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Trader Dale - daily trading levels

  • #3,421
  • Jan 12, 2017 6:48am Jan 12, 2017 6:48am
Quoting ziggy
{quote} ...I will happily attach the first part which shows date & entry point, leaving anyone that wishes to to apply their own research...
Yes that will be great.

I have been journaling everything since I started trading this method, just wanted to fill in the gap between October and Jan.

Many thanks again.
  • #3,422
  • Jan 12, 2017 7:01am Jan 12, 2017 7:01am
Quoting Trader-Dale
{quote} Look at price action. it would be a good level but I consider it already tested.
Thanks Dale and Naughtypip
Always look for reasons not to take a trade
  • #3,423
  • Jan 12, 2017 7:03am Jan 12, 2017 7:03am
Quoting lKeithStone
{quote} Look up Sierra Chart. Everything I'm using comes with it.
ok thank you so much keithstone
onorebate
  • #3,424
  • Jan 12, 2017 7:08am Jan 12, 2017 7:08am
Quoting Trader-Dale
{quote} Both are good. Iam myself short audusd. I also wanted to go usdjpy long but little bit higher but I considered my level already tested by yesterday's rollercoaster. Good job finding those levels!!!
Hi Dale, are you still short on audusd? entry 0.7500? thanks
  • #3,425
  • Jan 12, 2017 7:23am Jan 12, 2017 7:23am
Quoting NaughtyPip
{quote} look at the 30 min chart, the level got tested immediately after it was created... So the orders that were there have been consumed. At least that's the way i see it, could be wrong.
Naughtypip sorry to bother - I'm still a newbie trying to learn. Can you help me further point out by identifying when you would have consider the level created and when it was then tested?
Always look for reasons not to take a trade
  • #3,426
  • Jan 12, 2017 7:35am Jan 12, 2017 7:35am
Quoting Jako
{quote} Naughtypip sorry to bother - I'm still a newbie trying to learn. Can you help me further point out by identifying when you would have consider the level created and when it was then tested?
Attached Image (click to enlarge)
Click to Enlarge Name: 2ef6d1e438f6409492fbae99bdb91241.png Size: 33 KB


Btw i don't consider a level a level until 3 hours have past since it left the poc/high vol area (taken from dales rule)
  • #3,427
  • Jan 12, 2017 7:40am Jan 12, 2017 7:40am
Naughtypip thanks so much!!!!!!!!!!!!!!!!!!
Always look for reasons not to take a trade
  • #3,428
  • Jan 12, 2017 7:41am Jan 12, 2017 7:41am
which futures are you looking for for EU level ?

it is E6H17 ?

Thanks
  • #3,429
  • Jan 12, 2017 7:51am Jan 12, 2017 7:51am
Quoting ziggy
{quote} I'm not really certain what you are asking about, I think you may have an indicator which you are using to identify levels and are asking why they are different? Dale isn't using any form of indicator to find his levels, he observes what the market profile is telling him, also the order flow and resultant price action, so although they may coincide there is no reason why they always will. If you are using an indicator, that is fine, but I'd still recommend using your eye to see if you agree with the indicator. The one thing that is different...

Thank you!
  • #3,430
  • Jan 12, 2017 7:52am Jan 12, 2017 7:52am
Quoting jokerdoncry
{quote} Hi Ziggy, I thought ondrejnet (http://www.forexfactory.com/ondrejnet)means that he is using indicator from post 1 of Dale thread ( riv_ay-MarketProfileDWM.v131-2.ex4 (http://www.forexfactory.com/attachment.php/2108980?attachmentid=2108980&d=1482145929) ). He wondered why the level which was drawn by these indicator is different from Dale level. Please correct me if I was wrong. Thank Ziggy.
None of the profile tools that I have draw levels, they are used to help you find potential levels but do not calculate them for you, they do put a Volume Point of Control on the chart, but these alone do not indicate a potential trading level. It's the use of price action around high volume areas that help you to determine potential trading levels
  • #3,431
  • Jan 12, 2017 8:17am Jan 12, 2017 8:17am
Quoting ziggy
{quote} None of the profile tools that I have draw levels, they are used to help you find potential levels but do not calculate them for you, they do put a Volume Point of Control on the chart, but these alone do not indicate a potential trading level. It's the use of price action around high volume areas that help you to determine potential trading levels
Thank you so much, Ziggy! So I was wrong for all that time. I always think that the POC will be my entry point for my trading.
  • #3,432
  • Jan 12, 2017 8:26am Jan 12, 2017 8:26am
Quoting yoko
{quote} Hi Dale, are you still short on audusd? entry 0.7500? thanks
Yes. My ptofit target is 0.7370
  • #3,433
  • Jan 12, 2017 8:28am Jan 12, 2017 8:28am
Quoting NaughtyPip
{quote} 2ef6d1e438f6409492fbae99bdb91241.png;2137402 Btw i don't consider a level a level until 3 hours have past since it left the poc/high vol area (taken from dales rule) {image}
Hi
a question on the part : "The fact that it went so far & came back invalidates the level"
invalidates the level for what time period ?
for the day, week, hours., etc?
will this level be revisited again (Yes -ofcourse) but till what time frame do we consider this invalidated then ? Thanks if you could clarify this part.
Cheers
  • #3,434
  • Jan 12, 2017 8:28am Jan 12, 2017 8:28am
Quoting Trader-Dale
{quote} Yes. My ptofit target is 0.7370
thanks, good luck!
  • #3,435
  • Jan 12, 2017 8:36am Jan 12, 2017 8:36am
Long EURUSD PD Higher open 1.0603
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD H1.png Size: 59 KB
  • #3,436
  • Jan 12, 2017 8:40am Jan 12, 2017 8:40am
Here is an example that shows we we must never blindly use lines on a chart. The VPOC is where it is by virtue of the fact there was a lot of trading around it early in the day, the late afternoon DT reaction just shot straight up the page and now we have a naked VPOC. Now it might be the case that there is a reaction when price next visits it, but give the later PA it can hardly be described as significant now, anyone who was short from that level is now out of their trade, either by a wise profit take or a not so wise stop loss, either way they are out. It wasn't a significant location on the way up the page so shouldn't now be expected to be one when we next come back down. Never ever blindly think a line in the sand will hold, not all lines are equal
Attached Image (click to enlarge)
Click to Enlarge Name: 2017-01-12_1430.png Size: 102 KB
  • #3,437
  • Jan 12, 2017 8:45am Jan 12, 2017 8:45am
Tradedale. I would like to thank you for creating this thread. I would like to ask you if you have myfxbook or a TE so we can see how well your trading as gone for you.
Let us talk forex.
  • #3,438
  • Jan 12, 2017 8:53am Jan 12, 2017 8:53am
Quoting radaway
{quote} Hi a question on the part : "The fact that it went so far & came back invalidates the level" invalidates the level for what time period ? for the day, week, hours., etc? will this level be revisited again (Yes -ofcourse) but till what time frame do we consider this invalidated then ? Thanks if you could clarify this part. Cheers
Forever, its tested so its no longer a level.
  • #3,439
  • Jan 12, 2017 8:55am Jan 12, 2017 8:55am
Quoting USATrader007
Long EURUSD PD Higher open 1.0603 {image}
wrong thread TRO
  • #3,440
  • Jan 12, 2017 8:58am Jan 12, 2017 8:58am
Quoting radaway
{quote} Hi a question on the part : "The fact that it went so far & came back invalidates the level" invalidates the level for what time period ? for the day, week, hours., etc? will this level be revisited again (Yes -ofcourse) but till what time frame do we consider this invalidated then ? Thanks if you could clarify this part. Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: 086d2a7e0a5b4e0e9f6e7b33d4a5b53d.png Size: 12 KB


Here is an example. The 1st pic replicates the pa in the live example we have been talking about. That level is invalid as we got the move way but price then came all the way back and tested it. The 2nd pic we get a little move out then price comes back and taps it but at this point the level hasn't been created yet, we then get a big move out, the level is made and price doesn't come back to test it. So this level is valid

(if anyone thinks this is wrong please say because im not the expert here)
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