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Trader Dale - daily trading levels

  • #1,241
  • Edited 7:40am Nov 24, 2016 7:23am | Edited 7:40am
Quoting pipsandbits
You dont need to pay for having market profile indicators. Here I have 2 working, and both are free.{image}
Just keep in mind that the market profile is generated based on the tick volume data from your broker only, so you may get different levels with different brokers.

Edit: I attached a good market profile indicator for MT4 (Someone was asking).
Attached File(s)
File Type: rar riv_ay-TPOChart.v102-6.rar   634 KB | 688 downloads
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #1,242
  • Edited 8:12am Nov 24, 2016 7:50am | Edited 8:12am
Here I post the 2 indicators I said. Hope it helps. Trade safe
Attached File(s)
File Type: mq4 MarketProfile.mq4   17 KB | 564 downloads
File Type: mq4 level_sensor_116pr.mq4   4 KB | 606 downloads
  • #1,243
  • Nov 24, 2016 8:05am Nov 24, 2016 8:05am
Quoting michisuperfr
{quote} Just keep in mind that the market profile is generated based on the tick volume data from your broker only, so you may get different levels with different brokers. Edit: I attached a good market profile indicator for MT4 (Someone was asking). {file}
Thanks for helping everyone mate! I very much appreciate it. I think that the main volume clusters will be the same with all brokers. The nuances wont matter I hope.
  • #1,244
  • Nov 24, 2016 8:13am Nov 24, 2016 8:13am
There is US holiday today. Without the main liquidity players it is easier and cheaper to move the market. The markets could move strange or they won't move at all. I won't be trading the US session. It is safer (generally speaking). Enjoy your today's profits form aud/usd and usd/cad
I will be doing some backtesting and relaxing
  • #1,245
  • Nov 24, 2016 8:14am Nov 24, 2016 8:14am
Quoting pipsandbits
Here I post the 2 indicators I said. Hope it helps. Trade safe {file} {file}
Thanks very much for helping!
  • #1,246
  • Nov 24, 2016 8:24am Nov 24, 2016 8:24am
Quoting pipsandbits
Here I post the 2 indicators I said. Hope it helps. Trade safe {file} {file}
level sensor is visible on chart....but how to interpret it? what is purpose of that indicator?
  • #1,247
  • Nov 24, 2016 8:31am Nov 24, 2016 8:31am
Quoting ruma29
{quote} level sensor is visible on chart....but how to interpret it? what is purpose of that indicator?
just find the biggest volume and see the market's reaction there the bigger volume spike, the higher chance for successful trade.
R
  • #1,248
  • Nov 24, 2016 8:31am Nov 24, 2016 8:31am
Hi Dale. I like a lot this thread. Until few time ago, I only used fibo, S&R, and some other basic indicators in my trading method. Recently I started to search on MP, reading as much as I can, and I find it really interesting. Could you give us some tips or explanations, about your trades, when you post here. I think that here we could learn a lot from you. Thanks in advance!
  • #1,249
  • Nov 24, 2016 8:35am Nov 24, 2016 8:35am
Quoting ruma29
{quote} level sensor is visible on chart....but how to interpret it? what is purpose of that indicator?
Level sensor only gives the volume on the price.
  • #1,250
  • Nov 24, 2016 8:40am Nov 24, 2016 8:40am
Quoting pipsandbits
{quote} Level sensor only gives the volume on the price.
OK
  • #1,251
  • Nov 24, 2016 8:42am Nov 24, 2016 8:42am
Quoting pipsandbits
Hi Dale. I like a lot this thread. Until few time ago, I only used fibo, S&R, and some other basic indicators in my trading method. Recently I started to search on MP, reading as much as I can, and I find it really interesting. Could you give us some tips or explanations, about your trades, when you post here. I think that here we could learn a lot from you. Thanks in advance!
start with looking at daily profiles - profile of Monday, Tuesday, etc...look where the biggest volume of the day was and how the market reacted to these volumes. I also suggest to have a look where I put my levels acording to market profile.
  • #1,252
  • Nov 24, 2016 8:46am Nov 24, 2016 8:46am
Quoting ruma29
{quote} level sensor is visible on chart....but how to interpret it? what is purpose of that indicator?
If you see in the chart, some of the highest volume price levels, are the same levels or similar than some S&R, or pivot. But others S&R levels have low volume. After this, I understand that not all S&R levels have the same strenght, so I can define my SL and TP, in a better way. Also you could see that most of times at highest volume price, the price is a bit stuck. It also helps as an advice to be ready for.
  • #1,253
  • Nov 24, 2016 8:50am Nov 24, 2016 8:50am
Quoting pipsandbits
{quote} If you see in the chart, some of the highest volume price levels, are the same levels or similar than some S&R, or pivot. But others S&R levels have low volume. After this, I understand that not all S&R levels have the same strenght, so I can define my SL and TP, in a better way. Also you could see that most of times at highest volume price, the price is a bit stuck. It also helps as an advice to be ready for.
very good! You are making progress!
  • #1,254
  • Nov 24, 2016 8:55am Nov 24, 2016 8:55am
Quoting Trader-Dale
{quote} start with looking at daily profiles - profile of Monday, Tuesday, etc...look where the biggest volume of the day was and how the market reacted to these volumes. I also suggest to have a look where I put my levels acording to market profile.
I checked your levels most of the times, and can recognize them, but I cannot be accurate like you. There is something else than my eyes cannot see. And I wish to learn.
  • #1,255
  • Edited 9:50am Nov 24, 2016 8:55am | Edited 9:50am
Quoting Trader-Dale
{quote} Thanks for helping everyone mate! I very much appreciate it. I think that the main volume clusters will be the same with all brokers. The nuances wont matter I hope.
Happy Holidays to you all!
First i would like to thank Dale for giving us a different view of looking at Market data. But i think that eventually we expect him to spoon feed us trades when we can learn from him and do it ourselves. Teach a man how to fish and he will eat for life. So i have a couple of questions after reading a lot of pages on this post.
Assuming we have futures data feed (which i do with TradingView) :

1.) How do we convert the data from futures to forex, especially the levels we trade at?
2.) How do we use the Market Profile data to determine these levels? I see what you mean about aggressive actions/reactions but to pinpoint them like you do is very KEY here.
3.) When you see a possible level that is tradeable do you determine that from the reaction, or from the Market profile data of possible points of reversal, etc.
Thank you for listening.
  • #1,256
  • Nov 24, 2016 9:02am Nov 24, 2016 9:02am
Quoting Trader-Dale
{quote} Thanks for helping everyone mate! I very much appreciate it. I think that the main volume clusters will be the same with all brokers. The nuances wont matter I hope.
We have to thank you for this great thread!

Yeah the differences should be small, especially if someone is using the "bigger" brokers with a good data feed and higher timeframes.
I was once comparing it and saw little differences here and there with the POC level or value area (Posted a screenshot) but if one keeps it in mind, then it should be fine
Attached Image (click to enlarge)
Click to Enlarge Name: marketprofilediff.jpg Size: 293 KB
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #1,257
  • Nov 24, 2016 11:17am Nov 24, 2016 11:17am
You can interpret market profile's volume as levels that professional money bought, or sold the pair you are watching, but volume only doesn't help to make profit you need more tools to achieve that like, market order flow order books professional traders are using. We can't have that.
Looking for profitable short term trades ...|
  • #1,258
  • Nov 24, 2016 11:43am Nov 24, 2016 11:43am
I get what you are saying, but obviously he has found an edge. And he also said that order book is visible using futures data. So if he can so we can we. My questions are pretty specific and the answers should guide us what to look out for when looking at the order flow and market profile.

I hope that Dale can help me out here because I am able to see both order flow and market profile using FUTURES.
Wouldn't you rather be putting forth input in this forum as he is, or just sitting back waiting for Dale to do all the work? Let's all contribute using only his ways.

Question 4.) If we were looking at for example USD/JPY - which futures symbol or name on TradingView would we use? I see many listed. Thank you again
  • #1,259
  • Nov 24, 2016 1:10pm Nov 24, 2016 1:10pm
Quoting Trader-Dale
{quote} very good! You are making progress!
May I ask you, how long have you been trading this way, using futures volume and trading fx ?

Your profile says that you traded with automated algos, do you continue using automated robots?
  • #1,260
  • Nov 24, 2016 1:56pm Nov 24, 2016 1:56pm
Quoting Trader-Dale
{quote} trading Forex is much cheaper than futures. I myself watch futures on one monitor and trade forex on the other monitor. So for 6C and 6J I must be carefull to remember they are inverted I do the converting of 6C and 6J thing just for you guys

Hi Dale,
Thanks for everything here. I can see a lot of people appreciate your time
and thanks again for the info on tradingview.

If its ok, I have a question.
Could you explain your conversion process using tradingview futures chart on 6J and 6C to determine the levels you post for us?
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