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Trader Dale - daily trading levels

  • #5,641
  • Feb 22, 2017 6:53am Feb 22, 2017 6:53am
Quoting mtorr
Ive try and try to get this EA to wrok but to no avail if anyone can help please do... I keep getting and error for the (FFCAL for an unresolved import function) and once level are reached it wont take them. {image}
Attached Image (click to enlarge)
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  • #5,642
  • Feb 22, 2017 6:58am Feb 22, 2017 6:58am
Ok Ziggy I suppose you know more about them then me... thanks a real DUH moment!
  • #5,643
  • Feb 22, 2017 7:40am Feb 22, 2017 7:40am
I know there are no levels on USDCAD but can someone help and tell me what the hell just happened? No news but wild movement
Always look for reasons not to take a trade
  • #5,644
  • Feb 22, 2017 7:45am Feb 22, 2017 7:45am
Quoting Jako
I know there are no levels on USDCAD but can someone help and tell me what the hell just happened? No news but wild movement
https://www.screencast.com/t/vxcmU5tgjqd

This is what happened just now.
  • #5,645
  • Feb 22, 2017 8:10am Feb 22, 2017 8:10am
uj tp.

thanks dale.
  • #5,646
  • Feb 22, 2017 8:39am Feb 22, 2017 8:39am
So Cad has proved a tad difficult recently, how about long at 1.3119, was resistance, broke thru, came back & consolidated, broke away - I'll be interested if it gets back to 1.3119.
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  • #5,647
  • Feb 22, 2017 9:02am Feb 22, 2017 9:02am
This month has been more difficult with the levels - I find. Anyone with me?
Always look for reasons not to take a trade
  • #5,648
  • Edited 12:09pm Feb 22, 2017 9:37am | Edited 12:09pm
Quoting ziggy
So Cad has proved a tad difficult recently, how about long at 1.3119, was resistance, broke thru, came back & consolidated, broke away - I'll be interested if it gets back to 1.3119.{image}
I think if it goes above today's high it will head towards 1.32500 as there is quite a bit of momentum behind it. However those wild tails makes me cautious about entering any trades. Anyone agree? It is also certainly causing levels to be difficult. Going to take a second look tonight when am home.
Edit: So I think if it breaks above resistance at 1.32119 It will head to next level of VWAP at 1.32296, yet to be proven but am going on the basis that the last VWAP (green dotted line if you can see it at 1.31428)has had a few deaths sellers are beginning to be exhausted and the trend is turning up. I know this forum was for quick scalp trades but thought this is worth a look given the fact that USDCAD is not behaving itself!Also ignore the lines/ indicators, I am newby so just got out of my baby grow and learning to walk :-)
Attached Image (click to enlarge)
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Take 1 step forward, two small steps back
  • #5,649
  • Feb 22, 2017 9:47am Feb 22, 2017 9:47am
Quoting brink
{quote} Hi Dale, How about the POC from yesterday and today morning for EU? 1.0536 {image}
I just made 10pips with it. I think I got lucky. There was a 20-30 pip move on all USD pairs. The order got hit and then the move retraced. Not sure why was there such a large move. Anyone else say that move?
  • #5,650
  • Feb 22, 2017 9:51am Feb 22, 2017 9:51am
"France’s Bayrou Backs Macron; Says Will Not Stand In Pres. Election - RTRS" (news released 6 mins ago).
  • #5,651
  • Feb 22, 2017 9:58am Feb 22, 2017 9:58am
Carefull with euro guys!
  • #5,652
  • Feb 22, 2017 10:00am Feb 22, 2017 10:00am
Quoting sanaulhaq
"Frances Bayrou Backs Macron; Says Will Not Stand In Pres. Election - RTRS" (news released 6 mins ago).
Where did you see the news? I can't seem to find it. Anyways why should it impact all the Usd pairs?
  • #5,653
  • Feb 22, 2017 11:06am Feb 22, 2017 11:06am
EURUSD 1.0562 seems tested on my MT4, price missed by 2.3 and dropped for 11 pips
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  • #5,654
  • Feb 22, 2017 12:12pm Feb 22, 2017 12:12pm
Quoting ziggy
{quote} I knew how well that would go down with a geordie I was on the terraces for most of Radders goals. Sadly I cannot connect with todays players, gone are the days when a norf bank boy could take his chance on the pitch, I admire the skills but in my day you'd die for your mates and I doubt todays lot would be much help in a crisis!!!
Spurs my friend! The worst kind! We only dream about success and wake up to a nightmare about 3/4's of the way through the season! You are not wrong, you probably like me that you just want to go onto the pitch, pick them up slap them and get them to get on with it! Not much of a a role model for today's youth!
Take 1 step forward, two small steps back
  • #5,655
  • Feb 22, 2017 1:12pm Feb 22, 2017 1:12pm
I've been working through the data that I hold with a view to finding an alternative way of trading the levels which those who insist on taking big (relative to bank size) might be able to cut down the true risk whist also achieve rapid bank growth. I'm not saying this is the best way of trading Dales levels, but I am saying it is a way of being able to grow a small bank into something more useable and at the same time greatly reduce the risk of killing your bank.

Hope you find it an interesting read Cheers Ziggy
Attached File(s)
File Type: docx Alternative approach.docx   90 KB | 560 downloads
  • #5,656
  • Feb 22, 2017 1:14pm Feb 22, 2017 1:14pm
Quoting sevan62
Recently I have got a PM request from a trader successfully using this strategy on gold. He was asking me to make EA possible to trade on different from currency pairs symbols. I noticed this advice useful and here is updated EA which you may use on any symbol. Be aware: Red News filter will get signals from USD news only when trading non-currency pair symbols GOLD for example. This EA version contain one more input: "Currency Pair / Symbol Suffix" which should be filled if suffix is present. {image} {file} {file} {image} FFCal Red News indicator...
Hi, thanks Sevan62!

I have two more suggestions that can be useful for the next version:

  1. Time filter. Only take trades between certain period (if the price go beyond the levels during the "no-trade" period then it will be considered tested already, just like the news filter works.
  2. As soon as I attach the EA in a chart it will remove other indicators from the chart, like the volume profile bars from the previous days. Can you check if the EA is trying to remove the drawing objects that doesn't belong only to the EA?

  • #5,657
  • Feb 22, 2017 1:19pm Feb 22, 2017 1:19pm
Quoting sanaulhaq
"Frances Bayrou Backs Macron; Says Will Not Stand In Pres. Election - RTRS" (news released 6 mins ago).
Oh I see, that's why EU on bull move tonight.
Risk comes from not knowing what you're doing.
  • #5,658
  • Feb 22, 2017 1:32pm Feb 22, 2017 1:32pm
An absolute beauty of a level I took just now. Serious supply coming in on the POC

EDIT: USD/JPY
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  • #5,659
  • Feb 22, 2017 1:32pm Feb 22, 2017 1:32pm
Quoting ziggy
I've been working through the data that I hold with a view to finding an alternative way of trading the levels which those who insist on taking big (relative to bank size) might be able to cut down the true risk whist also achieve rapid bank growth. I'm not saying this is the best way of trading Dales levels, but I am saying it is a way of being able to grow a small bank into something more useable and at the same time greatly reduce the risk of killing your bank. Hope you find it an interesting read Cheers Ziggy{file}
In a word, superb my friend. Certainly is a great view and maybe worth mixing up with other currencies whilst following the levels Dale presents? I have switched to using the levels as targets as I find I just don't have the time to watch them and I am not a fan of an EA where I can't get to them when I am in the office. so far this week I have had 3 good trades and 1 bad whilst still being up (for now that is! probably jinxed myself!) I am also focusing on daily action in a similar way to your description where I am trading using 4h timeframe and looking at tested levels. I am working on lot sizes in Oanda so am using very small lots in the way you describe and it halted my rapid decline I underwent, stress levels dropped and I removed the emotion from the trades. am going to keep testing and hope to focus what I am doing into a something that can be relayed.

However like your last comment in your doc none of this level of thinking would have been possible without Dale's strategy waking up some corner of my brain towards that style of thinking. Thank you Dale :-)

Lots of profits to you all :-)
Take 1 step forward, two small steps back
  • #5,660
  • Feb 22, 2017 1:37pm Feb 22, 2017 1:37pm
Quoting Derivative92
An absolute beauty of a level I took just now. Serious supply coming in on the POC EDIT: USD/JPY
I think that was the release of the FOMC minutes that caused that spike
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