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Trader Dale - daily trading levels

  • #3,961
  • Jan 20, 2017 9:55am Jan 20, 2017 9:55am
Quoting Adem71
{quote} Hi Radaway, In order to guess the "complete scenario" you have to have better trading platform and access to futures data.
Yes I agree, the above quote would be crucial to get the whole picture. for the moment can you maybe highlight the arrows that I have pointed on your last snaphot ?
just a one-liner for the arrows would be enough .
Thank you
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  • #3,962
  • Jan 20, 2017 10:11am Jan 20, 2017 10:11am
Quoting Trader-Dale
What type of trader are you guys? Let me know Iam curious! The 15 types of Forex Traders [Infographic].png;2148196 {image}
I would think I'm spontaneous trader, being in Texas, well that only makes since.
  • #3,963
  • Jan 20, 2017 10:11am Jan 20, 2017 10:11am
Quoting radaway
{quote} Yes I agree, the above quote would be crucial to get the whole picture. for the moment can you maybe highlight the arrows that I have pointed on your last snaphot ? just a one-liner for the arrows would be enough . Thank you {image}
I hope it helps, green line is today open
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  • #3,964
  • Jan 20, 2017 10:43am Jan 20, 2017 10:43am
Just making some modification to the profile indicator.
This is how it looks if I use time instead of using tick volume.
Anybody with future volume access, can you post a screenshot to see which one is a better representative.

Thanks in advance.

Volume Estimation:
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5-Volume.png Size: 57 KB

Time Based:
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5-Time.png Size: 56 KB

Akif,
  • #3,965
  • Jan 20, 2017 11:03am Jan 20, 2017 11:03am
Quoting akift
Just making some modification to the profile indicator. This is how it looks if I use time instead of using tick volume. Anybody with future volume access, can you post a screenshot to see which one is a better representative. Thanks in advance. Volume Estimation: EURUSDM5-Volume.png;2149020 Time Based: EURUSDM5-Time.png;2149021 Akif, {image} {image}
can't help you with the data you need Akif, and I'm prepared to be shot down in flames, but the most important aspect I believe is the actual $ volume transacted at each price, now I don't think that is possible on MT4 but the important info is how much rather than how often, I would have thought tick volume is likely to be the closer of the 2 in most instances.

Anyway, I'm now done for the week, been a short one for me as I wasn't here part of Tuesday and all of Wednesday - still been a good week though, hope all have grabbed many green pips this week. Have a great w/end guys & galls, seeya Monday cheers ziggy
  • #3,966
  • Jan 20, 2017 12:59pm Jan 20, 2017 12:59pm
Quoting akift
Just making some modification to the profile indicator. This is how it looks if I use time instead of using tick volume. Anybody with future volume access, can you post a screenshot to see which one is a better representative. Thanks in advance. Volume Estimation: EURUSDM5-Volume.png;2149020 Time Based: EURUSDM5-Time.png;2149021 Akif, {image} {image}
Here is the 6E volume you requested. I tried to align the VP tool to the same area you have yours plotted. But as Ziggy was saying Forex tick data will never be capable of showing actual volume at price no matter how you try to adjust it.
Attached Image (click to enlarge)
Click to Enlarge Name: comp.png Size: 170 KB
  • #3,967
  • Jan 20, 2017 1:13pm Jan 20, 2017 1:13pm
Quoting Trader-Dale
{quote} I think It would be wise to exit before 1.0650. There are heavy volumes indicating possible short.
Hello Dale (and Ziggy), I understand the basic concept of looking for volume, spotting locations where the big guys splash their liquidity. I also (partialliy) understand that the Volume Profile of the previous day (which is past data!) helps identify (some of the) potential locations (POCs and VPOcs) as relevant levels for the next/current day (your nice levels every morning ). I also understand that futures data are the reliable source,and our Forex tick data only a approximation.

What I do not get though is (and maybe I missed soemthing in the thread or maybe I'm too blind for the obvious): Why can we assume that the volumes of the past (yesterday, last days, weeks and months) are still residing where they have been placed historically? Or is this simply a working assumption? I mean, there is so much talk about hiding, trapping and manipulating of the big guys, why should they do us the favor and follow their historical footprints (volume)?

I was always wondering, but assumed the theory of working assumption. And I'm only asking because of your quote, where you are identifying the volume intraday and advising advising Akift to exit at 1.0650. Based on my working assumption "using history from past Volume Profiles, carved in stone" I did not find any volume there.
Oh boy, seems like I'm too awkward and lengthy , so long story short: do you use order flow, contracts overview or any other data to verify the volume on the fly?
Thank you again and a nice weekend...
  • #3,968
  • Jan 20, 2017 1:35pm Jan 20, 2017 1:35pm
Thanks Keith,

It is evident that I can perfectly estimate VWAP, but not so good at volume profile.
But it looks like tick volume estimation is the better candidate of the two options.
Thanks again for confirmation.
Akif,
  • #3,969
  • Jan 20, 2017 2:21pm Jan 20, 2017 2:21pm
Hello guys thx for all post about indi's and trading market profile its been true help

UJ +10

Dale spot-on level.
Thx Dale i learned a big deal from you the last past weeks especially about price action.
Changed from broker to an ecn account, because i noticed small changes in spread can have big consequences, missing trades or just barely missed tp's.

From now on trying to learn more about using futures, to become more accurate to fine point key levels?
  • #3,970
  • Edited 3:26pm Jan 20, 2017 2:37pm | Edited 3:26pm
Quoting akift
Just making some modification to the profile indicator. This is how it looks if I use time instead of using tick volume. Anybody with future volume access, can you post a screenshot to see which one is a better representative. Thanks in advance. Volume Estimation: EURUSDM5-Volume.png;2149020 Time Based: EURUSDM5-Time.png;2149021 Akif, {image} {image}

Quoting akift
Thanks Keith, It is evident that I can perfectly estimate VWAP, but not so good at volume profile. But it looks like tick volume estimation is the better candidate of the two options. Thanks again for confirmation. Akif,
On first page of this thread (http://www.forexfactory.com/showthread.php?t=482744) you will get answer what matters then make changes if you want.
  • #3,971
  • Jan 20, 2017 7:30pm Jan 20, 2017 7:30pm
I've made some performance improvements to the VWAP indicator posted by Keith

This indi is a huge CPU hog but I have managed to speed it up considerably.

Having said that, I still wouldn't load a monthly VWAP on an M1 chart during a busy part of the day.

I'll probably enhance this further at some point.

ex4 only for the time being as I've included my function library in it until i finish tinkering with it.
Attached File(s)
File Type: ex4 ay-dc-vwap.ex4   502 KB | 381 downloads
  • #3,972
  • Jan 20, 2017 8:16pm Jan 20, 2017 8:16pm
Quoting akift
After this much pain, I am still holding that !@!'+&/% EU long for at least +20. Akif,
I left both of mine for 20 pip TP and they closed fine.
  • #3,973
  • Jan 20, 2017 8:17pm Jan 20, 2017 8:17pm
Quoting Trader-Dale
USD/JPY +10 pips EUR/USD +10 pips (missed my PT by 0,5 pip so I moved my SL below the reaction (at 1.0627). Took my profit a bit later. Did you guys also take the eur profit? Congratulations to all who took both winning trades!
I had mine set at 20 pip profit and they did it! Thank you Dale, I love you
  • #3,974
  • Jan 20, 2017 8:19pm Jan 20, 2017 8:19pm
Quoting ziggy
2x stops, now in EU again, full stakes & UJ full stakes
Ziggy, which ones did you get stopped out on?
  • #3,975
  • Jan 20, 2017 8:40pm Jan 20, 2017 8:40pm
Quoting dietcoke
{quote} Dale, Thanks for this thread. It's been a real eyeopener. H0nZ4, I don't know if the levels script you posted was yours, but I've made a couple of small changes to it which suit me. Maybe they can be of use to others. 1) Added code to show TP and SL lines. 2) Added a variable (MyLevels) to allow lines to be drawn a different colour when found in the csv file. 3) I've added all dales levels from day 1 to the csv and my own from today to demonstrate the colour change. All that is required is to add dales and your own levels to the csv each...
I just te-tead this post. Thank you. Where does that file go in the
MT4?
  • #3,976
  • Jan 20, 2017 10:10pm Jan 20, 2017 10:10pm
For what it's worth:

The currently empty risksurfer.com DN is available from GoDaddy for 12 USD, an opportunity to put the document back online where it was.
  • #3,977
  • Jan 21, 2017 3:35am Jan 21, 2017 3:35am
Quoting shimmering
{quote} I just te-tead this post. Thank you. Where does that file go in the MT4?

It goes in the MQL\Files folder
  • #3,978
  • Jan 21, 2017 7:17am Jan 21, 2017 7:17am
Quoting shimmering
{quote} I had mine set at 20 pip profit and they did it! Thank you Dale, I love you
Hi Shimmering, good job on taking a profit. Can I ask what EU price you entered on and am I right to assume you had a 20 S/L?
Take 1 step forward, two small steps back
  • #3,979
  • Jan 21, 2017 11:16am Jan 21, 2017 11:16am
Hi guys, i prepared my levels from weekly profiles.

Broker : Pepperstone
Date: 23-29th January

Is here someone who can check this levels ? :-)

Thanks.

Thanks you Dale too, You are the best !!
Attached Image
  • #3,980
  • Jan 21, 2017 4:17pm Jan 21, 2017 4:17pm
Quoting Trader-Dale
What type of trader are you guys? Let me know Iam curious! The 15 types of Forex Traders [Infographic].png;2148196 {image}
 
Great poster Dale. Thanks.
 
I self analysed..... Quite painful process
So I'm mixed animal:
Innovative, independent, Value driven.
 
I notice these three are middle/bottom range
Need discipline to become the top left guy!!!
Beware of robber banks (RB), bad advisors.
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