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Trader Dale - daily trading levels

  • #1,181
  • Nov 21, 2016 10:46am Nov 21, 2016 10:46am
for anyone interested , this is the Book Trader Dale is mentioning about :

https://www.joesenforex.com/wp-content/uploads/2014/03/Day-Trading.pdf
  • #1,182
  • Nov 21, 2016 10:49am Nov 21, 2016 10:49am
Quoting radaway
for anyone interested , this is the Book Trader Dale is mentioning about : https://www.joesenforex.com/wp-content/uploads/2014/03/Day-Trading.pdf
Thanks, but is there a english version of their site?
All the best to all of you. But don't follow me. I am a learner.
  • #1,183
  • Nov 21, 2016 11:11am Nov 21, 2016 11:11am
Quoting shimmering
{quote} Did I miss something? The market just went down to that level now.
trading is about probabilities, what you are looking for at levels is the first reaction from the "zone" that the level is in - as you can see on the attached, there was a significant reaction last Thursday from that zone which didn't quite get down to the level. Now look at the reaction today, although it would have been a risk to trade that drive down into the 388 level it actually would have payed out nicely, but if you want to take a more measured approach there was a lovely looking pin bar which went through both the Big Round Number (BRN) 1.3300 and that 1.3380 level. Now talking of probabilities there was a high probability that the price would go up from the pin bar, and the pin bar itself gave a nice location for the stop loss. If you took the trade from the pin bar (I have) then when price gave a 1:1 risk reward, it might be a good time to move the stop to break even (I have) now there is a free trade that may go on or may not, but it won't cost anything if it's stopped out now. That is using probabilities to get yourself into a trade and risk management once it has moved in your favour
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  • #1,184
  • Nov 21, 2016 11:27am Nov 21, 2016 11:27am
Quoting radaway
for anyone interested , this is the Book Trader Dale is mentioning about : https://www.joesenforex.com/wp-content/uploads/2014/03/Day-Trading.pdf
Radaway, Thank you.
  • #1,185
  • Nov 21, 2016 12:44pm Nov 21, 2016 12:44pm
Quoting ziggy
{quote} trading is about probabilities, what you are looking for at levels is the first reaction from the "zone" that the level is in - as you can see on the attached, there was a significant reaction last Thursday from that zone which didn't quite get down to the level. Now look at the reaction today, although it would have been a risk to trade that drive down into the 388 level it actually would have payed out nicely, but if you want to take a more measured approach there was a lovely looking pin bar which went through both the Big Round Number...
thanks. Very good post as always
  • #1,186
  • Nov 21, 2016 2:09pm Nov 21, 2016 2:09pm
Quoting ziggy
{quote} trading is about probabilities, what you are looking for at levels is the first reaction from the "zone" that the level is in - as you can see on the attached, there was a significant reaction last Thursday from that zone which didn't quite get down to the level. Now look at the reaction today, although it would have been a risk to trade that drive down into the 388 level it actually would have payed out nicely, but if you want to take a more measured approach there was a lovely looking pin bar which went through both the Big Round Number...
yes, exactly, it was a good trade. But I don't believe there is a free trade, because if you are up 64 pips, then going back down to 0 is not free, it cost you 64 pips.
  • #1,187
  • Nov 21, 2016 3:17pm Nov 21, 2016 3:17pm
Quoting shimmering
{quote} yes, exactly, it was a good trade. But I don't believe there is a free trade, because if you are up 64 pips, then going back down to 0 is not free, it cost you 64 pips.
half at 40 balance at zero at 1.3406- sometimes you have to test the water, there are many ways to trade manage but all of them are about risk management, I have a low tolerance of losing trades and will move my stop to break even quickly when a trade goes in my direction. That can mean break even trades that might otherwise have won, or it can mean half size wins - either is better than being stuck in a trade when you wish you weren't I'm not trying to be smug about the trade, was simply showing why Dale made the comment about not leaving the swing trade in place and then saying that price action gave a clue that price was likely to make some kind of retracement which given the location was a strong possibility.
  • #1,188
  • Nov 21, 2016 3:55pm Nov 21, 2016 3:55pm
Quoting Oddbjorg
{quote} Thanks, but is there a english version of their site?
umm... I dont think I get you
clicking on the link will open the pdf file directly without going through or via, any sites. and the pdf is in english.
HTH
  • #1,189
  • Nov 21, 2016 5:44pm Nov 21, 2016 5:44pm
The tsunami/earthquake in Japan could be a catalyst for the eur/usd to go up and for usd/jpy to go down. Eur and jpy are considered "safe heaven" among currencies so when something like this happens there is high demand for these safe currencies and they tend to strenghten.
I myself have these two trades opened as swing trades.
Of course I wish the people from Japan all the best.
  • #1,190
  • Nov 21, 2016 5:53pm Nov 21, 2016 5:53pm
Quoting Trader-Dale
The tsunami/earthquake in Japan could be a catalyst for the eur/usd to go up and for usd/jpy to go down. Eur and jpy are considered "safe heaven" among currencies so when something like this happens there is high demand for these safe currencies and they tend to strenghten. I myself have these two trades opened as swing trades. Of course I wish the people from Japan all the best.

I ve just entered with sl above / below recent extremes.
Thx for thiese ideas.
Hope for best! [>1.1 RR]
  • #1,191
  • Nov 21, 2016 9:50pm Nov 21, 2016 9:50pm
Quoting Trader-Dale
The tsunami/earthquake in Japan could be a catalyst for the eur/usd to go up and for usd/jpy to go down. Eur and jpy are considered "safe heaven" among currencies so when something like this happens there is high demand for these safe currencies and they tend to strenghten. I myself have these two trades opened as swing trades. Of course I wish the people from Japan all the best.

If earthquake is in Japan docent it hurt JPY more??
  • #1,192
  • Nov 22, 2016 1:30am Nov 22, 2016 1:30am
Quoting nellu90
{quote} If earthquake is in Japan docent it hurt JPY more??
Did not create major damages
  • #1,193
  • Nov 22, 2016 2:20am Nov 22, 2016 2:20am
Intraday levels for 22.11.2016
PT 10 pips, SL 12 pips.
Happy trading
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  • #1,194
  • Nov 22, 2016 2:49am Nov 22, 2016 2:49am
Quoting nellu90
{quote} If earthquake is in Japan docent it hurt JPY more??
Earthquake in Japan doesn't affect the fact that JPy is a "safe heaven" currency. So no. It doesnt't hurt JPY.
  • #1,195
  • Nov 22, 2016 3:21am Nov 22, 2016 3:21am
Hi Dale,
Would you consider the aud/usd invalid now as it turned 3.5 pips from the level 0.7411 and made 9.7pip move?
  • #1,196
  • Nov 22, 2016 3:23am Nov 22, 2016 3:23am
Quoting Avail
Hi Dale, Would you consider the aud/usd invalid now as it turned 3.5 pips from the level 0.7411 and made 9.7pip move?
probably invalid, yes. Maybe if a see a strong confirmation on orderflow I will consider shorting the level.
  • #1,197
  • Nov 22, 2016 3:33am Nov 22, 2016 3:33am
Quoting Trader-Dale
{quote} probably invalid, yes. Maybe if a see a strong confirmation on orderflow I will consider shorting the level.
I would like to understand how you will confirm order flow in FX.
Futures is the closest thing I can think of but I'm still unsure on how to get and use this information.

FXCM offer a "Real Volume/Transactions indicators" But like most this is broker info only.

Can you tell me how you do this?
  • #1,198
  • Nov 22, 2016 3:42am Nov 22, 2016 3:42am
Quoting Avail
{quote} I would like to understand how you will confirm order flow in FX. Futures is the closest thing I can think of but I'm still unsure on how to get and use this information. FXCM offer a "Real Volume/Transactions indicators" But like most this is broker info only. Can you tell me how you do this?
I use futures data. Unfortunatelly you have to pay for this.
  • #1,199
  • Nov 22, 2016 4:23am Nov 22, 2016 4:23am
I thought it was worth a try, moved stop to BE very early, half off now at +10 and am prepared to look for a bit more on the balance Thanks Dale
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  • #1,200
  • Nov 22, 2016 5:06am Nov 22, 2016 5:06am
Quoting Trader-Dale
{quote} I use futures data. Unfortunatelly you have to pay for this.
hi Dale,

First of all, thank you very much for your effort and your daily insight. I have really very similar strategy. Your aud/usd level was exactly the same as mine (this happened several times in the past - all trades hit TP). I use futures data from CQG. I just wanted to ask what data feed do you use and whether there is some difference compared to CQG.

Thanks,
R
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