Trader Dale - daily trading levels
Something to consider, most (but not all) platforms will enable you to sell at the price you see on the chart, but price needs to go past the level by your spread in order for you to be able to buy. If this is true for your broker then consider selling at the level but buying at the level plus your spread.
As noted in my post of last night I have now moved my EU stop to the swing point and the trade will now play out as either +20 or -1 for me.
Edit +20
Nice one Dale thank you
As noted in my post of last night I have now moved my EU stop to the swing point and the trade will now play out as either +20 or -1 for me.
Edit +20
Nice one Dale thank you
- #5,685
- Feb 23, 2017 2:04am Feb 23, 2017 2:04am
- | Membership Revoked | Joined Sep 2016 | 1,511 Posts
Nice guys Iam glad you took profits on euro trade! As Ziggy said, you may consider adding spread to your limits/market orders. Congratulations to those who used Ziggys method and took +20 pips!
Hi, First of all many thanks to Dale for his great service. I have a question to ziggy: did you ever consider not to use a fix TP, but a flexible one, for example 61,8% Fibo from the last swing high/low?
I have considered fibs, but the results I get are to be honest so good that I haven't pursued it. Remember that in the majority of cases we are looking for a reaction and not much more, sometimes we are standing in front of a trend (although mostly we are not), and a small reaction is more likely than a full blown retracement.
I know it is a common belief that you have to look for profits to be multiple x's risk, I personally don't hold that view, for me it's a balance between strike rate and profitability. I much prefer sure and steady to the home run approach. It provides greater stability and missing a big winner hurts whereas missing one of several smaller ones doesn't mess with your head
- #5,691
- Edited 3:10am Feb 23, 2017 2:52am | Edited 3:10am
Something to consider, most (but not all) platforms will enable you to sell at the price you see on the chart, but price needs to go past the level by your spread in order for you to be able to buy. If this is true for your broker then consider selling at the level but buying at the level plus your spread. As noted in my post of last night I have now moved my EU stop to the swing point and the trade will now play out as either +20 or -1 for me. Edit +20
- #5,694
- Feb 23, 2017 3:13am Feb 23, 2017 3:13am
Something to consider, most (but not all) platforms will enable you to sell at the price you see on the chart, but price needs to go past the level by your spread in order for you to be able to buy. If this is true for your broker then consider selling at the level but buying at the level plus your spread. As noted in my post of last night I have now moved my EU stop to the swing point and the trade will now play out as either +20 or -1 for me. Edit +20
So many in the Commercial section want to make me rich! :o
{quote} 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!
I feel your pain
In the 60's I lived in the shadows of that great lillywhites team, I can still remember my dad telling me that I had to play like John White. Very much doubt you'd have ever seen him, but somehow he made everything happen for Spurs even without the ball. I think I was more like Jimmy White 
- #5,698
- Feb 23, 2017 3:26am Feb 23, 2017 3:26am
That last post has reminded me of something that helped me & might strike a chord with any newish traders in here. We probably all know that fear & greed are two big drivers of our trading actions......... until we get control of them. But fear comes in two forms, fear of losing we all understand - but for me and many others the bigger fear used to be fear of missing out. Anyone else ever missed a trade that they know they should have been on, and followed that up by taking a "red mist" trade that they know they shouldn't have been on. As most of...
(The trade did not take off)
