Due Diligence
First and foremost a huge thanks to Dale for sharing his hard earned knowledge, I don't like to imagine how long it has taken Dale to become so proficient but I wouldn't mind taking a punt at several thousand hours over time. Huge respect
There are lots of people who for whatever reason cannot find the time to read thru the whole thread (I would thoroughly recommend that they do so as all you need to know to make great use of this shared knowledge is contained within these few pages) for those who cannot find the time here is a quick summary of the info contained.
1. The levels are not a prediction of where price will go, but a reasoned level where should price get there a reaction can be expected due to market participants having shown an interest at this level.
2. These levels are not traded when macro news events are due or have recently taken place, such news events generally have no regard to past levels. Once a reasonable passage of time has past, the levels can once again be set up as tradeable levels - what is reasonable, I'd say let the volatility subside before getting interested again.
3. If price sees a reaction a few (Dale has mentioned 1 to 2) pips prior to reaching the level, then stand aside because the probability of a reaction again from the same location is much reduced.
4. Dale does not use limit orders for entry, but uses market orders once the level has been reached, from my own experience I can say this often results in obtaining a better entry than a limit order would provide. Not everyone can sit at the screen throughout the day and most likely those people will have to use limit entries - but if you do so then you must be aware of the macro news events and pull any orders prior to those events hitting the wires.
5. Dale does not trade the Asian sessions, everyone needs to have a life outside of trading and the Asian session is the most iliiquid period, I'd suggest that if Dale doesn't trade it we'd all be wise not to either.
I have a word document which contains all of the levels provided by Dale, very useful to anyone wanting to have a look back at the charts with the levels to hand, I won't post it without Dales permission - but should he say yes I'll happily do so.
I also have an excel document where I've recorded information on those trades that have triggered, again provided Dale agrees I'll post it as an attachment (assuming FF allows such attachments). There are far too few entries to be taking stop loss and profit take decisions on, but it is never the less interesting to see the results different levels give. Also you can see how far against the levels price moves before going on to make 10 pips,
Anyone can trawl back thru this thread while it is the size it is, and find this info, but if Dale is happy then I'll share what I have. I should say that provided Dale is happy to continue sharing his knowledge that I expect this thread to soon become pretty huge, I should also say that you'd have to work really hard to find a way of not profiting from the info provided!!
Once again big thanks Dale
Cheers Ziggy
First and foremost a huge thanks to Dale for sharing his hard earned knowledge, I don't like to imagine how long it has taken Dale to become so proficient but I wouldn't mind taking a punt at several thousand hours over time. Huge respect
There are lots of people who for whatever reason cannot find the time to read thru the whole thread (I would thoroughly recommend that they do so as all you need to know to make great use of this shared knowledge is contained within these few pages) for those who cannot find the time here is a quick summary of the info contained.
1. The levels are not a prediction of where price will go, but a reasoned level where should price get there a reaction can be expected due to market participants having shown an interest at this level.
2. These levels are not traded when macro news events are due or have recently taken place, such news events generally have no regard to past levels. Once a reasonable passage of time has past, the levels can once again be set up as tradeable levels - what is reasonable, I'd say let the volatility subside before getting interested again.
3. If price sees a reaction a few (Dale has mentioned 1 to 2) pips prior to reaching the level, then stand aside because the probability of a reaction again from the same location is much reduced.
4. Dale does not use limit orders for entry, but uses market orders once the level has been reached, from my own experience I can say this often results in obtaining a better entry than a limit order would provide. Not everyone can sit at the screen throughout the day and most likely those people will have to use limit entries - but if you do so then you must be aware of the macro news events and pull any orders prior to those events hitting the wires.
5. Dale does not trade the Asian sessions, everyone needs to have a life outside of trading and the Asian session is the most iliiquid period, I'd suggest that if Dale doesn't trade it we'd all be wise not to either.
I have a word document which contains all of the levels provided by Dale, very useful to anyone wanting to have a look back at the charts with the levels to hand, I won't post it without Dales permission - but should he say yes I'll happily do so.
I also have an excel document where I've recorded information on those trades that have triggered, again provided Dale agrees I'll post it as an attachment (assuming FF allows such attachments). There are far too few entries to be taking stop loss and profit take decisions on, but it is never the less interesting to see the results different levels give. Also you can see how far against the levels price moves before going on to make 10 pips,
Anyone can trawl back thru this thread while it is the size it is, and find this info, but if Dale is happy then I'll share what I have. I should say that provided Dale is happy to continue sharing his knowledge that I expect this thread to soon become pretty huge, I should also say that you'd have to work really hard to find a way of not profiting from the info provided!!
Once again big thanks Dale
Cheers Ziggy
