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Trader Dale - daily trading levels

  • #5,921
  • Edited 7:56am Feb 28, 2017 7:45am | Edited 7:56am
Quoting Gilliam
{quote} any counter measure for this?
One thing to try:
Split your entry up into several smaller pieces, for example 3 limit orders, @ -1, 0, and +1 pips away from Dale's level.

I don't know how that would affect profits over the long run, but it should reduce frustration and spare you a little psychological energy.

It will take a fair amount of testing and study to come up with the optimal solution, perhaps even it is for the best to let the ones that turn a bit early go?

It is clear the level's Dale provides us so generously are significant points in the market. How to trade them optimally(only take the winners... close at the peak of the retrace... do so with maximum leverage... aahh the dream ) is not an easy question, but there is clearly a lot of room for profits in the space between the theoretical ideal and break-even trading.

EDIT: should probably add a sig in regards to this... I am a novice trader (about 2 years since I first looked into it, maybe the equivalent of 8 months full time work at this point), I currently trade with minimum order size to keep risk to a minimum, and I have yet to make more than a couple % on my risk capital. (And yeah, that is ignoring the $500 I blew in the account I opened 2 years ago convinced I was gonna be a millionaire by the end of the year )
Novice trader, please take my opinion with several grains of salt
  • #5,922
  • Feb 28, 2017 8:22am Feb 28, 2017 8:22am
Quoting mindspeculat
...There are actually more systems or components. TraderDale uses at least 5 different systems to find his levels. Same theory but different ways. He was very kind to explain them all. I was about to give up because I didn't know this...
I could not find the description of these 5 systems on his web site. Can you provide the source where they are described? I thought these levels were based on volume profile.
  • #5,923
  • Feb 28, 2017 8:29am Feb 28, 2017 8:29am
Quoting ziggy
good morning all, bit of a horlicks for me yesterday evening, went for a shower only to find both UJ & Cad had filled orders that I left, had I been at the screen I would have taken the yen trade despite the big move, but not the Cad. I just let them play out, full 20 loss on Cad but +10,+20 on Yen - so not too much damage done - we all make mistakes sometimes I didn't take either of the overnight Asian session trades, was deep in the land of nod. If I had been doing a 24 hour session I would have not taken the AU trade and on the Cad...
Happy Birthday, Ziggy!
  • #5,924
  • Feb 28, 2017 8:52am Feb 28, 2017 8:52am
Quoting lapras
{quote} No offence Ziggy, I am just seeking the method with potencial. Sorry to say, that Dale's method is not profitable. I have use this method long before Dale started his thread, write EA, please check below. So I know there is no edge. Method is probably to simple. You could Imagine that every broker at bank would trade by this method by now since it is published in public forum. I have just checked on this thread if I am maybe wrong, maybe profitable trade explorer exists. Spreadsheet is not good enough, you know that one could just erase...
no offence taken lapras, just works very well for me & as I did the spreadsheet other than any mistake I made in typing I am 100% confident that nothing has either been added or taken away. You obviously don't feel it works for you & that's fine, all I'd say is let others find their own way and if it works for them then great, and if not perhaps they will seek a profitable method elsewhere.

Personally I can find most but not all of the levels Dale posts, I also find others that are not posted with some success. I know these principles do work & that is good enough for me to include it in my trading. Hopefully you have a profitable basis of trading as well. Cheers Ziggy
  • #5,925
  • Feb 28, 2017 8:56am Feb 28, 2017 8:56am
Quoting crixus
{quote} I could not find the description of these 5 systems on his web site. Can you provide the source where they are described? I thought these levels were based on volume profile.
No source. It's reading between lines where TraderDale explains his levels. You can't ask more than that. We don't really live in the Garden of Eden where everything is free. It's more of a jungle ...and the trading world is not an exception.
  • #5,926
  • Feb 28, 2017 8:59am Feb 28, 2017 8:59am
Quoting Akaton
{quote} One thing to try: Split your entry up into several smaller pieces, for example 3 limit orders, @ -1, 0, and +1 pips away from Dale's level. I don't know how that would affect profits over the long run, but it should reduce frustration and spare you a little psychological energy.
AAAHHH .... thanks Akaton, will give it a go.
  • #5,927
  • Feb 28, 2017 9:03am Feb 28, 2017 9:03am
Quoting Akaton
{quote} One thing to try: Split your entry up into several smaller pieces, for example 3 limit orders, @ -1, 0, and +1 pips away from Dale's level. I don't know how that would affect profits over the long run, but it should reduce frustration and spare you a little psychological energy. It will take a fair amount of testing and study to come up with the optimal solution, perhaps even it is for the best to let the ones that turn a bit early go? It is clear the level's Dale provides us so generously are significant points in the market. How to trade...
I have tested it, you are better off by actually delaying your entry until after the level but as I said elsewhere I wouldn't recommend doing so because one day there will be multiple entries that you don't get that everyone one else does & of course they will all win.... and that will mess with your head. Best approach is to let the trades come to you, if they trigger for you then great, if they don't then don't fret - just accept it and wait for the next trade. I can tell you that you don't need many pips per month to live well, it just takes a bit of time to get yourself into that position. We all crave instant success but trading just like life doesn't work that way - keep at it and you'll get where you want to be and most likely become a better trader because you have worked hard for it. Cheers Ziggy
  • #5,928
  • Feb 28, 2017 9:11am Feb 28, 2017 9:11am
As you know I keep the levels open until tested or traded, this one is like a knife in the back, been waiting for it - came at news time bugger, level last given on 30th Jan
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  • #5,929
  • Feb 28, 2017 9:15am Feb 28, 2017 9:15am
Quoting ziggy
{quote} I have tested it, you are better off by actually delaying your entry until after the level but as I said elsewhere I wouldn't recommend doing so because one day there will be multiple entries that you don't get that everyone one else does & of course they will all win.... and that will mess with your head. Best approach is to let the trades come to you, if they trigger for you then great, if they don't then don't fret - just accept it and wait for the next trade. I can tell you that you don't need many pips per month to live well, it just...
I've been wondering for a while if managing positions like that would work. Thanks for clarifying that Ziggy. "Let the trades come to you" always seems to be the better option .
  • #5,930
  • Feb 28, 2017 9:23am Feb 28, 2017 9:23am
Quoting ziggy
As you know I keep the levels open until tested or traded, this one is like a knife in the back, been waiting for it - came at news time bugger, level last given on 30th Jan {image}{image}
What is the success rate for old levels?
So many in the Commercial section want to make me rich! :o
  • #5,931
  • Feb 28, 2017 9:29am Feb 28, 2017 9:29am
Quoting ziggy
As you know I keep the levels open until tested or traded, this one is like a knife in the back, been waiting for it - came at news time bugger, level last given on 30th Jan {image}{image}
Haha cool! I didnt trade it though but it is still nice to see that old levels also work fine!
  • #5,932
  • Feb 28, 2017 9:32am Feb 28, 2017 9:32am
Quoting FX-Flux
{quote} What is the success rate for old levels?
there aren't that many of them to be able to make a judgement, but on what I have no different from those given on the day, by inference if they haven't been touched for some time price will generally have to have moved a long way to get to them, markets do have a memory and a small reaction is really all we are looking for, and we know that the area had interest last time price was there
  • #5,933
  • Feb 28, 2017 9:48am Feb 28, 2017 9:48am
I'm looking at a long on UJ @ 111.75 - there was a strong reaction away from that level about 3 weeks ago - what do others think of this?
  • #5,934
  • Feb 28, 2017 9:50am Feb 28, 2017 9:50am
anybody knows whats happening now? i dont see any news? is it donald?
  • #5,935
  • Feb 28, 2017 9:53am Feb 28, 2017 9:53am
Quoting Trader-Dale
anybody knows whats happening now? i dont see any news? is it donald?
It's been like this also yesterday. Yesterday was trump but today i think it's just PA talking.
  • #5,936
  • Feb 28, 2017 9:54am Feb 28, 2017 9:54am
Quoting CrocodileRex
{quote} It's been like this also yesterday. Yesterday was trump but today i think it's just PA talking.
aud/usd 23 pips in 2 minutes, thats weird
  • #5,937
  • Feb 28, 2017 10:00am Feb 28, 2017 10:00am
iam short nzdcad now (from 9570). SL 80 pips, pt 80 pips
  • #5,938
  • Feb 28, 2017 10:14am Feb 28, 2017 10:14am
Quoting Trader-Dale
anybody knows whats happening now? i dont see any news? is it donald?
It's a combo, we do have the shadow of DT hanging over for tonight, also month end expires and the London fix, we also have a few comments coming out about who is or isn't supporting DT's action. Take away the big liquidity and we will get some pretty major swings on not very much at all. From a personal perspective I should have taken the day off!!
  • #5,939
  • Feb 28, 2017 10:17am Feb 28, 2017 10:17am
Quoting Prax
I'm looking at a long on UJ @ 111.75 - there was a strong reaction away from that level about 3 weeks ago - what do others think of this?
Missed this one taking off by about 5 pips - order cancelled
  • #5,940
  • Feb 28, 2017 10:26am Feb 28, 2017 10:26am
Quoting Trader-Dale
iam short nzdcad now (from 9570). SL 80 pips, pt 80 pips
Damn, there is BOC rate decision tomorrow. I didnt notice it before. I will have to close the trade before that
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