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Trader Dale - daily trading levels

  • #4,121
  • Jan 24, 2017 9:17am Jan 24, 2017 9:17am
Good Morning from West Hemisphere! I guess most of you are on the other side of the Atlantic...

Again caught on my limits: UC instant -12 SL (1.3177). Obviously this happened because I still didnīt review the news and was reading past 7hrs posts. No problem, I know I canīt follow the rules and Iīm trying to make it work for me with limits.

I would appreciate if someone can explain me why we have USDJPY level 113.90, Iīm trying to learn how levels are found but this one is not clear to me.

Have a good day all!
  • #4,122
  • Jan 24, 2017 9:18am Jan 24, 2017 9:18am
USDCAD: Laggards got wrong-footed.
  • #4,123
  • Jan 24, 2017 9:20am Jan 24, 2017 9:20am
UC just tripped me up as well. Forex gives and Forex takes away just as quick.
Take 1 step forward, two small steps back
  • #4,124
  • Jan 24, 2017 9:20am Jan 24, 2017 9:20am
Well, there were no red news (which are the only one I avoid according to the rules), and if I didn't take trades during the medium impact news I would've missed quite a few winners. So this -12 is part of the game . Onto the next one!
  • #4,125
  • Jan 24, 2017 9:22am Jan 24, 2017 9:22am
Quoting ziggy
note to self - treat US homes sales data & Richmond Services with respect, -20

It was a trumpism ziggy.

Or a rumour of one.

http://www.forexfactory.com/news.php?do=news&id=634065
  • #4,126
  • Jan 24, 2017 9:24am Jan 24, 2017 9:24am
Quoting ziggy
note to self - treat US homes sales data & Richmond Services with respect, -20
Actually it's because of trump:-

Quote
Trump said to plan orders advancing Keystone, Dakota pipelines

Don't worry, the levels are strong but it's just a small hiccup. I am still up for the day so far.
  • #4,127
  • Jan 24, 2017 9:25am Jan 24, 2017 9:25am
Quoting Trader-Dale
USD/CAD: This was probably a mistake to be that agressive and take this trade against such a spike move but I did it and got SL. I hope there are some of you more conservative who didn't take it.
Managed to stay out, saw a couple of " wide" volume candles (an MT4 attempt of the Photone charting stuff) - helped this time...

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADM1.png Size: 57 KB
  • #4,128
  • Jan 24, 2017 9:25am Jan 24, 2017 9:25am
Quoting CrocodileRex
{quote} Actually it's because of trump:- {quote} Don't worry, the levels are strong but it's just a small hiccup. I am still up for the day so far.

A non-event event. just a rumour therefore likely to be reversed?
  • #4,129
  • Jan 24, 2017 9:28am Jan 24, 2017 9:28am
Quoting Go5
{quote} Managed to stay out, saw a couple of " wide" volume candles (an MT4 attempt of the Photone charting stuff) - helped this time... USDCADM1.png;2153694 {image}
I was hoping at least somebody missed the trade! Congratz!
  • #4,130
  • Jan 24, 2017 9:33am Jan 24, 2017 9:33am
Quoting ziggy
note to self - treat US homes sales data & Richmond Services with respect, -20

i think maybe it was less news related and more a product of the NYSE open. I dont follow stocks really, but im going to assume the markets opened with a significant overnight gap up. Making a note to self to watch trades I take at US stock market open now
  • #4,131
  • Jan 24, 2017 9:35am Jan 24, 2017 9:35am
Quoting workaholic
{quote} 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.
Hello workaholic would you mind a question? You posted to have 44 trades altogether for January based on Daleīs levels. Do you simply trade all of them as published even during macro data and Asian session? Do you use sl 12 and tp 10 pips? The winning rate of 82% is really nice! Thank you for your answer I am curious about your trading style.
  • #4,132
  • Jan 24, 2017 9:42am Jan 24, 2017 9:42am
Quoting therealheel
{quote} i think maybe it was less news related and more a product of the NYSE open. I dont follow stocks really, but im going to assume the markets opened with a significant overnight gap up. Making a note to self to watch trades I take at US stock market open now

actually, actually: now i see it was just stupid news about the keystone pipeline from trump daddy. Oh well. On to the next
  • #4,133
  • Jan 24, 2017 9:43am Jan 24, 2017 9:43am
Quoting therealheel
{quote} i think maybe it was less news related and more a product of the NYSE open. I dont follow stocks really, but im going to assume the markets opened with a significant overnight gap up. Making a note to self to watch trades I take at US stock market open now
I have the US indices on screen - it opened 30 mins earlier with no significant move, other have noted some pipeline comments made by the Donald, I think that got it moving, the news came at exactly 15:00 uk time, and as it came out price spiked down. So I think it was a combination of the two, it's just 1 trade and it will happen, just a tad annoying when it does NEXT!!!!
  • #4,134
  • Jan 24, 2017 9:45am Jan 24, 2017 9:45am
Quoting shimmering
{quote} Me too!
Did you take profit on time?
  • #4,135
  • Jan 24, 2017 10:15am Jan 24, 2017 10:15am
anyone take this short just a few minutes ago??
Attached Image (click to enlarge)
Click to Enlarge Name: audusdshort_01242017.png Size: 96 KB
Plan, Prepare, Execute, Repeat
  • #4,136
  • Jan 24, 2017 10:17am Jan 24, 2017 10:17am
Quoting yoko
{quote} Hello workaholic would you mind a question? You posted to have 44 trades altogether for January based on Dales levels. Do you simply trade all of them as published even during macro data and Asian session? Do you use sl 12 and tp 10 pips? The winning rate of 82% is really nice! Thank you for your answer I am curious about your trading style.
Hi yoko. I've been trading and watching forex charts for a long time (10+ years), so there is a lot of manual decision making in my trade setups.
I do not blindly trade all levels Dale publishes, but I do consider them all as they approach their target entries. If the spread is too large, I'll skip it. Or if macro news event is coming up, etc... There are always reasons to not take a trade, but if the reasons TO take a trade are compelling enough to overcome those risks, then I jump in. I know that is not a very concise answer, but such is trading forex in my experience.
I normally use SL and PT of 20, based on ziggy's suggestion, until I gain more confidence in Dale's levels. But sometimes I use 12/10 if I don't want to risk as many pips or if I want to trade more lots.

I try to follow the rules here as much as possible, but with as much experience as I have, it can be hard at times to "untrain" the bad habits I've developed over the years. Each mistake is another learning opportunity, it's up to you to gain value from those lessons.
  • #4,137
  • Jan 24, 2017 10:20am Jan 24, 2017 10:20am
Quoting ziggy
{quote} I have the US indices on screen - it opened 30 mins earlier with no significant move, other have noted some pipeline comments made by the Donald, I think that got it moving, the news came at exactly 15:00 uk time, and as it came out price spiked down. So I think it was a combination of the two, it's just 1 trade and it will happen, just a tad annoying when it does NEXT!!!!

yes i was mistaken. senor trump talking about the pipeline that canadian national gas distributors would be able to pump through got the canadian dollar all hot and bothered for a minute. that man looooooves messing with the currency markets
  • #4,138
  • Jan 24, 2017 10:37am Jan 24, 2017 10:37am
Is the USDJPY still valid?
  • #4,139
  • Jan 24, 2017 10:39am Jan 24, 2017 10:39am
Can anyone tell me where the data for the volume profile indicator in Trading View is sourced from?
  • #4,140
  • Jan 24, 2017 10:39am Jan 24, 2017 10:39am
Quoting swingtrade65
anyone take this short just a few minutes ago?? {image}
Hi swingtrade, what was this trade based on? I am still learning
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