Trader Dale - daily trading levels

Quoting Trader-Dale

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{quote} Good work Ziggy! Thank you very much! Very good idea trading like this if it suits somebody's style better!

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Quoting shimmering

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HI everyone, I read about E/U being hit, but was anything else hit today? I was not able to see. And how long after NFP would you consider trading?

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Quoting ziggy

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{quote} only euro - with regard to NFP, I will wait until the volatility has subsided, as a point of note the US interest rate rise is a foregone conclusion now so I'd expect that unless there is a shock number it won't be like it can be!!

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Quoting Pip-Miner

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The key is knowing where the bankers are, trader-dale knows where they are , I like to find them in h4 resistance, confluence zones .

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Quoting Trader-Dale

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{quote} There was a reaction of 55 pips 3-4 pips before the level. Thats pretty strong and close reaction. It here was an 8 pip reaction 3-4 pips before the level I would probably take it but because the reaction was that strong I didnt trade it anymore.

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Quoting Trader-Dale

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{quote} Exactly. It is more about volatility than time.

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Quoting ziggy

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I might regret posting this, but I know some folks are struggling with stops and trade management etc. I am NOT making this as a recommendation, simply an observation. I haven't or wouldn't have taken any trades where any of the following applies: 1. the zone that the level is in has been tested 2. There is pending "red" news, or very recent "red" news - say 20 mins either side 3. I haven't traded any levels during the Asian session. Accepting those 3 point, if I had traded every other trade that hit the level, at exactly the level, and then just...

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Quoting Trader-Dale

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Tough luck. 1. trade SL. 2nd turned 1 pip sooner. Damn. {image}

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Quoting ziggy

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{quote} Mine did just nick the level, & I'd like to say I traded it.......... but I'd be lying if I did, closed out the first one at BE a while back. {image}

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Quoting ssv

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{quote} Do you have stats on how many of the trades which hit the 20pip SL, were 10+ pips in profit without hitting the 20 pip TP? Wondering if the overall pip gain would have increased significantly if the SL was moved to BE, after a 10 pip gain. (This approach might also have resulted with some of the 20 pip TP trades to have been stopped out at BE, so maybe net/net not much different)

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Quoting ziggy

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{quote}.....The real key to it is to just avoid trading where the level has already been tested close to the level itself,

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Quoting ziggy

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{quote} I do have the data, blue line represents moving stop to BE at +10, brown line just letting it run 20/20. There are countless variations on how you can trade it - my objective was to show what might be possible taking a very simplistic approach. The real key to it is to just avoid trading where the level has already been tested close to the level itself, and avoiding trading at news time (which is no more than a gamble). Avoid those two situations and it would be hard to not profit from them. {image}

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