DislikedI reckon this UJ level will be on the cards for Monday but will have to wait for Dale to confirm... {image}Ignored
Trader Dale - daily trading levels
- #2,090
- Dec 19, 2016 3:36am Dec 19, 2016 3:36am
- | Membership Revoked | Joined Sep 2016 | 1,511 Posts
USD/JPY turned sooner. I won't trade it anymore.
- #2,092
- Dec 19, 2016 3:52am Dec 19, 2016 3:52am
I managed to get the USD/JPY.
I don't know if this might affect the long run but I had missed a few trades in the past (really subtle differences in broker data I guess), so I modified my entries to +0.5 pips and exits to -0.5 pips a while back. That hasn't happened since then
. I guess I was just lucky with this one though.
The level was really accurate either way.
I don't know if this might affect the long run but I had missed a few trades in the past (really subtle differences in broker data I guess), so I modified my entries to +0.5 pips and exits to -0.5 pips a while back. That hasn't happened since then
. I guess I was just lucky with this one though.The level was really accurate either way.
- #2,093
- Dec 19, 2016 4:22am Dec 19, 2016 4:22am
- | Membership Revoked | Joined Sep 2016 | 1,511 Posts
I managed to get the USD/JPY. I don't know if this might affect the long run but I had missed a few trades in the past (really subtle differences in broker data I guess), so I modified my entries to +0.5 pips and exits to -0.5 pips a while back. That hasn't happened since then
- #2,095
- Edited 5:14am Dec 19, 2016 4:43am | Edited 5:14am
- | Membership Revoked | Joined Aug 2015 | 1,243 Posts
Trading EURUSD toward Trader-Dale's level. +20 for now.
Note: Trader-Dale's level 1.0409 is close to 3rd(third) standard deviation on market profile(composite, 1 month):1.0404, near extreme level.
+20 for now.Note: Trader-Dale's level 1.0409 is close to 3rd(third) standard deviation on market profile(composite, 1 month):1.0404, near extreme level.
In common with every other profession trading requires "on the job practice" to become proficient, we can read and absorb all we can find, but unless we practice our skills will never become honed enough to be able to "go it alone". They say practice makes perfect, but actually it doesn't, practice makes permanent, that is to say practice doing it wrong and that's what we become good at, doing it wrong. As is evident throughout FF an awful lot of traders rely heavily on indicators, in this thread we aren't using indicators we are using visual representations of facts, where price has been, where it went to, the relative volume of trading that sparked off the move - these are good things to work at because they are always valid in all types of market conditions.
In this thread Dale is kindly giving us the benefit of his experience in assessing what has happened and where we might expect there to be sufficient professional participants to force price to move far enough that we can profit from it, without practice we can never expect to be able to do it for ourselves but I think we can all see just how beneficial it would be to develop those skills.
Most of us are using the freely available mt4 platform for charting purposes, by clicking on the paperclip
we can find various profile "indicators" posted by some kind members, that's where I got the ones I use thanks guys.
I'm attaching an updated word doc that contains every level that has been posted up by Dale. We are coming into the Christmas lull period which gives us the opportunity to do a bit of homework. There are two ways we can approach this, for starters it would be good to look back on the charts and see where Dale set his levels, and see if we can spot what it is that makes the level a point of interest. If we struggle to see anything then try moving to a lower time frame, that often highlights some price action that isn't visible on the higher time frames. The other thing to do once we feel we can begin to "see the path" is to try find the levels ourselves and then check them out against those which Dale posted. Moving on from that, when we mark up a level that is different don't just assume it's wrong, look right on the chart and see if there was any kind of reaction at our own level - Dales levels are deadly accurate, but that doesn't mean we should just throw our hands up when we don't find the same level. And I would say it's equally important to see what happens when price gets close to the level and sees a reaction, and then what happens when the actual level itself is hit, this will help develop the "skill" of sitting on our hands when the probability of success has been lowered.
Screen time is so important, and we have the luxury of being able to look back and "know" what we are looking for in order to improve our own performance. Armed with this knowledge we must surely be able to improve our own chart reading, and that has to be a really good thing.
Cheers & good luck Ziggy
In this thread Dale is kindly giving us the benefit of his experience in assessing what has happened and where we might expect there to be sufficient professional participants to force price to move far enough that we can profit from it, without practice we can never expect to be able to do it for ourselves but I think we can all see just how beneficial it would be to develop those skills.
Most of us are using the freely available mt4 platform for charting purposes, by clicking on the paperclip
we can find various profile "indicators" posted by some kind members, that's where I got the ones I use thanks guys.
I'm attaching an updated word doc that contains every level that has been posted up by Dale. We are coming into the Christmas lull period which gives us the opportunity to do a bit of homework. There are two ways we can approach this, for starters it would be good to look back on the charts and see where Dale set his levels, and see if we can spot what it is that makes the level a point of interest. If we struggle to see anything then try moving to a lower time frame, that often highlights some price action that isn't visible on the higher time frames. The other thing to do once we feel we can begin to "see the path" is to try find the levels ourselves and then check them out against those which Dale posted. Moving on from that, when we mark up a level that is different don't just assume it's wrong, look right on the chart and see if there was any kind of reaction at our own level - Dales levels are deadly accurate, but that doesn't mean we should just throw our hands up when we don't find the same level. And I would say it's equally important to see what happens when price gets close to the level and sees a reaction, and then what happens when the actual level itself is hit, this will help develop the "skill" of sitting on our hands when the probability of success has been lowered.
Screen time is so important, and we have the luxury of being able to look back and "know" what we are looking for in order to improve our own performance. Armed with this knowledge we must surely be able to improve our own chart reading, and that has to be a really good thing.
Cheers & good luck Ziggy
