An absolute beauty of a level I took just now. Serious supply coming in on the POC EDIT: USD/JPY {image}
Trader Dale - daily trading levels
{quote} nice trade but a tad risky given it came just as the FOMC minutes were released. I'm pleased for you and I hope you were aware of the release
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
.Actually I have one (or a few) final questions, if you don't mind:
1. The important one: are you moving to the SL level (in case price develops to the RIGHT side) immediately with the first candle. Furthermore, do you make this dependent on the magnitude of the "development to the RIGHT side. If for example the move is only 1 or 2 pips in the RIGHT direction (let's say with the first or second candle after entry), you would move it right away, correct?
2. You are using the 5 Min chart for that, which means at least 5 mins until the close of the possibly first candle. Correct?
3. In case it is turning against you (so not the RIGHT side), do you have the same mechanism as soon as the drirection changes (to your favor) or do you make this fully dependent on "being on the positive side of the trade"?
4. DrBeercan is refering in his post above to "focusing on daily action in a similar way to your description where I am trading using 4h timeframe and looking at tested levels". Following the thread quite tight I miss this one (maybe wrong understanding). Did you put something together in that respect.
thanks for the repeating work Ziggy and yes, we all should be grateful for the way Dale is giving us the opportunity to learn...
cheers
{quote} Brilliant Ziggy, this information is somehow surprising (at least for me). I wonder a bit how (and when) you keep track of all that data
Nothing else, DrB is referring to something written a while ago, if you click on the paperclip above this thread you'll see all word docs, mostly written to help with understanding, not sure of your familiarity with trading so there may be something there of interest.
Cheers Ziggy
BTW - I put a line on my chart for every one of the levels, it stays there until it is either tested or touched, I then note in real time the info I want & then at the end of the day update my data. When away such as the other week I have to look back and go thru each day as it happened to update my records. Sometimes I find there is something else I want in which case I go back thru the whole lot again, which is what I did over the past 2 days to come up with this idea
{quote} Absolutely, but the confluence with the fib level, supply (although not virgin) and stack of orders which just got tagged at the 113 area made it worth the risk. I took it on my IG account with a guaranteed stop. {image}
- #5,667
- Feb 22, 2017 2:45pm Feb 22, 2017 2:45pm
- | Membership Revoked | Joined Sep 2016 | 1,511 Posts
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
Thanks so much Ziggy. I really appreciate your effort!!!
{quote} I have just read your document mate. Thanks so much for your backtesting and extra work! It is really a great approach. Iam very tempted to try trading with those rules myself (I will probably give it a try and see!) I strongly recommend everybody to read this and I think that you should also try this! Thanks so much Ziggy. I really appreciate your effort!!!
{quote} You obviously have a good grasp of things, hope you didn't mind the question as sometimes it's nice to remind the less experienced of things that need to be considered
Thanks for your input here - I've found myself repeatedly referring to your posts throughout introducing session volume to my trading.
- #5,671
- Feb 22, 2017 3:37pm Feb 22, 2017 3:37pm
{quote} you're really welcome Dale, I have the luxury of time which I know so many don't have, I also know how hard it can be to try and break into the cycle to get to a point where trading can make a difference to your life - if I'd had this knowledge and the modern day tools as a young man .............., just hope some younger members here (and some older ones) can break through the glass ceiling
Take 1 step forward, two small steps back
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
- #5,673
- Feb 22, 2017 4:21pm Feb 22, 2017 4:21pm
- | Membership Revoked | Joined Sep 2016 | 1,511 Posts
Intraday levels for 23.2.2017
I use PT 10 pips, SL 12 pips.
Happy trading
*New document about Position Management is attached here:
http://www.forexfactory.com/showthread.php?p=9162014#post9162014
I use PT 10 pips, SL 12 pips.
Happy trading
*New document about Position Management is attached here:
http://www.forexfactory.com/showthread.php?p=9162014#post9162014
