B.S. Trading with Kenneth Lee

Exit the 2 lot w/ 80 plus pips

TSD

I was triggered short on NZDUSD on a nice H4 short with demand being violated and supply being respected all the way down. It's the first pullback it does after such a big drop. There was at least 3:1 profit margin with a 15 pips supply level, so I went for it.



These are the upper levels of supply I have marked on the H4 chart for NZDUSD. It's clearly on a downtrend, will only go long lower when price reaches a fresh 4H/H1 level on D1 demand.



On H1 there is though a nice level right at the down slope trendline, that might work, nice confluence. Right underneath there is another H1 speed speedbump, departure was not that good but it might work, it's also a 50% retracement. I am inclined more on the upper level if the one I am in does not work as I expect.



My NZDUSD short is working nicely, look at the chart update:

I am planning some shorts on GBPUSD. Maybe it will some time for price to reach them, but orders are set there because they are strong supply/demand imbalances. Trend is down on the pound, so I am planning shorts until we get to fresh demand levels on higher timeframes, and there is none yet.

Lower demand at 1.5227 is no longer valid for me, it's non fresh with 3 pullbacks and it was 100% penetrated. So price might rally and absorb the non fresh demand to continue dropping.



If 1.5280 demand area is solidly broken, then 1.5315 would become the closest supply, I woud try that short. I have an alert set for that level being solidly broken with momentum. If those lows are broken this area could become a rally base drop, and I'd set a limit sell order at it, because lower demand can be easily absorbed having been touched 3 times.

nice charts pano

i am kicking also the butt of usd jpy , here we go ..

eur jpy , entry was on 15 m compression , and no close above the pivot marked in blue .

Got triggered on H4 supply on EURUSD, holding it and see what happens.



Update, I finally got 75 pips out of it. Closed trade

Trying to catch 50pip profit risking 7....

Well Done .. Like what you do here.

TSD

did i get this zone right

is this zone also right

See how price spent very little time in the area highlighted. The other are much longer. Review Sam's videos about picking levels.

TSD

I got triggered short on USDCAD tonight, I just saw it when I woke up.

My entry is based on a fresh 4H supply area right at the retest of a broken D1 ascending trendline, with the Dollar Index within a fresh D1 supply. I'm trying this level because it matches my rules, we'll see what happens. My set & forget trade has been sitting at that level for some days.



The $ index is bullish but just hit a fresh D1 supply area. Those white lines are the WK supply area. There is a fresh D1 supply area being touched now for the first time on the $ index. If I find nice supply areas on usd pairs like usdcad, usdjpy, eurusd, etc, I will exit my shorts and I willl think of going long if the level is fresh. In the case of the USDCAD, I will go short because it's directly correlated to the $index. On eurusd, gbpusd, I will think of going long and exiting my shorts.



There is though a new D1 demand speedbump right underneath the D1 supply area, which is subtracting profit margin to the area, that might be a signal that the $ is gaining more strength and D1 supply area might be broken. That area is drawn in blue.



On the EURUSD, +50% weight in the $index, price is at a 4H demand area which had lots of basing right on the top, I took a short trade from upper supply level and exited right there. But if that 4H demand area is broken, $index will break the D1 supply area and price on euro will keep on dropping, it would be the path of least resistance.

Thanks a lot for your kind words, I appreciate that. Doing my best, not easy, trading is a lonely occupation and one's mind loves auto-sabotage

Hello TraderinSD:

Congrats on this brilliant trade and thanks for the great charts explaining how it was done. And using the 4 hour chart back in Oct. 2008 for the supply levels – wow.

I really liked the 30 min chart showing how when price came in to the level the second time it had lower volume than the first time and then you went short.

But how did you pick your tp and which chart you did you use ? Was it just the obvious consolidation area (~11 bars) off the 30 min that formed at the end of May 9 and the beginning of May 10 ?

this looks good i sold at retest of supply 1st level and looking for a retest of second supply zone

one's mind loves auto-sabotage ....

ain't that the truth ..

TSD

Hi all i'm new to this thread,
I took this trade today and I would like to know what do you think about the zone where I place my take profit, do you think it is relevant ?
(sorry for my poor english)

I like the trade:

1) Supply Level price spent a short time at this level
2) This level came from a Drop-Base-Drop Pattern
3) Price move aggressively into the Supply Level
4) Price went short very quickly out of the level
5) Short had a Round number working for it
6) TP about 50 pips I'm guessing. Depending on your stop 2:1 plus R/R ???

TSD

My SL was 16 pips so a bit more than 3:1 ratio i think!
Thanks a lot TSD !

I was triggered yesterday on a GBPUSD short on a H4 level which could also have been triggered on a drilled down H1 level. Trade is 70 pips up for now, but I want my TP at 1.5112 where you can on my chart. There are some lines on my charts, but they help me know where I am on the curve, the trendlines in yellow is the D1 demand are which has been "violated" (broken) as you can see with that spike down, so it has higher odds of dropping, my rules allow me to set my TP lower since the zone is broken, and that's what I've done.

Wherever there is a red rectangle painted (I do it manually, not with the automatic SD indicator, it's good but I prefer my own zones), I will set a limit order, unless conditions have changed and now price is coming from a higher demand area, then I won't trade them unless they are at or very close a higher timeframe supply area.



I had a loss last night on GBPNZD though, it was a nice 4H supply zone, even though price was not as close to D1 supply as I would have thought. Price made 50 pips from my entry, but my breakeven is normally set to 2:1, so price came back to my entry and I had a loss, my breakeven was like 70 pips. Pity, but if I don't let the price breath then I will have many breakevens to find out later that my trade went in my direction. That's trading, but happy with the results