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Trader Dale - daily trading levels

  • #3,741
  • Jan 17, 2017 10:40am Jan 17, 2017 10:40am
Quoting HemDir
{quote} Correct, EURUSD swing @1,0712. Let's see...
What is the TP on that?
  • #3,742
  • Jan 17, 2017 11:09am Jan 17, 2017 11:09am
Quoting jokerdoncry
{quote} Sorry Dale! You comment that you will not trade the swing level on EU if it is hit during ECB macro news. But it was hit about 3 hour ago and fall down but turn back to the entry. Is it valid anymore to enter now? Thanks Happy trading and stay safe. Joker
sure, you can enter again if you didntt manage it for the first time.
  • #3,743
  • Jan 17, 2017 11:10am Jan 17, 2017 11:10am
Quoting shimmering
{quote} What is the TP on that?
you can see it in the chart - end of green area is profit. End of red area is SL.
  • #3,744
  • Jan 17, 2017 11:50am Jan 17, 2017 11:50am
Quoting shimmering
{quote} What is the TP on that?
TP = 1,05521
  • #3,745
  • Jan 17, 2017 12:42pm Jan 17, 2017 12:42pm
Hi Dale,

Per today's level, why 1.3050 on USDCAD is not a potential long? Is it because the level is too old?
  • #3,746
  • Jan 17, 2017 12:48pm Jan 17, 2017 12:48pm
Quoting Trader-Dale
{quote} you can see it in the chart - end of green area is profit. End of red area is SL.
Hey Dale,
all your swings trades are 1 : 1 risk/reward, and I personally think that is a "fair" deal.
but have you ever thought of doing 3 : 1 for SL/TP money management.
so instead of the <50% requirement win rate, it would be around <33% win rate for break even.
Basically what are your thoughts on having a much lower SL than the TP? and why not?
thanks for your awesome tread.
  • #3,747
  • Jan 17, 2017 12:57pm Jan 17, 2017 12:57pm
Quoting daxpriceact
{quote} Hey Dale, all your swings trades are 1 : 1 risk/reward, and I personally think that is a "fair" deal. but have you ever thought of doing 3 : 1 for SL/TP money management. so instead of the <50% requirement win rate, it would be around <33% win rate for break even. Basically what are your thoughts on having a much lower SL than the TP? and why not? thanks for your awesome tread.
For me personally 3:1 is very hard to handle. I feel much better around 1:1. I don't say it doesn't work but it just doesn't suit me. Sometimes 3:1 gives you much better results (I have done some backtesting on that) so nothing wrong with that. If you feel comfortable with 3:1 (on real account) then go ahead and trade like this!
  • #3,748
  • Jan 17, 2017 2:37pm Jan 17, 2017 2:37pm
Quoting daxpriceact
{quote} Hey Dale, all your swings trades are 1 : 1 risk/reward, and I personally think that is a "fair" deal. but have you ever thought of doing 3 : 1 for SL/TP money management. so instead of the <50% requirement win rate, it would be around <33% win rate for break even. Basically what are your thoughts on having a much lower SL than the TP? and why not? thanks for your awesome tread.
i found 2:1 to be optimal for the entries Dale finds with a 12 pip stop.

Ziggy, goes for 1:1 with a 20 pip stop.

The system (actually, method) is profitable using a number of Money management algos. The only one that might be a bit iffy is using dales entries for high Risk reward trades as most of the daily levels are not true swing points.
  • #3,749
  • Jan 17, 2017 2:57pm Jan 17, 2017 2:57pm
Quoting dietcoke
{quote} i found 2:1 to be optimal for the entries Dale finds with a 12 pip stop. Ziggy, goes for 1:1 with a 20 pip stop. The system (actually, method) is profitable using a number of Money management algos. The only one that might be a bit iffy is using dales entries for high Risk reward trades as most of the daily levels are not true swing points.
Hey! Have you done any backtest for this? Do you know what's the W/R ratio~? I believe Dale's 1:1 was about 70% if I remember correctly.

Thanks by the way!
  • #3,750
  • Jan 17, 2017 3:18pm Jan 17, 2017 3:18pm
Anatomy of a Dale's Level

Ok here is my surgical skills for the pinpointing the EURUSD Swing Short Level.
The reason for the Part-2 level 1.0764 is pretty clear.
But if I were to select the levels I would probably choose 1.0724 and instead of 1.0713 and I would miss today's oppurtunity.
1.0713 looks like the outer boundary of volume cluster. Maybe because of this is a swing level with a huge stoploss we can be more aggresive here.
Maybe Dale also expects price to go higher up thats why he has a second level up there. I dont know.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5-SwingLevel-Analysis.png Size: 82 KB


Here is an example of how we can use the volume profiling tool for pinpointing levels. (Maybe it was already posted by Dale, I dont have a record so it is possible)
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM15-LevelUsage.png Size: 102 KB


Good night(or day everyone.

Akif,
  • #3,751
  • Jan 17, 2017 3:22pm Jan 17, 2017 3:22pm
Quoting dietcoke
{quote} i found 2:1 to be optimal for the entries Dale finds with a 12 pip stop. Ziggy, goes for 1:1 with a 20 pip stop. The system (actually, method) is profitable using a number of Money management algos. The only one that might be a bit iffy is using dales entries for high Risk reward trades as most of the daily levels are not true swing points.
You might have said it before, but what is the 2:1 in terms of pips for the entry levels
  • #3,752
  • Jan 17, 2017 3:29pm Jan 17, 2017 3:29pm
Quoting shimmering
{quote} You might have said it before, but what is the 2:1 in terms of pips for the entry levels
24
  • #3,753
  • Jan 17, 2017 3:48pm Jan 17, 2017 3:48pm
Quoting akift
Anatomy of a Dale's Level Ok here is my surgical skills for the pinpointing the EURUSD Swing Short Level. The reason for the Part-2 level 1.0764 is pretty clear. But if I were to select the levels I would probably choose 1.0724 and instead of 1.0713 and I would miss today's oppurtunity. 1.0713 looks like the outer boundary of volume cluster. Maybe because of this is a swing level with a huge stoploss we can be more aggresive here. Maybe Dale also expects price to go higher up thats why he has a second level up there. I dont know. EURUSDM5-SwingLevel-Analysis.png;2144264...
<The reason for the Part-2 level 1.0764 is pretty clear.>

Hello Akift
which level is this from Dale ?

a)The swing has only 1 EU level @ 1.07121 (swing short)

b) the intraday today was @ 1.0509

so where are you getting this 1.0764 from ?
curious I am
  • #3,754
  • Jan 17, 2017 3:57pm Jan 17, 2017 3:57pm
To Dale and to all other stalwarts

This is one of Dale's swing levels and with his explanation.
My question is in the picture itself.
would love to know 'why' the pink circle makes more sence than when the same explanation is also valid for an 'another area' in the same graph.

Thanks for any 'Learning' info here .
Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 85 KB
  • #3,755
  • Edited 4:28pm Jan 17, 2017 4:04pm | Edited 4:28pm
3:1 or more rr trades require somehoow specialconditions to be comfortable with.
my recipe is to play in the direction hi frame trend, ie 1w engulfing, and try to cath pullback spike into some recent resistance support with 30 pip sl.
it takes days to catch.and immediately u re out or in profit.at eod put trade to be and tp to some reasonable level or close if no clear profit.
This is quite opposite to correction trading when u basically standing in front of a train .
imho correction trading should be based on low rr combined with sniper precision.like 1to1 12 pip
  • #3,756
  • Jan 17, 2017 4:22pm Jan 17, 2017 4:22pm
Thank you T-D.

May I ask:

- Are these the usual swing trades or are they "special" once a year swing trades? (I mean are these the same as your usual swings?)

- What is the win rate in % on these?

Thank you ever so much once again.
  • #3,757
  • Jan 17, 2017 5:08pm Jan 17, 2017 5:08pm
Quoting akift
Anatomy of a Dale's Level Ok here is my surgical skills for the pinpointing the EURUSD Swing Short Level. The reason for the Part-2 level 1.0764 is pretty clear. But if I were to select the levels I would probably choose 1.0724 and instead of 1.0713 and I would miss today's oppurtunity. 1.0713 looks like the outer boundary of volume cluster. Maybe because of this is a swing level with a huge stoploss we can be more aggresive here. Maybe Dale also expects price to go higher up thats why he has a second level up there. I dont know. EURUSDM5-SwingLevel-Analysis.png;2144264...
Hello new trader in the forum here, and i ask if you can teach me how set up the indicators colors like yours thx!!!
  • #3,758
  • Jan 17, 2017 5:44pm Jan 17, 2017 5:44pm
Quoting dietcoke
{quote} 24
So your SL is 12? What is your win ratio? I am trying to figure out option to use.
  • #3,759
  • Jan 17, 2017 9:23pm Jan 17, 2017 9:23pm
Quoting radaway
{quote} <The reason for the Part-2 level 1.0764 is pretty clear.> Hello Akift which level is this from Dale ? a)The swing has only 1 EU level @ 1.07121 (swing short) b) the intraday today was @ 1.0509 so where are you getting this 1.0764 from ? curious I am
It is in the comments on the graph on tradingview.

Akif,
  • #3,760
  • Jan 17, 2017 9:53pm Jan 17, 2017 9:53pm
Quoting Omar-FX
{quote} Hello new trader in the forum here, and i ask if you can teach me how set up the indicators colors like yours thx!!!
Welcome Omar,
I posted the indicator a few pages back. No setup needed. add indicator to a chart and draw a rectangle. That's it.

Akif,
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