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Trader Dale - daily trading levels

  • #2,681
  • Jan 2, 2017 7:19am Jan 2, 2017 7:19am
Quoting mindspeculat
{quote} I did but I used only 15 minutes charts. It's true that the results would have been a little bit more accurate with 1 min charts. My focus was on the edge, if it's real and what is it. If an edge is present it should show itself disregarding various factors. Since TraderDale is reporting above 80% winners, my natural conclusion was to think that TraderDale finds his numbers in a different way since there is no consistent way to do that using the methods described. Guessing numbers ...anyone can do that but that's not enough for 80% wins....
Dale says if price gets within 3 pips or less of the level and moves 7 pips or more away from the level, then we have missed the move and the level is now invalidated. This happens over and over and is why a lot of levels are cancelled. If you are using a 15 minute chart on closed candles, how do you know if price didn't reject the level 7 pips or more within the life of that one 15 minute candle? Or were you back testing this using a 15 minute chart using tick by tick/ minute by minute rather than closed candle?
  • #2,682
  • Jan 2, 2017 7:25am Jan 2, 2017 7:25am
Quoting januszo
How u detect current market sentiment and dense SL areas that will be sl hunted? {quote}
If market sentiment and other subjective things account for such a big edge then market profile is not needed.
The questions remains, how can one find levels with good accuracy? How do we know the proper level for a consistent edge is not 3 pips or 5 pips lower or higher? Even 2 pips is very important because you can miss good trades if the level is higher or it can hit the stop loss easier if it's lower. That's the problem which is too easily ignored.
  • #2,683
  • Jan 2, 2017 7:35am Jan 2, 2017 7:35am
Quoting NaughtyPip
{quote} Dale says if price gets within 3 pips or less of the level and moves 7 pips or more away from the level, then we have missed the move and the level is now invalidated. This happens over and over and is why a lot of levels are cancelled. If you are using a 15 minute chart on closed candles, how do you know if price didn't reject the level 7 pips or more within the life of that one 15 minute candle? Or were you back testing this using a 15 minute chart using tick by tick/ minute by minute rather than closed candle?
You are right. I used closed candles. Let's assume a 5% more wins for this detail. It wouldn't go beyond 60% winners with a 1:1 RR. In backtesting I ignored the bid/ask spread but in live trading we pay more than 10% for the total cost of a trade if we use 10 pips targets.
  • #2,684
  • Jan 2, 2017 7:48am Jan 2, 2017 7:48am
Quoting mindspeculat
{quote} You are right. I used closed candles. Let's assume a 5% more wins for this detail. It wouldn't go beyond 60% winners with a 1:1 RR. In backtesting I ignored the bid/ask spread but in live trading we pay more than 10% for the total cost of a trade if we use 10 pips targets.
honestly I think u need to go and do the test again properly. The difference in strike rate will be huge, much larger than 5%
  • #2,685
  • Jan 2, 2017 7:52am Jan 2, 2017 7:52am
when dale comes back, hopefully he will ignore this guy and he wont be able to post in the thread anymore, i occasionally pop in here to see whats going on but since dale has been gone, this thread has become full of negative comments on a successful method...

Dale is probably the best trader to show results of a trader i've ever seen

the results are there right in front of you BEFORE THE FACT...

work it out, its successful, more than 10 net wins per month... at least 10%, they are the best results ive ever seen here
  • #2,686
  • Jan 2, 2017 8:34am Jan 2, 2017 8:34am
Quoting mindspeculat
{quote} You are right. I used closed candles. Let's assume a 5% more wins for this detail. It wouldn't go beyond 60% winners with a 1:1 RR. In backtesting I ignored the bid/ask spread but in live trading we pay more than 10% for the total cost of a trade if we use 10 pips targets.
Additionally, there will be many instances where price has hit your target profit without you knowing and you have captured this data as a loss.
  • #2,687
  • Jan 2, 2017 8:37am Jan 2, 2017 8:37am

Quoting mindspeculat
{quote} If market sentiment and other subjective things account for such a big edge then market profile is not needed. The questions remains, how can one find levels with good accuracy? How do we know the proper level for a consistent edge is not 3 pips or 5 pips lower or higher? Even 2 pips is very important because you can miss good trades if the level is higher or it can hit the stop loss easier if it's lower. That's the problem which is too easily ignored.

No, i cannot agree on your first statement
U need to know if it is ok to stand in front of incoming ferry or not.

So before any POC &Volume&SR checks u determine if to trade longs , shorts or both by taking market sentiment into consideration.
  • #2,688
  • Jan 2, 2017 8:38am Jan 2, 2017 8:38am
Quoting NaughtyPip
{quote} The difference in strike rate will be huge, much larger than 5%
It can't be since this situation of pre-testing a level and not appearing on a 15 min candle doesn't happen very often. And even though there is a previous reaction the level still works many times.

Actually I said what I had to say and my work is done. I dedicated enough time on this.
I do recommend following just TraderDale's levels and not trading based on levels found by others until a proper backtested system is made public.
  • #2,689
  • Jan 2, 2017 8:42am Jan 2, 2017 8:42am
Quoting NaughtyPip
{quote} Additionally, there will be many instances where price has hit your target profit without you knowing and you have captured this data as a loss.
Since I am using more reversal/range/p&f charts including footprint charts I confirm you are right and I paid attention to this aspect as well.
  • #2,690
  • Jan 2, 2017 8:42am Jan 2, 2017 8:42am
Anybody is buying EU?
  • #2,691
  • Jan 2, 2017 8:52am Jan 2, 2017 8:52am
Quoting Don96
when dale comes back, hopefully he will ignore this guy and he wont be able to post in the thread anymore, i occasionally pop in here to see whats going on but since dale has been gone, this thread has become full of negative comments on a successful method... Dale is probably the best trader to show results of a trader i've ever seen the results are there right in front of you BEFORE THE FACT... work it out, its successful, more than 10 net wins per month... at least 10%, they are the best results ive ever seen here
I completely agree. I started reading this thread right before Dale left for vacation. Outside of a few smart ass remarks from TooSlow, it was quite positive. Since he's left, nothing but negativity. I'm very new to this and am looking for a positive, successful post to follow. I thought I found it. I'm not sure what the point is of people popping in on here just to put others down for asking questions or because Dales way of doing things aren't actually the way he describes. I've read a few posts on here that people will say "I haven't used one single price pair that Dale has posted..." Well then you've lost out on a lot of opportunity to make money haven't you? For those of you like Xx who stay positive and respond to all questions in a positive way, thank you.
  • #2,692
  • Jan 2, 2017 8:58am Jan 2, 2017 8:58am
Quoting burntcandle
{quote} I completely agree. I started reading this thread right before Dale left for vacation. Outside of a few smart ass remarks from TooSlow, it was quite positive. Since he's left, nothing but negativity. I'm very new to this and am looking for a positive, successful post to follow. I thought I found it. I'm not sure what the point is of people popping in on here just to put others down for asking questions or because Dales way of doing things aren't actually the way he describes. I've read a few posts on here that people will say "I haven't...
 
Spot on new guy
Few advices - use the ignore button a lot, don't spend time, don't argue, read news, think, have patience, follow smart people.
 
And let me add my great respect for Dale.
Chao.
Beware of robber banks (RB), bad advisors.
  • #2,693
  • Jan 2, 2017 9:12am Jan 2, 2017 9:12am
Quoting Not-KPMG
{quote} Â Spot on new guy Few advices - use the ignore button a lot, don't spend time, don't argue, read news, think, have patience, follow smart people. Â And let me add my great respect for Dale. Chao.
Good advice. I've been trying to ignore all of this, but it's hard sometimes. I'll put more effort into it. Thank you. No doubt I've noticed the positive people do exactly that, they just ignore the freaks on here.lol
  • #2,694
  • Jan 2, 2017 9:18am Jan 2, 2017 9:18am
I don't know about how your broker spreads are, but keep an eye on them. I have 10 pip spreads on some of my pairs, that are normally 2 pips. I use Forex.com, make sure to check before to take a trade with a 10 pip target.
  • #2,695
  • Jan 2, 2017 9:39am Jan 2, 2017 9:39am
Quoting mindspeculat
{quote} It can't be since this situation of pre-testing a level and not appearing on a 15 min candle doesn't happen very often. And even though there is a previous reaction the level still works many times. Actually I said what I had to say and my work is done. I dedicated enough time on this. I do recommend following just TraderDale's levels and not trading based on levels found by others until a proper backtested system is made public.
To know if the situation of a level being pretested appears on a 15 minute chart would require to watch price on a 1 min chart over a big sample size and you haven't been doing that so you cannot just make that claim. The fact that your back test includes preconceived factors makes it invalid. Also this approach has a level of discretion to it.
  • #2,696
  • Jan 2, 2017 9:40am Jan 2, 2017 9:40am
Quoting januszo
{quote} No, i cannot agree on your first statement U need to know if it is ok to stand in front of incoming ferry or not. So before any POC &Volume&SR checks u determine if to trade longs , shorts or both by taking market sentiment into consideration.
hi januszo, could you please explain a bit how do you take this into consideration? does it mean that you don't enter the trade even if your strategy says long and sentiment is strong short? can you share some results where this actually saved you from the loosing trade? to be honest, I was checking sentiment some time ago and I didn't see any relation between successful trades and sentiment. Even for obvious trades the sentiment showed oposite (I took the trade anyway and it turned to profit). anyway, I would be happy to learn something new. thanks, R
  • #2,697
  • Jan 2, 2017 9:45am Jan 2, 2017 9:45am
Quoting Heelfan23
I don't know about how your broker spreads are, but keep an eye on them. I have 10 pip spreads on some of my pairs, that are normally 2 pips. I use Forex.com, make sure to check before to take a trade with a 10 pip target.
Yes! I noticed a big difference last week as well. Where there usually was 2 pip spread, it was 7ish. An hour later it was 2 pips again. I use the same platform.
  • #2,698
  • Jan 2, 2017 10:00am Jan 2, 2017 10:00am
Quoting NaughtyPip
{quote} To know if the situation of a level being pretested appears on a 15 minute chart would require to watch price on a 1 min chart over a big sample size and you haven't been doing that so you cannot just make that claim. The fact that your back test includes preconceived factors makes it invalid. Also this approach has a level of discretion to it.
I would be very happy for that to be the case and if so in the following months we should see traders having positive results with their own levels.
If that happens I'll redo my backtesting using reversal tick charts.

Until then good luck everyone.
I'll add that I have great respect for TraderDale and there is no negativity from my part, actually I like that he's so smart to not give away his edge so easily. I just don't like the obfuscation/misleading to hide it but that's something all the professionals do.
  • #2,699
  • Jan 2, 2017 10:36am Jan 2, 2017 10:36am
Quoting Don96
...full of negative comments on a successful method... ...
Can you describe exact process of "a successful method"?
  • #2,700
  • Jan 2, 2017 10:55am Jan 2, 2017 10:55am
Quoting ruma29
{quote} Can you describe exact process of "a successful method"?
well if you dont know what a successful method is then you should start looking for one...

dale has net 10 wins easily achieving 10%+ since September, risk being only 1%... that's better than what you will find anywhere posted around here or anywhere for that matter

im not saying other people dont do better, but there isn't one that is as good who posts before the fact....
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