Trader Dale - daily trading levels

Welcome back Ziggy. Hope you charged your batteries good over the Holidays.

Nice call on 1.0395, I had exactly the same and missed the bugger by a tiny amount, won't be chasing it now, hope you got on

Well and truly charged thanks radaway, my "electrolitic" levels at times dangerous to overload

Trade Dale has taken some time off, however the thread has not and has been cluttered and sidetracked. Just like most retail type trading forums there are people who need to create drama because they live for it and than manifest the idea within themselves into thinking that have a purpose to serve. I think it is evident who is causing this. Please move on to another thread or you have a different agenda in which you need to be banned from this thread as its not productive.

aud/usd looking to go long at .7202 (so close) target is +10 / stops are -12. Confluence of a level and round number down in here, imho

Agreed. Most people on this forum and alot of other forums seem to be looking for someone to do everything for them without spending the time or effort needed to improve themselves. But I guess this is true for society today, just wanting everything to happen immediately and without hassle. Pop a forex pill and you will suddenly know how it works.

taken it...lets see....

+16 on EUR/USD following the trend I used only composite profile.

Image (http://k02i.imgup.net/EURUSDM53-9927.PNG)

Hi all - I'm new here. I'm looking forward to following Dale's levels from tomorrow. What is the success rate with the TP10 and SL12 strategy?

If you look within the thread you will see has posted his monthly results.

hi
got 8 pips...i put my TP at 8 pips....
thanks....

+10 target hit

Thanks XxixixX - I checked quickly at end of November couldn't find anything. Any pointers to save me trawling through it all?

This isn't in response to this one post, but my findings in response to several by mindspeculat.

I haven't followed everything said, or in any real detail - but I have recorded every single transaction level and how price moved going into the level etc. There are 2 things which make a HUGE difference to trading Dales levels that everybody can apply, and a 3rd that not everyone can apply in the same way.

1. Do not enter into trades in the run up to a macro news event, or during it, or in the volatile period after it - if you do, you are gambling - trading is about probabilities, as is a well thought out punt on a horse, trading at news time is like backing a horse coz you like the name. I'm not sure if running a backtest will have taken this into account, but I can tell you it makes a BIG difference.

2. If a level has been tested close by, which can only really be seen by the price action in real time or sometimes on a 1 or even 5 min chart, then again DO NOT TRADE IT, it makes a BIG difference, again I can't say if this approach was used in back testing.

Just taking those two actions make a very significant difference.

The 3rd action can only be described as using experience, I am sure that makes a difference, and I know from many of Dales posts he uses his experience, and why wouldn't he? Why would you step in front of a train just because the signal says you can?

BUT, over a 3 month period the levels have produced strong results for me. In the interest of transparency I can tell you I don't enter a trade with a 12 pip stop, I enter with a 20 pip stop and then manage my stop based on what I see in the way of price action. I also use a 20 pip PT, and sometimes close out part or all of the trade early. BUT I ALWAYS have used Dales levels as the entry point. I have 75 trades taken, and 620 pips gained with a strike rate of 69%. I'm not saying everyone will achieve the same, I can only say what I have in my records.

Dale has said from the outset what he uses, 80% of that is easily found in MT4, another 5% can be found by looking harder, another 10% you simply will not find without having the number of futures contracts traded which can ONLY be found with a professional trading package. The final 5% comes from experience. Right at the outset Dale said he would give levels and if anyone wanted to use them he'd be happy. He has done that 100%.
"We" all then started probing to see how he found these levels and with Dales input and a few helpful people who posted MT4 profile indicators we all started to make some progress. I can find levels that are profitable to trade from using the approach Dale uses, but I wouldn't find every level he comes up with, so what - if Dale made 250 pips and I made 200 I'd still be like a dog with 2 tails.

It's for everyone to decide how or if to use the info given, but I can categorically say that over the past 3 months if used with a thoughtful approach anyone who has used them must be happy.

Cheers Ziggy

Good points Ziggy.

I have been an observer of this thread for quite some time and just wanted to throw in my 2 cents worth.

Dale has started a thread to help people make some sense and some pips which is really very generous. In typical fashion the thread gets garbled, diluted, railroaded etc etc by those thinking they have a better mousetrap. This is why no two traders given the identical winning method will have the same results))

Long before there were computers to generate algos. new fangled indicators etc this stuff was done by pen, paper and a calculator. What I have learned is this: Price is the only thing that matters, the market is always right and always trade with a stop loss!!!

In approx 15 yrs of trading I have seen many different ideas etc that are supposedly the next best thing! What I have learned is "kiss it simple stupid" works best!!!

Thanks for keeping it simple Dale!!!

Can you say in plain English, what you wanted to say actually?

Looking at nzd/usd for a long at .6889, target is +10 / stop is -12. Keep in mind of the US data today (ISM) if you trade this. "There will always be another bus that comes along."

I've been asked by a few folks where I get my composite volume profile from, it's http://www.forexfactory.com/attachment.php/2105583?attachmentid=2105583 kindly posted by IKeithStone. I find it helpful, I place the start point of the profile at where I see a "fresh" move / range starting, and keep the finish point as far right on the chart as possible. I'd suggest if anyone wants to use it, place it on the chart and move the red & blue vertical lines, you'll soon get the hang of what it does. Then find the point you believe to be most appropriate for the current market - and to find that start point a 4 hour chart is a good place to start looking

As always it doesn't have any magic qualities, but it does help you to be informed of where the market participants might be lurking

Bugger - that link didn't work, it's here

Here are instructions on how to set up VP - http://www.sierrachart.com/index.php?page=doc/VolumeByPrice.php

I'm long I think it's bouncing off 6900