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Trader Dale - daily trading levels

  • #3,441
  • Jan 12, 2017 9:05am Jan 12, 2017 9:05am
Quoting yoko
{quote} Hi Dale, are you still short on audusd? entry 0.7500? thanks
hey, where that come from? i can't find it here on thread and tradingview either
it looks like a good swing short
  • #3,442
  • Jan 12, 2017 9:11am Jan 12, 2017 9:11am
To those of you using Sierra Chart I've been using a pretty cool tool this morning that shows depth of market in a graph format (similar to Bookmap). I recommend throwing it on a separate chart and zooming in. It's called "Market Depth Historical Graph". That combined with Time and Sales helps with reading orderflow at specific levels.
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  • #3,443
  • Jan 12, 2017 9:44am Jan 12, 2017 9:44am
Quoting kenlionheart
{quote} 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.
ok Ken, for you and anyone else who fancies doing a bit of homework, this is the stripped down spreadsheet which gives you date, pair, direction, entry level and any comment I made regarding news or turning early. You can go back thru the charts now and apply your own thought process regarding would you have taken the trade, if so where you would have your stop, if you would have moved that stop & where you would have either taken a profit or been stopped.

Be mindful of whatever your own spread charge is. It will be a good exercise and should also provide you with confidence in trading these levels. As you'll know I apply 20 pip stop, you don't have to - all I will say is if your chosen stop isn't working for you have a look at it using a 20 pip stop

Attached File(s)
File Type: xlsx Dales levels entry data.xlsx   16 KB | 440 downloads
  • #3,444
  • Jan 12, 2017 9:58am Jan 12, 2017 9:58am
Quoting suirad0
{quote} hey, where that come from? i can't find it here on thread and tradingview either it looks like a good swing short
It wasn't.
  • #3,445
  • Jan 12, 2017 10:07am Jan 12, 2017 10:07am
Quoting burntcandle
{quote} It wasn't.
if you're saying it wasn't a good swing short then I'd say you are a bit early to say so, pan out to see where the stop should be, might not work but the risk can be small and the potential reward pretty big
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  • #3,446
  • Jan 12, 2017 10:19am Jan 12, 2017 10:19am
Quoting ziggy
{quote} if you're saying it wasn't a good swing short then I'd say you are a bit early to say so, pan out to see where the stop should be, might not work but the risk can be small and the potential reward pretty big 2017-01-12_1603.png;2137712 {image}
I think burntcandle means that the level wasn't mentioned here.
  • #3,447
  • Jan 12, 2017 10:20am Jan 12, 2017 10:20am
Quoting ziggy
{quote} if you're saying it wasn't a good swing short then I'd say you are a bit early to say so, pan out to see where the stop should be, might not work but the risk can be small and the potential reward pretty big 2017-01-12_1603.png;2137712 {image}

I'm saying his entry point was .7500 short. It went long for 14pips, stopped me out.

But if I had waited to .7515 +/-, it went for 10pips short. Am I reading this wrong?
  • #3,448
  • Jan 12, 2017 10:23am Jan 12, 2017 10:23am
Quoting Koulus
{quote} I think burntcandle means that the level wasn't mentioned here.
ah - sorry if I've upset anyone, it actually was mentioned as a potentially great location and Dale agreed & noted he had taken it short. Not one of the normal levels type trade but in terms of potential risk/reward pretty good !!
  • #3,449
  • Jan 12, 2017 10:23am Jan 12, 2017 10:23am
Quoting burntcandle
{quote} I'm saying his entry point of .7500 short did not work out. it went long for 14pips, got stopped out.
Swing levels have much wider stops and profit targets. This entry point wasn't daily level with 10 TP and 12 SL.
  • #3,450
  • Jan 12, 2017 10:26am Jan 12, 2017 10:26am
Quoting burntcandle
{quote} I'm saying his entry point was .7500 short. It went long for 14pips, stopped me out. But if I had waited to .7515 +/-, it went for 10pips short. Am I reading this wrong?
Why did you trade it with sl-12 pt+10? Dale´s tp is 0,7370!!!
  • #3,451
  • Jan 12, 2017 10:26am Jan 12, 2017 10:26am
Quoting Koulus
{quote} Swing levels have much wider stops and profit targets. This entry point wasn't daily level with 10 TP and 12 SL.
And there's where I went wrong. ty for explaining. I actually did get back into it at at .7515 because that was my fib. point to watch. It did react right on it, so I did get 10pips from it. All good. My misunderstanding.
  • #3,452
  • Jan 12, 2017 10:28am Jan 12, 2017 10:28am
Quoting ziggy
{quote} ah - sorry if I've upset anyone, it actually was mentioned as a potentially great location and Dale agreed & noted he had taken it short. Not one of the normal levels type trade but in terms of potential risk/reward pretty good !!
I hope nobody is upset you are right. It was mentioned that way.
  • #3,453
  • Jan 12, 2017 10:29am Jan 12, 2017 10:29am
Quoting yoko
{quote} Why did you trade it with sl-12 pt+10? Dales tp is 0,7370!!!
yea, just misread the thread. Thought .7500 was maybe a new entry I missed. Again, stupid day job....I'm missing a lot of good stuff.
  • #3,454
  • Jan 12, 2017 11:44am Jan 12, 2017 11:44am
Big order blocks. After watching the Market depth tool throughout the day the accuracy is pretty incredible. Combine that with Time and Sales + Profile levels + Experience, and I have found my X Factor.

Good day!
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  • #3,455
  • Jan 12, 2017 11:56am Jan 12, 2017 11:56am
USDCAD i'm looking at a new level at 1.3093...

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  • #3,456
  • Jan 12, 2017 12:02pm Jan 12, 2017 12:02pm
Quoting lKeithStone
Big order blocks. After watching the Market depth tool throughout the day the accuracy is pretty incredible. Combine that with Time and Sales + Profile levels + Experience, and I have found my X Factor. Good day! {image}
Nice one Keith, remember who your friends are when you're smashing it
  • #3,457
  • Jan 12, 2017 12:17pm Jan 12, 2017 12:17pm
Quoting ziggy
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...

Ziggy,

Is that an MT4 chart you have linked here?
If so what indicator are you using there to get the volume profile to right justify like that?
  • #3,458
  • Jan 12, 2017 12:20pm Jan 12, 2017 12:20pm
Quoting NaughtyPip
USDCAD i'm looking at a new level at 1.3093... 4f7fa5ede2be447e84d1a4a89752493e.png;2137896 {image}
Yes agree Pip looks like a nice level to long

Was also looking at long aud/usd 0.7478, any thoughts?

https://charts.mql5.com/13/734/audusd-m15-spottraderfx-llc.png
  • #3,459
  • Jan 12, 2017 12:30pm Jan 12, 2017 12:30pm
Quoting ziggy
{quote} Nice one Keith, remember who your friends are when you're smashing it
Haha! Who am I kidding! This is probably some sort of holy grail mirage. Only time will tell.

Ziggy, I will make sure you are the first person from FF to ride on my Yacht. LOL

I'M ONLY KIDDING PEOPLE!!
  • #3,460
  • Jan 12, 2017 12:36pm Jan 12, 2017 12:36pm
Quoting devonian
{quote} Yes agree Pip looks like a nice level to long Was also looking at long aud/usd 0.7478, any thoughts? https://charts.mql5.com/13/734/audusd-m15-spottraderfx-llc.png
Hey, the level on audusd doesn't look great if I'm honest as not much time was spent there (my chart doesn't show much activity on profile)

To be honest im a little dubious about the usdcad level as price didn't sit there too long either, however there was some fakeouts there on lower timeframe which leads me to think that liquidity came in there. Also has historic s/r..
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