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Trader Dale - daily trading levels

  • #841
  • Oct 27, 2016 7:50am Oct 27, 2016 7:50am
Quoting esk1mooo
-12 for me on the EU. My approach is to ignore the news and what will be will be, one day it will work in your favour. Another it will not.
i would enter with same SL and exit at whatever market is ready to give, say 5 instead of 10. like UJ right now
There is only one way to learn. It’s through action.
  • #842
  • Oct 27, 2016 7:59am Oct 27, 2016 7:59am
Quoting mahfoozah
{quote} i would enter with same SL and exit at whatever market is ready to give, say 5 instead of 10. like UJ right now
Yup, understood! Take what you can get from this cruel market! However, consistency is key...if you consistently take trades with the exact TP/SL...if the strategey works, the profits will look after them selves.
  • #843
  • Oct 27, 2016 8:11am Oct 27, 2016 8:11am
I also encounter loss missing TP by only a spread because I was not by computer... If I'm anywhere close to computer I put SL to BE after 5-6pips in profit. USDJPY triggered... now we wait
  • #844
  • Oct 27, 2016 8:57am Oct 27, 2016 8:57am
AUDUSD missed entry by 0.8 pips on my MT4, and is now up for more than 9 pips, I am in "take no more" mode of this one
however nice reaction of level!
  • #845
  • Oct 27, 2016 8:58am Oct 27, 2016 8:58am
bugger - missed AU by the tiniest margin, won't take it now if it comes back down
  • #846
  • Oct 27, 2016 9:02am Oct 27, 2016 9:02am
It's something wrong with the numbers today, Dale?
E/U was close... AUD was close...
More examples, take the JPY, are you sure it wasn't 104.75 (because it worked excellent) instead 104.78 ???
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Member
  • #847
  • Oct 27, 2016 9:03am Oct 27, 2016 9:03am
-12 on UJ.
  • #848
  • Oct 27, 2016 9:06am Oct 27, 2016 9:06am
Quoting esk1mooo
-12 on UJ.
I think the entry was 104.75 (see above) ...nothing is perfect!
Member
  • #849
  • Oct 27, 2016 9:07am Oct 27, 2016 9:07am
Indeed! I'm just posting the result!
  • #850
  • Oct 27, 2016 9:12am Oct 27, 2016 9:12am
This is how I traded the levels:
1.eur/usd - missed profit, secured the position around BE
2. usd/jpy - turned 2 pips sooner - didnt take it
3. aud/usd -turned 0,8 pips sooner - didnt take it

It sometimes happens that the waiting participands are so eager and agressive to trade their level, that it just turns a bit sooner. I wouldnt recommend trying to take the levels sooner then the prediction though.
Still a good day today for those shorting my aud/usd level I myself added to my position yesterday when the market went against me and now closed the second part in +82 pips profit. Iam still in the market with the original position (now +60 pips in open profit)
  • #851
  • Oct 27, 2016 9:22am Oct 27, 2016 9:22am
Dale, would really enjoy being onboard with this.
  • #852
  • Oct 27, 2016 9:33am Oct 27, 2016 9:33am
Quoting rabitt1965
Hello Dale , thanks for your help , Can you tell : what time any level you mention every day get invalid . I mean ,until what time we can enter the trade? THANKS.
basically until new levels are published. Level gets invalid only if the market touches it or misses it by few pips and makes significant reaction. I personally dont trade asian session, but levels work even there.
  • #853
  • Oct 27, 2016 9:42am Oct 27, 2016 9:42am
Quoting TudorIoan
{quote} I think the entry was 104.75 (see above) ...nothing is perfect!
It shouldn't have been traded when you see that the market tests it twice 3 and 2 pips before the level its very risky to enter for the 3rd time. if there was only the 1st test, then it would not be that risky to take it but the 2nd test should have warned you not to take it anymore.
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  • #854
  • Oct 27, 2016 9:43am Oct 27, 2016 9:43am
Thanks, DALE.
  • #855
  • Oct 27, 2016 10:23am Oct 27, 2016 10:23am
Quoting imdisaait
{quote} Hi All I just now exited half of my position in AU @0.7615 with VERY GOOD PROFIT....!!!! Thanks to DALE......!!! I set the rest of the position to run till TP @0.7692 set SL @0.7667 ------------- By the way DALE I just now entered USDCAD short trade @1.3385 - 1.3395 range with SL @1.3407 wold like to know if you have some facts about this trade to say.... I still dont have where to take profit but I only know weel 1.3400 wold be great barrier to go above due to past records.... Have very good day all I got ot go out for while... but waiting...
I exited the AUDUSD position at 0.7617 as it was very near to my PT. +63pips. Thank you Dale!
  • #856
  • Edited 12:07pm Oct 27, 2016 11:38am | Edited 12:07pm
Quoting Trader-Dale
{quote} It shouldn't have been traded when you see that the market tests it twice 3 and 2 pips before the level its very risky to enter for the 3rd time. if there was only the 1st test, then it would not be that risky to take it but the 2nd test should have warned you not to take it anymore. {image}

Would you somehow buy this 2 times tested level?
EDIT: AUDUSD +70 thank you.
Looking for profitable short term trades ...|
  • #857
  • Oct 27, 2016 12:36pm Oct 27, 2016 12:36pm
Quoting Trader-Dale
new swing level: aud/usd swing short 0.7660, SL 70 pips, PT 70 pips {image}
I would like to take this opportunity to thank Dale for sharing his knowledge on market profile and his unique trading strategy (I am more accustomed to the conventional moving average, Elliot wave, MACD, ...etc. ) I have been trading NZDUSD and AUDUSD for the past few weeks and so I am quite familiar with the price movement for this 2 currency pairs.

When I read that Dale has recommended that it is a good opportunity to short AUDUSD, I somehow can understand where he is coming from, although I am using a different trading approach and perspective to look at the price action - somehow his view synchronize with mine and it helps me to see a bigger picture. I quickly shorted AUDUSD using my live account but I stick to his recommended TP and SL price and prepare to hold the trade for over a week, though I have a strong feeling that this is going to be my birthday present.

27 Oct is my birthday and I was busy enjoying all the good food prepared by my sisters and receiving all the well wishes from my relatives throughout the whole day and almost forget about this trade. Just before I go to bed, I take a look at my PC screen and are pleasantly surprise to learn that I just make 938 USD from the trade. I will remember this birthday for the rest of my life. Thank you Dale for making my birthday such a memorable one. I feel very blessed!!!

I hope you guys also make good profit from his recommendation. !!!Cheers!!!
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  • #858
  • Oct 27, 2016 12:48pm Oct 27, 2016 12:48pm
Quoting Js3mwtRc
{quote} Would you somehow buy this 2 times tested level? EDIT: AUDUSD +70 thank you.
you are welcome what do you mean? buy the level?
  • #859
  • Oct 27, 2016 12:50pm Oct 27, 2016 12:50pm
Quoting patguay
{quote} I would like to take this opportunity to thank Dale for sharing his knowledge on market profile and his unique trading strategy (I am more accustomed to the conventional moving average, Elliot wave, MACD, ...etc. ) I have been trading NZDUSD and AUDUSD for the past few weeks and so I am quite familiar with the price movement for this 2 currency pairs. When I read that Dale has recommended that it is a good opportunity to short AUDUSD, I somehow can understand where he is coming from, although I am using a different trading approach and perspective...
Happy birthday mate! Nice present. Good job!
  • #860
  • Oct 27, 2016 1:07pm Oct 27, 2016 1:07pm
Quoting ziggy
Hi Guys, My excel file attached - there are some things you need to know about this file. 1. I have used FXCM mt4 chart to get my data from, although I actually trade on a non MT4 broker 2. I have set this up so that if the chart itself makes +10, the stop becomes break-even, that means that if the trade misses it's PT by the spread it becomes a BE trade. 3. You can change the stop loss level in cell K2 4. You can change the PT level in cell L2 This spreadie assumes entries to be right on the level, in practice because I am using market orders many...
So Ziggy,
Does that mean that your win ratio of 62.5% is based on a 15 pip TP? Do you know what the win ratio is if TP is taken at 10 pips, and SL is 12 pips? I just changed the TP to 10 and it came up that the win ratio is then 80%, with SL still at 20 pips.
This is a really good spreadsheet! well done!
Just one more question - isn't the spread already taken into account when you place a 10 pip profit? Because in order for the 10 pips to be made say on a sell trade, the price you are closing at is the current buy price, and that is the sell price + the spread.
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