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Trader Dale - daily trading levels

  • #4,081
  • Jan 24, 2017 4:14am Jan 24, 2017 4:14am
Quoting Trader-Dale
Be carefull guys of the GBP macro event. It is better to cancell all limit orders with gbp pairs. I will close my pending eur/gbp swing trade limits for sure. Anything can happen so it is better to stand aside.
Why, were you afraid of slippage?
  • #4,082
  • Jan 24, 2017 4:19am Jan 24, 2017 4:19am
Quoting Trader-Dale
Be carefull guys of the GBP macro event. It is better to cancell all limit orders with gbp pairs. I will close my pending eur/gbp swing trade limits for sure. Anything can happen so it is better to stand aside.
Yes, thanks Dale, that's what I'm doing. Now a more general question: assumed the level is close and soon to be hit, how long would you wait to re-consider to enter the swing (in this case the EUR/GBP) after the macro news? Or do you make this also dependent on the underlying fundamental news of the macro?
Or the other way around: are there cases for which you would drop the idea of entering the swing trade totally?
thanks
  • #4,083
  • Jan 24, 2017 4:53am Jan 24, 2017 4:53am
Quoting swingtrade65
Daily EURCAD....Dale...lots of LV nodes underneath this daily chart......thoughts ? {image}
How did you get the chart? Please share the layout
  • #4,084
  • Jan 24, 2017 4:55am Jan 24, 2017 4:55am
Quoting Trader-Dale
I hope you guys traded AUD/JPY swing trade! I just got out with +95 pips profit! audjpy profit.png;2151223 {image}
If market come again to that level 86.81 or so how would you know if price will pass that level up or drop down again? ...meaning would you trade short or long on that level if price come back? Is it based on number of sellers in order flow chart at that time?
  • #4,085
  • Jan 24, 2017 4:55am Jan 24, 2017 4:55am
Quoting akift
{quote} Click on his/her name to open profile page. You will see a small message button there. Akif,
Thank you Akif
  • #4,086
  • Jan 24, 2017 4:59am Jan 24, 2017 4:59am
Quoting ruma29
USDCAD long 1.3234, running, locked +20....
closed +52
  • #4,087
  • Jan 24, 2017 5:05am Jan 24, 2017 5:05am
Quoting shimmering
{quote} Why, were you afraid of slippage?
The UK courts were giving a ruling on the legality of proceeding with Brexit without parliament approval, that could have caused a huge & sudden move for GBP. Prior to such events the major liquidity providers, would have withdrawn their liquidity, and as if you have an order filled when that happens it can shoot straight past your entry location without your order being filled, and stop orders can be badly affected - it's not worth taking that risk
  • #4,088
  • Jan 24, 2017 6:09am Jan 24, 2017 6:09am
Good day everyone.

Thank you for all the help and wisdom that is freely shared on this forum.

I have been trading Dales daily levels from the start of January. I dont trade the Asian session because where I live it is very late at night. So I didn't do all the trades that I could.

I want to find out from people also trading his levels on live acc how many positive and negative trades so far in January?

I am trading 10 pips PT and 12 pips ST. So far I have 7 negative trades and 11 positive.

That is a win rate of about 61%

I would really appreciate it if some of you can share your stats for January.

Thank you.
  • #4,089
  • Jan 24, 2017 6:26am Jan 24, 2017 6:26am
Quoting HemDir
{quote} Yes, thanks Dale, that's what I'm doing. Now a more general question: assumed the level is close and soon to be hit, how long would you wait to re-consider to enter the swing (in this case the EUR/GBP) after the macro news? Or do you make this also dependent on the underlying fundamental news of the macro? Or the other way around: are there cases for which you would drop the idea of entering the swing trade totally? thanks
EUR/GBP is a bit special because it is quite volatile and news dependant these days.
Generally speaking my decision is also dependant on fundamentals - for example previous week BOC meeting - there was quite a surprise because they mentioned rate cuts (market thought they were done cutting rates for now). This was followed by strong upmove. In this cas I stopped trading both intraday and swing trades with forex pars with CAD.
For intraday trades the rule is: trade when volatility subsides and dont try to read fundamentals too much (with exception of central banks statements/events - these are really significant)
Swing trades: trade even during news (exception is central banks statements/events)
  • #4,090
  • Jan 24, 2017 6:27am Jan 24, 2017 6:27am
Quoting Nicolaas82
Good day everyone. Thank you for all the help and wisdom that is freely shared on this forum. I have been trading Dales daily levels from the start of January. I dont trade the Asian session because where I live it is very late at night. So I didn't do all the trades that I could. I want to find out from people also trading his levels on live acc how many positive and negative trades so far in January? I am trading 10 pips PT and 12 pips ST. So far I have 7 negative trades and 11 positive. That is a win rate of about 61% I would really appreciate...
I will share my statistics in the end of this month
  • #4,091
  • Jan 24, 2017 6:29am Jan 24, 2017 6:29am
Hello dale, Thanks for such a nice thread, being a new b, i would like to ask about swing trades i.e. do you provide signal for swing trade on forum or we have to check on D1 chart find it ourselves. Thanks.
  • #4,092
  • Jan 24, 2017 6:30am Jan 24, 2017 6:30am
Quoting Trader-Dale
{quote} I will share my statistics in the end of this month
Thanks for the reply Dale.
  • #4,093
  • Jan 24, 2017 6:36am Jan 24, 2017 6:36am
Quoting Daaimali1512
Hello dale, Thanks for such a nice thread, being a new b, i would like to ask about swing trades i.e. do you provide signal for swing trade on forum or we have to check on D1 chart find it ourselves. Thanks.
Usually I dont provide swing trades. This time I made an exception because I wanted to give you all a Christmas present
  • #4,094
  • Jan 24, 2017 6:40am Jan 24, 2017 6:40am
Maybe some of the new members missed my swing trades. It would be a shame so I will repost my post concerning it:

"Here is my late Christmas present for you guys: 18 swing trade levels for 10 forex markets with my commentary. I hope it will serve you both as good trading levels and good education material to study!
Everything can be found on my tradingview page profile. I won't post a link here but Iam sure you will find it. If you have trouble finding it I have also posted the link on my facebook page so you can find it there. If you still have problems finding it, write me a private message.
*Iam not sure if I can post here links to other websites that is why I won't post a direct link here."
  • #4,095
  • Jan 24, 2017 6:44am Jan 24, 2017 6:44am
Quoting Trader-Dale
{quote} Usually I dont provide swing trades. This time I made an exception because I wanted to give you all a Christmas present
Hi Dale, And greatly received it was to! I am kicking myself for not jumping in but was focusing on family events. Are you able to extend your gift and let us know which ones are still valid? Am looking at AC and it looks to me that it is making a slow move back to your entry point closing daily with lower highs as an example.
Take 1 step forward, two small steps back
  • #4,096
  • Jan 24, 2017 6:46am Jan 24, 2017 6:46am
Quoting Nicolaas82
Good day everyone. Thank you for all the help and wisdom that is freely shared on this forum. I have been trading Dales daily levels from the start of January. I dont trade the Asian session because where I live it is very late at night. So I didn't do all the trades that I could. I want to find out from people also trading his levels on live acc how many positive and negative trades so far in January? I am trading 10 pips PT and 12 pips ST. So far I have 7 negative trades and 11 positive. That is a win rate of about 61% I would really appreciate...
I would also want to know that.

I was trying to make some statistics with the results of the live trades reported by the traders in this thread, however it's a challenge.
Very few actually follow the rules of the system. Sometimes people report a win when there should be no trade, other times they report a win when there should be a loss. Sometimes they take trades during news, other times not. Some entries are a few pips before the level, sometimes 5 or more pips after the level.
There is no real consistency to measure, except Ziggy's trades.
It would benefit everybody to see such results, in order to see what rules work best and this way people will gain confidence to follow the rules and accept some losses instead trying to outsmart the system with every trade.
  • #4,097
  • Jan 24, 2017 6:52am Jan 24, 2017 6:52am
Quoting Trader-Dale
Be carefull guys of the GBP macro event. It is better to cancell all limit orders with gbp pairs. I will close my pending eur/gbp swing trade limits for sure. Anything can happen so it is better to stand aside.
Looks like the EG limit orders can be put on again?
  • #4,098
  • Jan 24, 2017 6:53am Jan 24, 2017 6:53am
Quoting Nicolaas82
Good day everyone. Thank you for all the help and wisdom that is freely shared on this forum. I have been trading Dales daily levels from the start of January. I dont trade the Asian session because where I live it is very late at night. So I didn't do all the trades that I could. I want to find out from people also trading his levels on live acc how many positive and negative trades so far in January? I am trading 10 pips PT and 12 pips ST. So far I have 7 negative trades and 11 positive. That is a win rate of about 61% I would really appreciate...
I am not trading in the same way so cannot give you my actual results as a comparison, but I do keep records - I have 38 instances where a level has been tradeable, some will be levels that were triggered some days after they were given and some during the night as I slept. I have 13 actual possible trades, the others having been voided because of news, tests, sleep. If I had traded those at -12 / +10 then I would have had 9 wins & 4 losses. Over the entire thread of all the levels given I would say the strike rate at -12/+10 is 74%, but only if you avoid the news & tested levels.

There is a difficulty that sometime not everyone gets onto a trade as often price turns bang on the level, some get on others don't. The thing that makes all the difference as I keep banging on about is knowing when not to trade, it really does make a difference. I know that many times a tested trade goes on to win, as do some news trades, but there is plenty to go at here so why on earth take those added risks. I think the answer is often fear of missing out, my own trading improved dramatically when I stopped being fearful of missing out.
  • #4,099
  • Jan 24, 2017 7:04am Jan 24, 2017 7:04am
Quoting Nicolaas82
...I would really appreciate it if some of you can share your stats for January. Thank you.
I, too, am grateful for Dale sharing his ideas/thoughts/process... As well as ziggy, akif, and all other constructive members sharing in this thread.

Using approximately 50/50 mix of limit orders and manual entry based on Dale's levels, for the month of January I have 36TP, 2BE, and 6SL. That's about 82% win rate. Full disclosure, I am trading small peanuts, total deposit of $275 with total profit just north of $50. But at this rate, I'd be over $2K in one year.
  • #4,100
  • Jan 24, 2017 7:05am Jan 24, 2017 7:05am
Quoting ziggy
{quote} I am not trading in the same way so cannot give you my actual results as a comparison, but I do keep records - I have 38 instances where a level has been tradeable, some will be levels that were triggered some days after they were given and some during the night as I slept. I have 13 actual possible trades, the others having been voided because of news, tests, sleep. If I had traded those at -12 / +10 then I would have had 9 wins & 4 losses. Over the entire thread of all the levels given I would say the strike rate at -12/+10 is 74%, but...
Thank you Ziggy.

I agree with Mindspeculat that it would be helpful if people share the results of their trading. I really feel that way we share information that can only be beneficial.

Thanks again to everyone.
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