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Trader Dale - daily trading levels

  • #8,481
  • Jul 22, 2017 1:53pm Jul 22, 2017 1:53pm
Quoting Trader-Dale
Hello guys, check out my NEW ARTICLE on How to trade if you are a busy person! http://trader-dale.com/trade-busy-person/
why you don't choose the biggest volume prices for your levels??
  • #8,482
  • Jul 22, 2017 2:59pm Jul 22, 2017 2:59pm
Quoting Neo1
{quote} HEY , Do you know why Dale doesnt choose his levels at the the biggest volum prices??
Depends on multiple factors. Such as whether the MP is balanced, D shape or P or b. In the majority low MP acts as S&R. High volume and POC can also act as a brake and cause a reaction causing a reverse. Remember that at POC the market will oscillate unless there is another factor that makes it reverse such as the right volume.
Take 1 step forward, two small steps back
  • #8,483
  • Jul 23, 2017 2:45am Jul 23, 2017 2:45am
Quoting januszo
wow, this tuesday was a nice wakeup after sleepy monday. Anyway this is my trading from last 3 days and today i got one tp trade on uj rest is from monday and tuesday. Not too much earned, but it prooves a bit tht this method is quite foolproof. There was a bit slaughterry on eu, but overall it is like breakeven trading : symbol win loss be AUDNZD 0 0 1 AUDUSD 0 0 2 EURCAD 3 0 3 EURCHF 1 1 0 EURGBP 1 1 0 EURUSD 1 4 3 USDJPY 1 0 1 since beginitg of this month it was : AUDNZD 0 1 2 AUDUSD 0 0 4 EURCAD 6 2 6 EURCHF 2 1 0 EURGBP 1 1 0 EURUSD 1 6 7 USDCAD...
Hi Januszo,
Is your TP 12, SL 12, and Be 1+ at 10?
  • #8,484
  • Edited 7:55am Jul 23, 2017 6:45am | Edited 7:55am
Quoting DrBeercan
{quote} Depends on multiple factors. Such as whether the MP is balanced, D shape or P or b. In the majority low MP acts as S&R. High volume and POC can also act as a brake and cause a reaction causing a reverse. Remember that at POC the market will oscillate unless there is another factor that makes it reverse such as the right volume.
LOW MP?? What i meant is that Dale levels are chosen in volume clusters areas but in most cases its not the price level with the highest volume on the cluster;so what's the reason ??
  • #8,485
  • Jul 23, 2017 12:16pm Jul 23, 2017 12:16pm
Quoting Neo1
{quote} HEY , Do you know why Dale doesnt choose his levels at the the biggest volum prices??
Its not just biggest volume, but also price action. Actually, price action first and then you look for high volume in that area. It doesn't always coincide with the highest volume of the day (POC).
Three price actions to look for: Volume cumulation, Strong rejection, Aggressive initiation.
  • #8,486
  • Edited Jul 24, 2017 2:22am Jul 23, 2017 12:33pm | Edited Jul 24, 2017 2:22am
Fresh levels for the new week. Please comment if you spot a problem or need to know why.
Update: Monday morning.started with low volatility, but three full profit 10 pip trades.
USDJPY
Long - 110.855 - Traded, full profit
Short - 111.51
Short - 111.745

EURUSD
Long - 1.15605 ( not 100% sure, futures data showing slightly lower, could be 1.1559)

GBPUSD
Long - 1.1245
Short - 1.3022 - Traded, full profit

USDCAD
Short - 1.2560
Short - 1.2594

AUDUSD
Long - 07885
Short 0.7956 - Traded, full profit
  • #8,487
  • Jul 23, 2017 5:02pm Jul 23, 2017 5:02pm
Quoting fxdude1
{quote} Its not just biggest volume, but also price action. Actually, price action first and then you look for high volume in that area. It doesn't always coincide with the highest volume of the day (POC). Three price actions to look for: Volume cumulation, Strong rejection, Aggressive initiation.
The three price actions you talked about are not giving you a price level but they give you areas where levels could be taken for trade ;how do you choose a specific price ??
  • #8,488
  • Jul 23, 2017 11:59pm Jul 23, 2017 11:59pm
Quoting fxdude1
Fresh levels for the new week. Please comment if you spot a problem or need to know why. USDJPY Long - 110.855 Short - 111.51 Short - 111.745 EURUSD Long - 1.15605 ( not 100% sure, futures data showing slightly lower, could be 1.1559) GBPUSD Long - 1.1245 Short - 1.3022 USDCAD Short - 1.2560 Short - 1.2594 AUDUSD Long - 07885 Short 0.7956
hi
looks fine
I have 2 other long levels on EU 1.1605 and 1.1628
my UJ short is 111,47
cheers
  • #8,489
  • Jul 24, 2017 2:50am Jul 24, 2017 2:50am
Quoting Neo1
{quote} The three price actions you talked about are not giving you a price level but they give you areas where levels could be taken for trade ;how do you choose a specific price ??
That's right Neo1 , price action gives you approximate area of interest, then you look on the market profile histogram on the left of the same day for the highest volume traded in this area and that's your exact price. Sometimes its very pronounced spike, sometimes its a little bump.Always go for the highest volume for the given price action.
  • #8,490
  • Jul 24, 2017 3:30am Jul 24, 2017 3:30am
Quoting fxdude1
{quote} that's right neo1 , price action gives you approximate area of interest, then you look on the market profile histogram on the left of the same day for the highest volume traded in this area and that's your exact price. Sometimes its very pronounced spike, sometimes its a little bump.always go for the highest volume for the given price action.
can you show image of your level on the eur/usd??
  • #8,491
  • Jul 24, 2017 3:57am Jul 24, 2017 3:57am
Quoting fxdude1
{quote} That's right Neo1 , price action gives you approximate area of interest, then you look on the market profile histogram on the left of the same day for the highest volume traded in this area and that's your exact price. Sometimes its very pronounced spike, sometimes its a little bump.Always go for the highest volume for the given price action.
And you know that Dale doesn't take the highest volume for the price action .
  • #8,492
  • Jul 24, 2017 4:15am Jul 24, 2017 4:15am
Quoting fxdude1
Fresh levels for the new week. Please comment if you spot a problem or need to know why. Update: Monday morning.started with low volatility, but three full profit 10 pip trades. USDJPY Long - 110.855 - Traded, full profit Short - 111.51 Short - 111.745 EURUSD Long - 1.15605 ( not 100% sure, futures data showing slightly lower, could be 1.1559) GBPUSD Long - 1.1245 Short - 1.3022 - Traded, full profit USDCAD Short - 1.2560 Short - 1.2594 AUDUSD Long - 07885 Short 0.7956 - Traded, full profit
Excellent stuff :-)
Take 1 step forward, two small steps back
  • #8,493
  • Jul 24, 2017 4:25am Jul 24, 2017 4:25am
Quoting Neo1
{quote} The three price actions you talked about are not giving you a price level but they give you areas where levels could be taken for trade ;how do you choose a specific price ??
Would be worth using Tradingview on demo for a month and look back at the published levels. Dale also publishes YouTube videos and analysis from recent trades. It is not just the high volume or high MP that triggers a trade level. There is a few weeks ago a PowerPoint presentation and a recording of how he reaches his levels.
Take 1 step forward, two small steps back
  • #8,494
  • Jul 24, 2017 7:26am Jul 24, 2017 7:26am
Quoting DrBeercan
{quote} Would be worth using Tradingview on demo for a month and look back at the published levels. Dale also publishes YouTube videos and analysis from recent trades. It is not just the high volume or high MP that triggers a trade level. There is a few weeks ago a PowerPoint presentation and a recording of how he reaches his levels.
i was there for Dale's webinar he never mentioned anything about the reason why he chooses a specific price to be the level he only explains price action areas.
  • #8,495
  • Jul 24, 2017 7:41am Jul 24, 2017 7:41am
Quoting Neo1
{quote} i was there for Dale's webinar he never mentioned anything about the reason why he chooses a specific price to be the level he only explains price action areas.
Did you read the MarketProfile articles?!
part1 (http://trader-dale.com/market-profile-introduction/)
part2 (http://trader-dale.com/market-profile-different-profiles-and-their-application/)
part3 (http://trader-dale.com/market-profile-3-my-real-trades/)

Actually the level picking isn't that difficult...
look at the Profile....which category profile you have? Look also where the priceaction begins (see answer fxdude1) Then depending on the type profile you can pick your levels.

See also the Youtube videos as DrBeercan said.
Then I think then it must become clear how to pick the levels
You can manage risk, but you can't manage the return
  • #8,496
  • Jul 24, 2017 7:59am Jul 24, 2017 7:59am
Quoting HappyMe
{quote} Did you read the MarketProfile articles?! part1 (http://trader-dale.com/market-profile-introduction/) part2 (http://trader-dale.com/market-profile-different-profiles-and-their-application/) part3 (http://trader-dale.com/market-profile-3-my-real-trades/) Actually the level picking isn't that difficult... look at the Profile....which category profile you have? Look also where the priceaction begins (see answer fxdude1) Then depending on the type profile you can pick your levels. See also the Youtube videos...
Thanks for response .
i will take a look.

I hope that could answer my question.
  • #8,497
  • Jul 24, 2017 8:38am Jul 24, 2017 8:38am
Quoting HappyMe
{quote} Did you read the MarketProfile articles?! part1 (http://trader-dale.com/market-profile-introduction/) part2 (http://trader-dale.com/market-profile-different-profiles-and-their-application/) part3 (http://trader-dale.com/market-profile-3-my-real-trades/) Actually the level picking isn't that difficult... look at the Profile....which category profile you have? Look also where the priceaction begins (see answer fxdude1) Then depending on the type profile you can pick your levels. See also the Youtube videos...
This is a picture from the third article where he chooses his level at a price lower than the POC which doesnt make sense and there is no reason in the previous articles for that.
SO WHY NOT THE POC??
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-7.3.-0598-short.png Size: 29 KB
  • #8,498
  • Jul 24, 2017 9:32am Jul 24, 2017 9:32am
Quoting Neo1
{quote} This is a picture from the third article where he chooses his level at a price lower than the POC which doesnt make sense and there is no reason in the previous articles for that. SO WHY NOT THE POC?? {image}
Because this level was already tested....

Look at my screenshot:
1) here the the "POC is tested" => becareful we say here POC but at that time the POC could be higher....anyway the level was clearly tested and not valid anymore (POC or no POC )
2) around 1. the pressure is building...and there was a priceaction. The start of that priceaction is the level we searching for... this level can possibly protect in the future...
3) do we see a high volume cluster around this priceaction ...?! yes we do it is 1.05983



edit: at 1. there wasn't priceaction around the POC.... is was just ranging there....
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 32 KB
You can manage risk, but you can't manage the return
  • #8,499
  • Jul 24, 2017 9:47am Jul 24, 2017 9:47am
Quoting happyme
{quote} because this level was already tested.... Look at my screenshot: 1) here the the "poc is tested" => becareful we say here poc but at that time the poc could be higher....anyway the level was clearly tested and not valid anymore (poc or no poc ) 2) around 1. The pressure is building...and there was a priceaction. The start of that priceaction is the level we searching for... This level can possibly protect in the future... 3) do we see a high volume cluster around this priceaction ...?! Yes we do it is 1.05983 Edit:...
and what about this picture??
Attached Image (click to enlarge)
Click to Enlarge Name: audusd-long-0.7545-14.3..png Size: 25 KB
  • #8,500
  • Jul 24, 2017 9:58am Jul 24, 2017 9:58am
Quoting Neo1
{quote} and what about this picture?? {image}
Well I hate this MarketProfile....it's not that clear and to rough in my opinion... anyway personally I would do it as follows....

You have there a sort of a D-shape....support/rejection before the up-move started => look in the articles from Dale what this shape means....

The higher is at the break of the range (around that high volume cluster)
The lower can seen as support....but not further then the POC of that area....(see the article of Dale)

Following the profile I put the level a little lower then Dale this....BUT I don't have here the Future levels....that could make a small difference!
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 72 KB
You can manage risk, but you can't manage the return
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