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Trader Dale - daily trading levels

  • #1,341
  • Nov 29, 2016 4:43am Nov 29, 2016 4:43am
Quoting radaway
Hi All today I faced a debacle with the ' USD/JPY' and like Dale said : "Damn" However I wanted to know a thing or two from this bad trade I have attached the trade screenshot here. 1) I had created a pending order for 0.05 lots the moment I got an alarm 2) then I started to monitor the charts 3) I saw the pips run from red to green 4) at that time I upped my lots to 2 via modify order (marked as '1' in the screenshot) 5) but then the pips went immediately to red & I reduced my lots to a safe (I thought) 0.01 lots (marked as '2') *but...
I'm not at all familiar with the platform you are trading from, but those trades were definitely live trades. It is quite possible that price was that close to your entry point that you were actually taken into the trades because of the spread, your platform chart might be showing the buy price but the sell price will be below and could therefore have been triggered. I know some platforms have one click buttons that double up existing trades or stop & reverse, not sure if yours is one - but they do it to live trades rather than open orders.

You may be well versed in taking this kind of approach, but I'm just a simple soul and I'm either in the trade with my predetermined trade size or not, once in it I manage it carefully by use of partial profit takes, and/or moving stops - I find it a lot easier to trade in a simple manner and avoid confusing myself.
  • #1,342
  • Nov 29, 2016 4:47am Nov 29, 2016 4:47am
Quoting Trader-Dale
{quote} If I had SL 12,1 This trade would probably be a winner thats tough luck. But still, nothing to be raging about. Level was very strong and execution of the trade was without a mistake. I would love to hear that somebody entered the trade 1 pip later and got out with a nice profit Is there somebody who managed that?
I'd love to say yes to that one, I actually entered 2 pips further up the chart, then when +10 moved my stop to BE, then got stopped at BE ...... perhaps being a bit greedy but that's the way it goes sometimes
  • #1,343
  • Nov 29, 2016 4:52am Nov 29, 2016 4:52am
Quoting radaway
Hi All today I faced a debacle with the ' USD/JPY' and like Dale said : "Damn" However I wanted to know a thing or two from this bad trade I have attached the trade screenshot here. 1) I had created a pending order for 0.05 lots the moment I got an alarm 2) then I started to monitor the charts 3) I saw the pips run from red to green 4) at that time I upped my lots to 2 via modify order (marked as '1' in the screenshot) 5) but then the pips went immediately to red & I reduced my lots to a safe (I thought) 0.01 lots (marked as '2') *but...
Iam not sure you reduced it do 0.01 lots in 5th step. I think you added to your position 0.01 instead of reducing it. You should really get to know the platform before you trade mate! And you also need a money management plan! Unless you do I can guarantee that you will be losing money even if you trade good trading levels.
  • #1,344
  • Nov 29, 2016 4:57am Nov 29, 2016 4:57am
Quoting ziggy
{quote} I'd love to say yes to that one, I actually entered 2 pips further up the chart, then when +10 moved my stop to BE, then got stopped at BE ...... perhaps being a bit greedy but that's the way it goes sometimes
BE is nothing to feel bad about. Good job!
  • #1,345
  • Nov 29, 2016 4:58am Nov 29, 2016 4:58am
USDYEN hit first target of 10 pips. Now stop to Break even
Attached Image (click to enlarge)
Click to Enlarge Name: yen trade.PNG Size: 51 KB
  • #1,346
  • Nov 29, 2016 5:02am Nov 29, 2016 5:02am
Quoting H0nZ4
Hi Dale, thank you for this thread - subscribed! Let me ask you some questions: 1. How long are your levels valid? Do you cancel them only when hit, or also when there is turn in trend cca 2 pips before the level? Do you cancel them the next trading day? 2. Why SL/Tp 12/10? Have you statisticly tested these values? 3. How long does your trade take on average? Do you have some stat. in table for example? 4. Last question - actual one - what was the short 1 on usdjpy on 112,60? Was it valid level, you don't have it in your chart? Thank you, Honza
Hello mate!
1. levels are valid until next levels are published (this means the next day - after start of EU session). Of course my levels are not valid after they are hit or the market turns a bit before reaching them.
2. SL/TP 12/10 suits me best. You can change it if you want and you will still have good results. I have tested it.
3. From few minutes to few hours.
4. sorry. My mistake. It should be there.
Thanks for your questions
  • #1,347
  • Nov 29, 2016 5:03am Nov 29, 2016 5:03am
Hi Dale,

Trying to get my head around futures charts.

Can you confirm if I'm watching the correct futures charts on tradingview

eur/usd = e6z2016
usd/jpy = j6z2016 - (Inverse)
usd/cad = d6z2016 - (Inverse)
aud/usd = auz2016
  • #1,348
  • Nov 29, 2016 5:03am Nov 29, 2016 5:03am
Quoting austineejo
USDYEN hit first target of 10 pips. Now stop to Break even {image}
wow! good job and congratulations!
  • #1,349
  • Nov 29, 2016 5:10am Nov 29, 2016 5:10am
Quoting Trader-Dale
Hello my friends! In this thread I will post my daily predictions on intraday trading levels. My trading levels are based mostly on Market profile, orderflow and price action. You are all welcome here to trade them and I would love some feedback from you on how you like them and if you trade them sucessfully.
Subscribed! Hit target on usdjpy. Thanks for the share
Risk comes from not knowing what you're doing.
  • #1,350
  • Nov 29, 2016 7:08am Nov 29, 2016 7:08am
not sure how everyone else traded that yen move, if at all, got very close to the level and pulled away, touched the level and pulled away - that 113.000 BRN looked like a magnet & if touched was likely to go thru with a thrust - I took the decision to trade it at 113.05 or not at all, and took just over 11 pips out of it
  • #1,351
  • Nov 29, 2016 7:14am Nov 29, 2016 7:14am
Quoting ziggy
not sure everyone else traded that yen move, if at all, got very close to the level and pulled away, touched the level and pulled away - that 113.000 BRN looked like a magnet & if touched was likely to go thru with a thrust - I took the decision to trade it at 113.05 or not at all, and took just over 11 pips out of it
Traded as is -2 for USD/JPY Today, No big deal, Their is always another trade.
  • #1,352
  • Nov 29, 2016 7:18am Nov 29, 2016 7:18am
Good to be in this forum, thank you Dale.

Ziggy, do you use the same method (Dale's) for the 1000 plus trades that you took with 78% win rate?
  • #1,353
  • Nov 29, 2016 7:22am Nov 29, 2016 7:22am
Quoting ziggy
not sure how everyone else traded that yen move, if at all, got very close to the level and pulled away, touched the level and pulled away - that 113.000 BRN looked like a magnet & if touched was likely to go thru with a thrust - I took the decision to trade it at 113.05 or not at all, and took just over 11 pips out of it
Yep saw the BRN magnet so ignored the level. Waited for the spike and entered at 113.07 exit at 112.90. Applying some basic PA knowledge to Dale's levels can greatly improve your chances.

Edit: Macro news due, be careful
Never argue with a fool; onlookers may not be able to tell the difference.
  • #1,354
  • Nov 29, 2016 7:32am Nov 29, 2016 7:32am
2nd USDJPY level was not a trade for me:
1) price didn't reach level by 0.2 pips at first try, and
2) made a 8.2 pips down, so it "feels" completed as Dale mentioned around 8.5 pips move is enough as I remember correctly
Attached Image
  • #1,355
  • Nov 29, 2016 7:39am Nov 29, 2016 7:39am
Quoting rabhni
Good to be in this forum, thank you Dale. Ziggy, do you use the same method (Dale's) for the 1000 plus trades that you took with 78% win rate?
no rabhni, those are trades on stock market indices and use a very different entry approach - I was really using that info as background for suggesting that low risk trading with a high strike rate can become a mind destroyer if you risk too much of your bank on each trade, low risk nearly always results in a better executed trading plan in my opinion
  • #1,356
  • Edited 10:34am Nov 29, 2016 7:41am | Edited 10:34am
usd/cad ..yayyy
12 + pips
  • #1,357
  • Nov 29, 2016 7:43am Nov 29, 2016 7:43am
Quoting ziggy
{quote} no rabhni, those are trades on stock market indices and use a very different entry approach - I was really using that info as background for suggesting that low risk trading with a high strike rate can become a mind destroyer if you risk too much of your bank on each trade, low risk nearly always results in a better executed trading plan in my opinion
Thanks.
  • #1,358
  • Nov 29, 2016 7:44am Nov 29, 2016 7:44am
what a beauty that Cad level would have been were it not for the macro news................ or maybe it was because of the macro news, if anyone did trade it then they are considerably better endowed than I am
  • #1,359
  • Nov 29, 2016 8:02am Nov 29, 2016 8:02am
thanks Dragon expert, i traded the CAD.. it was a beauty.. perfect set up, in and out in a few seconds...
  • #1,360
  • Nov 29, 2016 8:03am Nov 29, 2016 8:03am
Quoting ziggy
.... they are considerably better endowed than I am
dont think so ziggy..my gonads went nearly bust with this mornings usd/jpy proceedings.
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