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Trader Dale - daily trading levels

  • #1,421
  • Dec 1, 2016 4:25am Dec 1, 2016 4:25am
Quoting KhalidY
{quote} Hey Dale, Just wanted to say a Big Thank you for your efforts here. Its great to be here. Also have a question about the charts you posted in post # 1382. How do you interpret the volume profile to make these levels? Do you use the point of control or something else? Your reply would clear a lot of clouds in my head Thank you Dale. Khalid Y
1382? I do use POC. Not every time but I definitelly use it. It is usually very strong level but it is not that easy. You dont want to trade every POC blindly.
  • #1,422
  • Dec 1, 2016 4:26am Dec 1, 2016 4:26am
Quoting Trader-Dale
{quote} Thanks. I probably won't trade the eur/usd short level anymore.

Hey Dale, I've got a question. What's the reasoning behind not taking the trades anymore? Or like, what factors do you consider when doing this? Do you set a fixed number of pips (ie: if the level was tested 3 pips before / after the I'm not taking the trade anymore)? Do you judge it by the movement the price made after it (like, if the drop was too sudden)? Or is it anything else?

Thanks Dale!
  • #1,423
  • Dec 1, 2016 4:27am Dec 1, 2016 4:27am
Quoting Rfs199
Everything except the short on USDJPY, missed that one . But great day overall! They jump back up so quickly after the entry, it's amazing how accurate these levels are. Maybe this was already asked, but when do you usually stop trading for the day? Thanks again Dale Rfs
I usually stop trading at the end of US session. Buát you can tradie asian session too. No problem there. Levels are still valid there.
  • #1,424
  • Dec 1, 2016 4:34am Dec 1, 2016 4:34am
Quoting Rfs199
{quote} Hey Dale, I've got a question. What's the reasoning behind not taking the trades anymore? Or like, what factors do you consider when doing this? Do you set a fixed number of pips (ie: if the level was tested 3 pips before / after the I'm not taking the trade anymore)? Do you judge it by the movement the price made after it (like, if the drop was too sudden)? Or is it anything else? Thanks Dale!
I consider this:
1. how close the market turned
2. How big and quick the reaction was
3. "zone":If my level was placed for example in a middle of a support zone and the market reacts sooner in that support zone I wont take it anymore
4. orderflow - more complicated here.

For example eur/usd level was in a strong resist zone in a pinbar (m30 chart). The market made reaction to the pinbar but didnt test my level. But the pinbar is already tested. I hope this makes some sense
Good question thank you.
  • #1,425
  • Dec 1, 2016 4:47am Dec 1, 2016 4:47am
Quoting NaughtyPip
{quote} HI DALE Which setting are you using for the MP on trading view? Session view? My AUDUSD seems to have significantly different volume peaks to yours (FXCM) {image}
Perfect question NaughtyPip,

Problem is with thickness volume... In trading view is calling RAW SIZE... My settings is RAW SIZE = 50...

For sure i sent to you my whole settings...
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  • #1,426
  • Dec 1, 2016 4:51am Dec 1, 2016 4:51am
Quoting Trader-Dale
{quote} Perfect question NaughtyPip, Problem is with thickness volume... In trading view is calling RAW SIZE... My settings is RAW SIZE = 50... For sure i sent to you my whole settings... {image}
excellent - thanks Dale.
  • #1,427
  • Dec 1, 2016 5:56am Dec 1, 2016 5:56am
Quoting Trader-Dale
{quote} Sorry, there are no futures for aud/jpy. I use futures to make my levels.
Dale, fancy giving us some clues on how you determine you levels? I notice you use order flow, how do you determine that information? I thought that sort of information costs a lot of money?
So many in the Commercial section want to make me rich! :o
  • #1,428
  • Dec 1, 2016 5:57am Dec 1, 2016 5:57am
Quoting Trader-Dale
{quote} Lot of questions :-) I will try explain to you how i use orderflow.... I just watch volume in candles... Where is the most of the volume ( If up and down )... Indicator on VPSv is available on tradingview.com but just in "PRO" version... And name of this indicator is Market profile... Here on forexfactory is so many indicators for Metatrader 4 for free.. Today i had bussiness meatings so i did levels for today earlier... But tommorow will be levels available in normal time... Before start EU seances :-)
Thank you. sorry for so many questions . Those big green /red rectangle shade area where you point arrows assuming supply/demand is indicator also from tradingview if yes which one? that would be all from me. having indicators is not enough...need proper interpretation and that requires experience which you have. thank you.
  • #1,429
  • Dec 1, 2016 5:58am Dec 1, 2016 5:58am
Quoting FX-Flux
{quote} Dale, fancy giving us some clues on how you determine you levels? I notice you use order flow, how do you determine that information? I thought that sort of information costs a lot of money?
I think he has already been through this a couple times in the thread. Maybe someone can point you to the post.
  • #1,430
  • Dec 1, 2016 6:53am Dec 1, 2016 6:53am
Quoting Avail
{quote} Amazing results. Would say a lot of people would like to learn how to do this. Would you consider Eur/Usd off the table for today as it turned 3 pips before the level 1.06430
Dale's record is really stellar.
  • #1,431
  • Edited 3:19pm Dec 1, 2016 1:25pm | Edited 3:19pm
the Eur/Usd for the level 1.06430 went s.l ..
  • #1,432
  • Dec 1, 2016 3:56pm Dec 1, 2016 3:56pm
Quoting NaughtyPip
{quote} I think he has already been through this a couple times in the thread. Maybe someone can point you to the post.
Ohhh, cheers i will have a look. I noticed he mentioned a few bits but i wasn't sure if he went into detail.
So many in the Commercial section want to make me rich! :o
  • #1,433
  • Dec 1, 2016 5:35pm Dec 1, 2016 5:35pm
Quoting Jinky
{quote} Hi Ziggy, Thank you for the very comprehensive reply and helping educate me, how does one trade futures?
To trade futures, you need internet, a future broker like AMPfutures, ninjatrader brokerage, TD ameritrade and many others and... money.
The main exchange for US futures is CME group, http://www.cmegroup.com/ .

Good luck
  • #1,434
  • Dec 2, 2016 2:41am Dec 2, 2016 2:41am
Quoting radaway
the Eur/Usd for the level 1.06430 went s.l ..
Hi Radaway, Dale did say earlier that the EU had been tested and that he was unlikely to trade it, the way to look at the levels is to think of them as a line in the sand within a zone, the zone will cover an area either side of the level. If you look left on the chart you can see the market reaction that caused the zone. If price gets into this zone and you see a reaction away then the chances are that those major participants who were looking to trade from the area have either already done so, or see the opportunity to do so has passed. This greatly reduces the probability that the line in the sand will see a repeat reaction and it is better not traded. This doesn't mean it will fail but that the chances of it succeeding have been reduced. We should be only looking for trades that give us the best chance of success. Cheers Ziggy
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  • #1,435
  • Dec 2, 2016 2:43am Dec 2, 2016 2:43am
Exactly. When that happens it's better to just not take the trade anymore. I learned that the hard way .
  • #1,436
  • Edited 3:43am Dec 2, 2016 2:49am | Edited 3:43am
Intraday levels for 2.12.2016
PT 10 pips, SL 12 pips.
Happy trading
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  • #1,437
  • Edited 3:18am Dec 2, 2016 2:53am | Edited 3:18am
yup me too, learning the hard way ...but learning
Dale did say 'probably not' ...and then I went thinking 'probably' is not 'confirmed'..thus 'may' or 'may not' be.
but learning definitely.
and I post the downsides too , so that others can also learn from the mistakes. that's what this forum thread is also serving as I guess .

and just to be clear :
A-if one of the two conditions from the table is met ( or rejected)[ say from 2 shorts], do not trade the other level .(on the safe side) .right ?

B- and what happens if theres a long & a short, say the short is met/rejected , do we not trade the long too ?
example to compliment: say the green circle is met / rejected today

what is the reaction then for Long_1 (I suppose dont take) and short_1 (*if both are touched later/after the green circled one) ? can anyone confirm pl. ?
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  • #1,438
  • Dec 2, 2016 3:08am Dec 2, 2016 3:08am
Quoting radaway
yup me too, learning the hard way ...but learning Dale did say 'probably not' ...and then I went thinking 'probably' is not 'confirmed'..thus 'may' or 'may not' be. but learning definitely. and I post the downsides too , so that others can also learn from the mistakes. that's what this forum thread is also serving as I guess . and just to be clear : -if one of the two conditions from the table is met[ say from 2 shorts] ( or rejected), delete/or not trade the other level .(on the safe side) .right ? - and what happens if theres a long & a...
we only need to delete the level that has either been tested or traded, all other levels remain valid until they have either been tested or traded, each level represents a stand alone level of activity which resulted in a significant move, so it remains an area of interest until it is visited again.
  • #1,439
  • Dec 2, 2016 3:24am Dec 2, 2016 3:24am
Quoting ziggy
{quote} Hi Radaway, Dale did say earlier that the EU had been tested and that he was unlikely to trade it, the way to look at the levels is to think of them as a line in the sand within a zone, the zone will cover an area either side of the level. If you look left on the chart you can see the market reaction that caused the zone. If price gets into this zone and you see a reaction away then the chances are that those major participants who were looking to trade from the area have either already done so, or see the opportunity to do so has passed....
Thanks again Ziggy. 100 % agree!
  • #1,440
  • Dec 2, 2016 3:29am Dec 2, 2016 3:29am
Hi DALE , I think eurusd 1.0723 is mistake in picture is different. THANKS. 1.681 maybe.
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