Trader Dale - daily trading levels | Page 51 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Pinbar trader EA - Trading pinbars off weekly S&R levels 435 replies

Are you a trend trader or a counter-trend trader? 29 replies

RS levels and physic levels are in indicator (created) 3 replies

IkonFX Viking Trader or Pfgbest Viking Trader? 2 replies

Attachments: Trader Dale - daily trading levels
Exit Attachments

Trader Dale - daily trading levels

  • #1,001
  • Nov 2, 2016 8:17am Nov 2, 2016 8:17am
Quoting ziggy
{quote} I'm a bit worried by some of the other stuff in the screen shots - but, if you set a limit sell order, your stop must be above the point you are selling from and your PT below the point you are selling from. I'm not familiar with placing trades on MT4, but that seems to be the issue. I would say that if you are trading live then you need to get a demo acct and practice just using the trading platform, find out how it all works - you cannot trade if you are not familiar with your trading tools. You hopefully have read enough of this thread...
Hi Ziggy

I see no way of taking this off-line , considering otherwise I may corrupt this thread that goes over other relevant issues.
1st-ly I am new to trades (+1 month), gone through some courses and on a demo a/c now with Fxpro and simultaneously trying to practice with Dale's daily inputs.
Breaking down the thread:
1) <I'm not familiar with placing trades on MT4, but that seems to be the issue.>
can you recommend me the tool that you use ? can I set up a demo a/c with this tool for practice , or is it something with payment only.? Would like to be on the same page regarding the tooling here.

2) <You hopefully have read enough of this thread to see that Dale does not set limit orders, he trades with market orders once price reaches the levels.>
so it means, 1st- the price has to 'touch' the values from Dale's table, then go for the trade execution.
which then brings me to the query: how do I see that the table-value has been reached?
option :A)- keep gazing at the chart every now and then hoping/expecting the projected cypher has been 'reached'. This is laborious and sort of 'donkey' work
option B)- do we have a better way here ? How do you go about with this ?

3) <The 2 things that are important when picking a broker>
as you see I have fxpro as my demo a/c broker. I was thinking about oanda too. but your answer from bullet # 1 would also fill this bullet I guess.
do you think you could clarify these doubts for me , because @ present with my mt4-fxpro setup I am going nowhere with Dale's trade values.
Thx. for any help here .
*PS: could I reach you,|members via a pvt. message ,rather than cluttering the thread here ? due to my 'junior' status I cant do this from here.
  • #1,002
  • Nov 2, 2016 8:19am Nov 2, 2016 8:19am
Did you guys take the usd/jpy? There was a small difference between futures and forex. In futures the market made 9 pips so I secured my position and went out without profit or loss. Looking at forex now and it wasnt so easy there. Did you guys take the trade or did you consider it already tested?
Be carefull. Today and yesterday the markets act pretty crazy. Its because of the big macro news.
  • #1,003
  • Nov 2, 2016 8:23am Nov 2, 2016 8:23am
Quoting Trader-Dale
Did you guys take the usd/jpy? There was a small difference between futures and forex. In futures the market made 9 pips so I secured my position and went out without profit or loss. Looking at forex now and it wasnt so easy there. Did you guys take the trade or did you consider it already tested? Be carefull. Today and yesterday the markets act pretty crazy. Its because of the big
macro news.
I took UJ and AU, -12 pips for each pair

The market is so crazy like yesterday, but it is still ok to me

regards

David
  • #1,004
  • Nov 2, 2016 8:29am Nov 2, 2016 8:29am
It is better not to trade the level when it turns just 1 pip from the level and then makes 8 pips. It was quite ok to take the loss on usd/jpy. If I wasn't looking at futures I would take also SL.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 44 KB
  • #1,005
  • Nov 2, 2016 8:31am Nov 2, 2016 8:31am
took the trade down and doubled up on lot size coming up. Pip count +21 on UJ
  • #1,006
  • Nov 2, 2016 8:34am Nov 2, 2016 8:34am
Quoting Trader-Dale
It is better not to trade the level when it turns just 1 pip from the level and then makes 8 pips. It was quite ok to take the loss on usd/jpy. If I wasn't looking at futures I would take also SL. {image}
So its a big mistake for me to set pending order for the trade. I cant watch the chart all day anyway
  • #1,007
  • Nov 2, 2016 8:42am Nov 2, 2016 8:42am
Quoting Zuiko
{quote} So its a big mistake for me to set pending order for the trade. I cant watch the chart all day anyway
It is usefull to set alarm. I myself use alarm, but I use limit orders just for swing trades
  • #1,008
  • Nov 2, 2016 8:50am Nov 2, 2016 8:50am
Quoting Trader-Dale
It is better not to trade the level when it turns just 1 pip from the level and then makes 8 pips. It was quite ok to take the loss on usd/jpy. If I wasn't looking at futures I would take also SL. {image}
Haiza, due to lack of experience, I took AU trade which is marked by you on the chart. Could u pls teach me why I should not take AD on the X mark? I want to learn from all of you guys

regards

David
  • #1,009
  • Nov 2, 2016 9:13am Nov 2, 2016 9:13am
Quoting Trader-Dale
{quote} It is usefull to set alarm. I myself use alarm, but I use limit orders just for swing trades
If using alarm, did you still able to open position at exact price level? Or are there few pips tolerance to enter the trade?
  • #1,010
  • Nov 2, 2016 9:14am Nov 2, 2016 9:14am
Quoting radaway
{quote} Hi Ziggy I see no way of taking this off-line ......
Hi Radaway,

As far as brokers go I cannot help to much, I use a spread bet company in the UK & I'm pretty sure that only UK residents can spread bet. I know plenty of folks do use MT4 ( I actually use it for charting, just not placing trades). You can obtain demo accounts from all MT4 brokers I think, and with a demo account you have nothing to fear, just play around place trades, setting stops etc as it won't cost a cent to do this (note - when demo trading to actually simulate the trades you want to take - treat it as tho it's real, but first just bang in trades and learn how the platform works. A word of warning regarding Oanda - this may have changed, but I used them some years ago and there spreads during volatile moments used to go crazy, I've seen a 2 pip spread increase to 40 in the blink of an eye - but that was some years ago.

As far as screen watching is concerned, you can place alarms on MT4, bring up the terminal by selecting the 6th from the left icon on the tool bar, select the tab called Alerts, set an alert to fire off 10 pips before the level. When it goes off, check the terminal to see which alarm it is and go to that chart - I then drop down to a 5min chart and watch it ready to trade, if it pulls away from alarm level you can relax until it starts to ding again, so once again you watch what is going on and decide when (or if) to trade.

Trading is not a sprint, don't be in a hurry to trade, make sure you understand the platform you are using by really playing with it until you don't have to think what you are doing. What I would suggest is spend the time up to the US election is over learning the platform inside out, trading is simple but not easy, don't make it harder by trading with real money until you are really ready to, and it is likely to be a bit of a crazy time to try to trade over the next week. Screen time is the only way to get prepared. I can tell you that I have spent thousands of hours researching the trading method I use, I could have built a house an awful lot quicker and I'm not even a builder!!

I have not really posted much at all in the past, only really in this thread because I liked what I saw with the approach Dale uses, so I'm not sure what posting status I have, you can try private message if you wish I will answer what I can but I cannot mentor in any way.

There is a site called babypips which I seem to remember is really useful in finding your way - it is, or certainly was, free. Cheers Ziggy
  • #1,011
  • Nov 2, 2016 9:43am Nov 2, 2016 9:43am
Quoting DavidHP
{quote} Haiza, due to lack of experience, I took AU trade which is marked by you on the chart. Could u pls teach me why I should not take AD on the X mark? I want to learn from all of you guys regards David
You have to think about what makes the market move up and down, if people are prepared to buy the instrument at a higher price than it is currently trading at, the price will go up, and the reverse is true it to move down. That is the only way the market moves, there are never more buyers than sellers as is often said, for every buyer there is a seller, just that if price is moving up they are only prepared to sell at a "value" price.

Dale sets his levels based upon being able to see where this activity has taken place in the past, and because he used futures data to do so he can see exactly where that activity took place and how much activity it took to move the market (tru volume).

When price is nearing these levels there is a high probability that the value seekers will want to get involved because they have done so the last time price was at this location, and if it's at an institutional level they may have more business to do to fill their order book (professionals will not chase price, they will let it come to them).

If price gets close and then reverses then you can make an educated guess that some of the orders waiting to be filled have done so at a lower price, so when price next gets back to the level (known as "testing" it) there is unlikely to be so many traders still needing or even wanting to trade at that level. Once a level has been tested (or close to it) although it can still be a good location to trade from, it will not have the same weight of order flow as it had on the first visit, making it a lower probability of success.

This picture should help. Cheers Ziggy
Attached Image (click to enlarge)
Click to Enlarge Name: 2016-11-02_1426.png Size: 51 KB
  • #1,012
  • Nov 2, 2016 9:48am Nov 2, 2016 9:48am
Quoting ziggy
{quote} You have to think about what makes the market move up and down, if people are prepared to buy the instrument at a higher price than it is currently trading at, the price will go up, and the reverse is true it to move down. That is the only way the market moves, there are never more buyers than sellers as is often said, for every buyer there is a seller, just that if price is moving up they are only prepared to sell at a "value" price. Dale sets his levels based upon being able to see where this activity has taken place in the past, and because...
So its better not trade the AU short @7677? It missed a few pips and retrace..
  • #1,013
  • Nov 2, 2016 9:56am Nov 2, 2016 9:56am
Quoting Zuiko
{quote} So its better not trade the AU short @7677? It missed a few pips and retrace..
you got it! Having said that watch it become the perfect trade haha. In all seriousness, we have the luxury of not having to trade, it's best that we only take the best set ups even if that means several days without a trade. As they say, sometimes not trading is the best trade of all
  • #1,014
  • Nov 2, 2016 9:56am Nov 2, 2016 9:56am
Quoting ziggy
{quote} You have to think about what makes the market move up and down, if people are prepared to buy the instrument at a higher price than it is currently trading at, the price will go up, and the reverse is true it to move down. That is the only way the market moves, there are never more buyers than sellers as is often said, for every buyer there is a seller, just that if price is moving up they are only prepared to sell at a "value" price. Dale sets his levels based upon being able to see where this activity has taken place in the past, and because...
Dear Ziggy

Thank you so much for your clear clarification. Today, I learnt a lot from you guys

Thanks again

David
  • #1,015
  • Nov 2, 2016 10:16am Nov 2, 2016 10:16am
I don't want to hijack Dales thread, but the "what makes the market move" question is actually very poorly understood, and it's important to understand. If you place a limit order, you can only be filled at that price or better, limit orders are visible on the order book. A stop order on the other hand does not sit on the order book, once price reaches the stop order level, a market order is fired into the market place and it will get filled at the first available point in the queue where it meets someone willing to take the other side of the trade. This is what generates slippage and so upsets traders, it's not a scam set up by brokers as many think, it's just a market order is really saying, I want to be in this market and get me in at the best available price.

When there is a big news event and you see wild movements it is this action which is taking place, except the players who would normally take the other side of the trade have removed all their orders from the book because they don't want to be caught out. So a market buy order hits the market, and if the next available limit order is 20 pips up the page, that is where it's going to get filled, then a market sell order hits the market, and now the next available limit order is 30 pips down the page, that's where it gets filled. This results in the wild swings sometimes seen at news time, why it is so dangerous to trade at news time and why so many traders think they've been "done" by dodgy brokers.
  • #1,016
  • Nov 2, 2016 10:41am Nov 2, 2016 10:41am
Quoting Zuiko
{quote} So its better not trade the AU short @7677? It missed a few pips and retrace..
AU TP 10pips. Nice
  • #1,017
  • Nov 2, 2016 10:50am Nov 2, 2016 10:50am
Quoting ziggy
{quote} you got it! Having said that watch it become the perfect trade haha. In all seriousness, we have the luxury of not having to trade, it's best that we only take the best set ups even if that means several days without a trade. As they say, sometimes not trading is the best trade of all
Its already got hit right before i check my chart.. Surprisingly hit TP too..
Today: +55,-12,-12,+10
  • #1,018
  • Nov 2, 2016 10:59am Nov 2, 2016 10:59am
Quoting Zuiko
{quote} Its already got hit right before i check my chart.. Surprisingly hit TP too.. Today: +55,-12,-12,+10
well done Zuiko - better than me, 0,0 & 0
  • #1,019
  • Nov 2, 2016 1:09pm Nov 2, 2016 1:09pm
Quoting ziggy
I don't want to hijack Dales thread, but the "what makes the market move" question is actually very poorly understood, and it's important to understand. If you place a limit order, you can only be filled at that price or better, limit orders are visible on the order book. A stop order on the other hand does not sit on the order book, once price reaches the stop order level, a market order is fired into the market place and it will get filled at the first available point in the queue where it meets someone willing to take the other side of the trade....
Thank you for your very educated posts Ziggy. Others can learn a lot from you.
  • #1,020
  • Nov 2, 2016 7:54pm Nov 2, 2016 7:54pm
I have these levels for 3 November
Attached Image (click to enlarge)
Click to Enlarge Name: 3.jpg Size: 186 KB
1 trader viewing now