be thought of as individual levels and not as a retracement into the level before the departure? Thanks Ken.
Felix R
  • #5,517
  • Apr 24, 2013 1:29pm Apr 24, 2013 1:29pm
Quoting felixrod76
{quote} So Ken, as long as the supply or demand level has not been used up completely we should still consider it as valid until it is used up? Cause I see you picked a level around 102.60 that is a supply level that is the top of a supply level that already hit (102.52). In other words, if there is a demand level created above demand or supply below another supply zone, those should be thought of as individual levels and not as a retracement into the level before the departure? Thanks Ken.

I use Price action as guide as to wither I will take a 2nd or 3rd touch within a level. The risk is normally less if you take 2nd or even a third touch , because you are entering closer to your stop position . You should monitor these trades as they can have a higher rate of failure. So a move to Break Even or a trailing stop might be prudent. But it also can be some of your best entries as the counter pressure maybe used up to make the final push into the edge of a level.

Another way to play a deeper push into a level that is a level within a level is to incorporate the next level into your trade , Which may make you lower your risk by lowering your position size. Just try and have a plan to get to your full size position at some point.
Good Trading To All ; Ken Lee
  • #5,518
  • Apr 24, 2013 1:34pm Apr 24, 2013 1:34pm
Quoting Kenneth Lee
{quote} I use Price action as guide as to wither I will take a 2nd or 3rd touch within a level. The risk is normally less if you take 2nd or even a third touch , because you are entering closer to your stop position . You should monitor these trades as they can have a higher rate of failure. So a move to Break Even or a trailing stop might be prudent. But it also can be some of your best entries as the counter pressure maybe used up to make the final push into the edge of a level. Another way to play a deeper push into a level that is a level within...
Got it.
Felix R
  • #5,519
  • Apr 24, 2013 1:59pm Apr 24, 2013 1:59pm
chart
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Good Trading To All ; Ken Lee
  • #5,520
  • Apr 24, 2013 2:04pm Apr 24, 2013 2:04pm
chart
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Good Trading To All ; Ken Lee
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