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Trader Dale - daily trading levels

  • #4,541
  • Jan 30, 2017 1:45am Jan 30, 2017 1:45am
Quoting akift
After a full day of sitting in front of the monitor coding and debugging here is something different to look at. I managed to download historical real tick data from internet and feed this data to our beloved the volume profiler tool. Now I could use the real tick volume instead of estimating. Huge expectancy right? Well here are the results, not much of a difference if you ask me. And the phenomenon about the jaggedness of the tick volume profile: It took me sometime to realize this. It looks like people (or systems) still prefer to trade at 4...
Hi Akift,
great work anyway, ;-). Even if to be SURE only, that the impact is not that big. However, looking at the charts you provided, there seems to be some significant difference between your estimated data (if that is your "Estimated M1 Volume") and the real feed (Bid/Ask). It's not at the VPOC, but at the other HVN, LVN (high volume, low volume nodes). Or do I understand something wrong here??
Also thanks for the clarification of the smoothness/jaggedness. I was (also) wondering all the time...
  • #4,542
  • Jan 30, 2017 1:46am Jan 30, 2017 1:46am
Intraday levels for 30.1.2017
I use PT 10 pips, SL 12 pips.
Happy trading
*Basic rules about trading my levels and some mt4 indicators are here:
http://www.forexfactory.com/showthread.php?p=9162014#post9162014
Attached Image

Attached Image (click to enlarge)
Click to Enlarge Name: 30.1. print.png Size: 252 KB
  • #4,543
  • Jan 30, 2017 2:14am Jan 30, 2017 2:14am
EURUSD already trigger 1.0696
  • #4,544
  • Jan 30, 2017 2:18am Jan 30, 2017 2:18am
EURUSD triggered.
  • #4,545
  • Jan 30, 2017 2:18am Jan 30, 2017 2:18am
Quoting Trader-Dale
Intraday levels for 30.1.2017 I use PT 10 pips, SL 12 pips. Happy trading *Basic rules about trading my levels and some mt4 indicators are here: http://www.forexfactory.com/showthread.php?p=9162014#post9162014 {image} {image} {image} {image}
Good morning

There's a 3rd level to short the EurUsd on the graph (not in the table).

Is that valid?

Wishing you a great week.
  • #4,546
  • Jan 30, 2017 2:39am Jan 30, 2017 2:39am
Quoting kenlionheart
{quote} Good morning There's a 3rd level to short the EurUsd on the graph (not in the table). Is that valid? Wishing you a great week.
Thanks very much for letting me know. The short is not valid. It is an old one. In cases like this - the table is always correct
  • #4,547
  • Jan 30, 2017 2:42am Jan 30, 2017 2:42am
Quoting CKSCswing
{quote} Hi Ziggy, How does you or Dale get the volume indicators to be vertical as opposed to horizontal?
first delete the volume bars at the foot of the page, click on them & press delete.

then go to the indicators box (not drop down arrow), click that and volume profile will be one of your options. You can play with these until you get a view that suits your visual needs
  • #4,548
  • Jan 30, 2017 2:52am Jan 30, 2017 2:52am
Quoting radaway
{quote} this brings an interesting question for the learning process. Pundits say, never trade on fridays/weekends and then there is also the theory of the 'gap'[Gaps always fill] . But what happens when these kind of trades sway off in a Limbo over the weekend or holiday phase ? any expert ideas please?
there has already been a few answers regarding this, I'll add my 2 cents worth. If you are scalping such as we are here, you would be totally bonkers to have a trade open over the weekend as you simply have no idea what will happen. If you have a tight stop and it gaps right past, guess where your stop will be filled, of course if you have a limit PT close by & it gaps right thru it will depend on your broker where you get the fill, I've seen people get filled at their PT level & others get a lucky extra tally of pips. But unless you are position trading for big pips simply don't do it.

I don't have the same phobia about taking a late Friday trade, but in practice I tend to knock of for the week at the European close on a Friday. If I did have a trade open and it was in front by even as little as 5 pips I'd protect it, but defo I would close it long before the US market close win or lose.
  • #4,549
  • Jan 30, 2017 3:00am Jan 30, 2017 3:00am
Quoting akift
After a full day of sitting in front of the monitor coding and debugging here is something different to look at. I managed to download historical real tick data from internet and feed this data to our beloved the volume profiler tool. Now I could use the real tick volume instead of estimating. Huge expectancy right? Well here are the results, not much of a difference if you ask me. And the phenomenon about the jaggedness of the tick volume profile: It took me sometime to realize this. It looks like people (or systems) still prefer to trade at 4...
Brilliant work Akif, I've used your tool looking over many charts now & it is extremely good at finding levels, as far as MT4 indies go it has to be up there as one of the best. The futures markets tend to work in tick levels that are half a pip, that explains why the 4 digit is so prevalent. No matter what you do on MT4 you'll not be able to get to the /$ volume traded at any particular location, but whilst a hedge fund trader placing substantial trades "needs" to see behind the scene, I'm pretty confident that careful use of your profile tool will give retail traders a serious advantage. Brilliant stuff.

Cheers Ziggy
  • #4,550
  • Jan 30, 2017 3:05am Jan 30, 2017 3:05am
Quoting ziggy
{quote} Brilliant work Akif, I've used your tool looking over many charts now & it is extremely good at finding levels, as far as MT4 indies go it has to be up there as one of the best. The futures markets tend to work in tick levels that are half a pip, that explains why the 4 digit is so prevalent. No matter what you do on MT4 you'll not be able to get to the /$ volume traded at any particular location, but whilst a hedge fund trader placing substantial trades "needs" to see behind the scene, I'm pretty confident that careful use of your profile...
Morning Ziggy, hope you doing good :-)
Could I ask how you view the benefits of Traderview in comparison to MT4? I would be very interested in your view.
Take 1 step forward, two small steps back
  • #4,551
  • Jan 30, 2017 3:09am Jan 30, 2017 3:09am
thank Keith, i am still mt4 noob but maybe it is time to start using some serious platform


Quoting lKeithStone
{quote} You nailed it. Yes, it's a 4 range chart. The reason I use range bars IMO they show consolidation areas + rejection better than other candle variations.
Reading coffee grounds..
  • #4,552
  • Jan 30, 2017 3:12am Jan 30, 2017 3:12am
I think that third level is not bad now... :-) What do you think ?

( iam amatuer, dont follow me, this is just question !! )
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  • #4,553
  • Jan 30, 2017 3:20am Jan 30, 2017 3:20am
Quoting DrBeercan
{quote} Morning Ziggy, hope you doing good :-) Could I ask how you view the benefits of Traderview in comparison to MT4? I would be very interested in your view.
Early days but the advantage I see is that on the futures chart any profile that you use is based on true volume traded rather than the number of times a particular location was traded, however will that make a big difference? It's a kind of halfway house between MT4 and a professional charting package, and I could see the situation where a newish trader might become over wrapped up in trying to analyse what it all means rather than actually practising the skills of trading.
I can tell you that the Sierra chart package is superb, and I used to use it to trade indices. I had so much information I overanalysed everything and it became counter productive. I went back to a bare (totally naked) MT4 chart and became better at reading the market, and my trading improved by some margin.

I wanted to see the Tradingview charting and so signed up for the 30 free trial of the Pro+ version, it remains to be seen what I do in 28 days time

Cheers Ziggy
  • #4,554
  • Jan 30, 2017 3:26am Jan 30, 2017 3:26am
Quoting ziggy
{quote} Early days but the advantage I see is that on the futures chart any profile that you use is based on true volume traded rather than the number of times a particular location was traded, however will that make a big difference? It's a kind of halfway house between MT4 and a professional charting package, and I could see the situation where a newish trader might become over wrapped up in trying to analyse what it all means rather than actually practising the skills of trading. I can tell you that the Sierra chart package is superb, and I used...
Cheers buddy, totally agree in the over analyse aspect. I keep pulling myself back to bare charts constantly. My problem is that as a Technical PM and Technical Architect I have a natural analysing aspect to my approach which I need to control better.
Will certainly be interested in your findings, I'll give you a shout in 28 days time ;-)
Have a profitable week :-)
Take 1 step forward, two small steps back
  • #4,555
  • Edited 4:16am Jan 30, 2017 3:48am | Edited 4:16am
Quoting Gazilion
I think that third level is not bad now... :-) What do you think ? ( iam amatuer, dont follow me, this is just question !! ) {image}
You dont need to use volume profile tool to find those levels. Since this is an M30 chart, with that width of the rectangles it will just show you the middle height of the rectangle as POC.
Try to use volume profile tool to show you the "hard to see levels" on a mayhem chart(wider & crowded). In your case it is very obvious what will come out. I dont say your levels are bad, I am just saying you DONT need volume profile to find them.

Take care.

Akif,
  • #4,556
  • Jan 30, 2017 4:44am Jan 30, 2017 4:44am
Looks like our EU buy level has now turned into a selling level....
  • #4,557
  • Jan 30, 2017 4:46am Jan 30, 2017 4:46am
Ziggy, would wait for your feedback on tradingview pro+. My broker doesn't provide volume information and I don't have MT4. I am hoping I can get volume information for futures from another source.
  • #4,558
  • Jan 30, 2017 4:52am Jan 30, 2017 4:52am
Quoting akift
{quote} You dont need to use volume profile tool to find those levels.......,

I know Akif, here is my Idea to explain this level.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.png Size: 105 KB
  • #4,559
  • Jan 30, 2017 5:11am Jan 30, 2017 5:11am
Quoting Trader-Dale
Intraday levels for 30.1.2017 I use PT 10 pips, SL 12 pips. Happy trading *Basic rules about trading my levels and some mt4 indicators are here: http://www.forexfactory.com/showthread.php?p=9162014#post9162014 {image} {image} {image} {image}
Is there anyone position in EUR/USD 1.0696 long?
  • #4,560
  • Jan 30, 2017 5:34am Jan 30, 2017 5:34am
Quoting pepino
{quote} Is there anyone position in EUR/USD 1.0696 long?
yep, me........ but most likely not for much longer, next!
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