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B.S. Trading with Kenneth Lee

  • #5,521
  • Apr 24, 2013 6:03pm Apr 24, 2013 6:03pm
Hey folks, anybody looking to get into this trade?
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  • #5,522
  • Apr 24, 2013 6:07pm Apr 24, 2013 6:07pm
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}
Can you give us an example please? I've also found to use 4H for trend and I pull all my trades out of 30M chart...but i tend to get out mainly off the 30M chart...I just like to scalp.
  • #5,523
  • Apr 24, 2013 7:53pm Apr 24, 2013 7:53pm
Quoting thestarting
{quote} Can you give us an example please? I've also found to use 4H for trend and I pull all my trades out of 30M chart...but i tend to get out mainly off the 30M chart...I just like to scalp.
http://www.forexfactory.com/attachme...1&d=1366825378
Good Trading To All ; Ken Lee
  • #5,524
  • Apr 25, 2013 4:13am Apr 25, 2013 4:13am
Quoting TraderinSD
{quote} {image} Ok.. So here a screen shot of the weekly. Drop-Base-Rise pattern {image} Here is the 1HR {image} Notations on the 1HR. We could do the same for 30M or 15M.. Yes there would be variations as to what to look for = spread of candle as it relates to volume or candle pattern as it relates to volume. The point...This is a good representation of the Pattern w/in the Pattern..It is very apparent that the SM's are thinking the same way as you see their powerful moves down indicating buying into weakness {image} Now lets look at the 4 Up arrows...
Hello Tsd,

Your statement for the last chart was;
"Now lets look at the 4 Up arrows that precede the Supply area..we see volume spikes but the spread of the candles is all very narrow/weak. We see no real interest by the SM's over the preceding 3 day prior to entering the Supply level..No interest in a Counter Trend move."

The 4 Up arrows that precede the Supply area, what was SM doing during that volume spikes with narrow spread? I guess they were buying.
  • #5,525
  • Apr 25, 2013 10:39pm Apr 25, 2013 10:39pm
Quoting Trappist
{quote} Hello Tsd, Your statement for the last chart was; "Now lets look at the 4 Up arrows that precede the Supply area..we see volume spikes but the spread of the candles is all very narrow/weak. We see no real interest by the SM's over the preceding 3 day prior to entering the Supply level..No interest in a Counter Trend move." The 4 Up arrows that precede the Supply area, what was SM doing during that volume spikes with narrow spread? I guess they were buying.
Yes, that is my opinion.. Demand.. We see that price never slowed down..

I look at this way...Narrow spread candles in an up move..SM are just buying, building a position if you will..Narrow spreads on a down move.. SM are just selling, building a position.

Wide spreads (within the context of surrounding PA) tells me that the SM's are doing the opposite..Wide spread up moves SM's are selling.. Getting ready to turn the market...Wide spread down moves SM's are buying .. Getting ready to turn the market.

Do not think that it is that simple. This is the basic premise. There is also where this PA is taking place, time frames as the SM's trade in all TF's.. (This is why you will see me look and speak about different TF's when trading) it is the premise for what I call Patterns w/in Patterns.

TSD
  • #5,526
  • Apr 26, 2013 12:48am Apr 26, 2013 12:48am
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And we are long off the 15M Demand...Got in a bit late

TSD
  • #5,527
  • Apr 26, 2013 12:50am Apr 26, 2013 12:50am
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Getting some good PA toward our TP..

TSD
  • #5,528
  • Apr 26, 2013 1:06am Apr 26, 2013 1:06am
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Scratched this trade with a 10 pip profit.. PA move to aggressively back against me. Not willing to make a stand on this type of PA

TSD
  • #5,529
  • Apr 26, 2013 1:30am Apr 26, 2013 1:30am
Quoting TraderinSD
{image} {image} And we are long off the 15M Demand...Got in a bit late TSD
Hello TraderinSD:

Congrats on your trade. It looks pretty scary to me. I assume you had a buy limit and sell stop pending order before price reached the blue box. Can you tell me what it was ?

Also in the green box I drew, was there an earlier opportunity for a buy entry there ?

And why wouldn't the larger yellow box I drew around your blue box not be a better demand zone ?

Thanks

Borg
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May the Forex be with you.
  • #5,530
  • Apr 26, 2013 5:26am Apr 26, 2013 5:26am
Supply area for GBP/USD daily. It's a pretty big area, about 80 points.
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  • #5,531
  • Apr 26, 2013 5:53am Apr 26, 2013 5:53am
Quoting Trappist
{quote} Hi Tsd, I would interprete your explanation as following; "When we see a strong move into an level. The candles have a good spread/distance between the high and low, we know that the SM's are behind this move. How?? They are they only ones that can create this type of move in the market... Ideally, we should see a succession of increasing volume bars that accompany the high spread activity of the candles moving into our level. Once price reaches our level..3 things will happen.. 1) Price just keeps on going - blowing right through our level...
TSD, thank you for yor reply. I tried to figure out what SM was doing during three scenarios you explained. It is an old post of mine. I would appreciate your comments when you have time.

By the way, i really like your way to clear up things quite pedagogical.
  • #5,532
  • Apr 26, 2013 5:54am Apr 26, 2013 5:54am
Supply area GBP/JPY 4hr. The 1hr gives a much clearer picture of the area. Would have been a better trade if I didn't manage it like a monkey on crack. Still was able to get about 2.5:1 rr.

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  • #5,533
  • Apr 26, 2013 8:02am Apr 26, 2013 8:02am
let's see how a/j turned out..
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Good Trading To All ; Ken Lee
  • #5,534
  • Apr 26, 2013 8:25am Apr 26, 2013 8:25am
I don't draw any of these lines or levels on my charts. Just the line that moves with price shows you all. Just learn to look left and don't focus on the right hand side of the chart. You should always have some idea of what your looking to happen . A short after a lower low a long after a higher high then look for the clearest level to enter based on what is showing on the left. I am short on e/u from 1.3035 after a barely lower low.
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Good Trading To All ; Ken Lee
  • #5,535
  • Apr 26, 2013 9:03am Apr 26, 2013 9:03am
Good morning Ken. I was looking at this as well but, I have a question. Why is the bottom demand zone not good? If you look left, the zone I have has a nice base and is a higher low compared to yesterday's NY low, then followed by a higher high. Also, the Supply level which I have in orange seems to be a retest of a supply just to the left. Why would you use that as a fresh level? As you can see I had a pending that never hit. Thanks.
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Felix R
  • #5,536
  • Apr 26, 2013 9:09am Apr 26, 2013 9:09am
Quoting felixrod76
Good morning Ken. I was looking at this as well but, I have a question. Why is the bottom demand zone not good? If you look left, the zone I have has a nice base and is a higher low compared to yesterday's NY low, then followed by a higher high. Also, the Supply level which I have in orange seems to be a retest of a supply just to the left. Why would you use that as a fresh level? As you can see I had a pending that never hit. Thanks. {image}

chart
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Good Trading To All ; Ken Lee
  • #5,537
  • Apr 26, 2013 9:29am Apr 26, 2013 9:29am
chart
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Good Trading To All ; Ken Lee
  • #5,538
  • Apr 26, 2013 9:38am Apr 26, 2013 9:38am
chart
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Good Trading To All ; Ken Lee
  • #5,539
  • Apr 26, 2013 9:51am Apr 26, 2013 9:51am
Quoting Kenneth Lee
chart {image}
Yes I was talking about that area in orange (bottom). I had it set up as a PO long. It ended up breaking it. Was it not a good level? Now there is a newer low which you pointed out in the previous chart but, before that it was a nice base.
Felix R
  • #5,540
  • Apr 26, 2013 10:04am Apr 26, 2013 10:04am
Quoting Borg
{quote} Hello TraderinSD: Congrats on your trade. It looks pretty scary to me. I assume you had a buy limit and sell stop pending order before price reached the blue box. Can you tell me what it was ? Also in the green box I drew, was there an earlier opportunity for a buy entry there ? And why wouldn't the larger yellow box I drew around your blue box not be a better demand zone ? Thanks Borg {image}

Actually it was a poorly managed trade..Significant lack of patience. A lasp in the mental side of trading.

I came in with a market order.. I tend to wait and see what price and volume are doing, then I enter.. As you have probably noticed many of my trades are outside the level.. Late if you will. I already know the size of the level and my risk associated with it before I take the trade.. As long as I am close I good to go. My entries do not need to be perfect.. It is the risk and direction as it relates to PA that I am more concerned with.

When I get to my other screen later to day I will be able to answer the rest of your question.

TSD
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