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Trader Dale - daily trading levels

  • #6,081
  • Mar 7, 2017 2:19am Mar 7, 2017 2:19am
Quoting CrocodileRex
euro considered tested? million dollar question here.
Iam already in this trade (I used futures price which hit the level). It is tested if you didnt take it. Should I post you my bank account number so you can send me the million dollars?
  • #6,082
  • Mar 7, 2017 2:24am Mar 7, 2017 2:24am
Quoting Trader-Dale
{quote} Iam already in this trade (I used futures price which hit the level). It is tested if you didnt take it. Should I post you my bank account number so you can send me the million dollars?
Is AU tested frrom futures data?
  • #6,083
  • Mar 7, 2017 2:24am Mar 7, 2017 2:24am
Quoting CrocodileRex
euro considered tested? million dollar question here.
Missed it by 0.9 pips
Always look for reasons not to take a trade
  • #6,084
  • Mar 7, 2017 2:26am Mar 7, 2017 2:26am
Quoting brink
{quote} Is AU tested frrom futures data?
I think au is tested
  • #6,085
  • Mar 7, 2017 2:28am Mar 7, 2017 2:28am
I found a rapid short level at 1.057 on EU. Got a quick +6 and would of got a full +10, moved my SL too close to the action, if I just left it alone would of got more! Dale would you by any chance be able to look at that area and provide some insight? Or it was just beginner's luck!
Take 1 step forward, two small steps back
  • #6,086
  • Mar 7, 2017 2:31am Mar 7, 2017 2:31am
Quoting DrBeercan
I found a rapid short level at 1.057 on EU. Got a quick +6 and would of got a full +10, moved my SL too close to the action, if I just left it alone would of got more! Dale would you by any chance be able to look at that area and provide some insight? Or it was just beginner's luck!
No offense but let me answer that for you. Beginner's luck.
  • #6,087
  • Mar 7, 2017 2:32am Mar 7, 2017 2:32am
Dale would you consider 1.0543 a good level for EU long as there was strong buying activity there following a small downward correction?
Always look for reasons not to take a trade
  • #6,088
  • Mar 7, 2017 2:33am Mar 7, 2017 2:33am
Quoting CrocodileRex
{quote} No offense but let me answer that for you. Beginner's luck.
What did you see there? How did you find the level.
  • #6,089
  • Mar 7, 2017 2:33am Mar 7, 2017 2:33am
Quoting Trader-Dale
{quote} Iam already in this trade (I used futures price which hit the level). It is tested if you didnt take it. Should I post you my bank account number so you can send me the million dollars?
Guyz..are we talking about the 1.0557 here ?
by me : it was 3+ pips away before it made a u-turn
  • #6,090
  • Mar 7, 2017 2:39am Mar 7, 2017 2:39am
There was a bit difference between futures and forex price at eur/usd. You can see it in here:
Attached Image (click to enlarge)
Click to Enlarge Name: 7.3. fut vs fx.png Size: 55 KB

I took the level because I always watch futures prices and trade at forex.
Attached Image


Did anybody watch futures and took the level?
  • #6,091
  • Mar 7, 2017 2:41am Mar 7, 2017 2:41am
Quoting Trader-Dale
There was a bit difference between futures and forex price at eur/usd. You can see it in here: {image} I took the level because I always watch futures prices and trade at forex. {image} Did anybody watch futures and took the level?

where do you see the future prices?
  • #6,092
  • Mar 7, 2017 2:44am Mar 7, 2017 2:44am
Quoting DrBeercan
I found a rapid short level at 1.057 on EU. Got a quick +6 and would of got a full +10, moved my SL too close to the action, if I just left it alone would of got more! Dale would you by any chance be able to look at that area and provide some insight? Or it was just beginner's luck!
I'm not sure everyone here will agree but I find from experience that a strategy which involves taking profits earlier than originally intended ultimately can work against you.

Emotions of fear and greed are interfering with the trade management. You may be closing profits too early because you're scared to give back what you've won and in contrast letting losses run fully because you've convinced yourself it will turn around. You could end up with a string of full losses countered by only partial profits and the risk/reward ratio gets seriously messed up.

If you believe in a trade and it has a proven edge like Dale's has, then with a 1:1 Risk:Reward ratio you should come away profitable over time. Really clinical and professional traders use probability (whether with patterns or price action) and logic to get in AND out of trades whether the trade is winning or losing and they are able to apply it equally to a winning trade and a losing trade. But for us mere mortals and especially for a beginner might I humbly suggest that it could be better to just go for the edge with a strict 1:1 SL:TP (or thereabouts) ratio.
Always look for reasons not to take a trade
  • #6,093
  • Mar 7, 2017 2:53am Mar 7, 2017 2:53am
Quoting Trader-Dale
{quote} What did you see there? How did you find the level.
Because i don't know why he posted there's a level at 1.0570 and shorted from there. If he used that entry and gained profit, that's good but it has nothing to do with volume profile or the method you are using here.

Dale's level is usually a reversal type trade and shorting at 1.0570 is like going with the trend and contradicting dale's method here. It makes no sense at all that he is posting a trade call here.
  • #6,094
  • Mar 7, 2017 2:53am Mar 7, 2017 2:53am
Quoting Jako
{quote} I'm not sure everyone here will agree but I find from experience that a strategy which involves taking profits earlier than originally intended ultimately can work against you. Emotions of fear and greed are interfering with the trade management. You may be closing profits too early because you're scared to give back what you've won and in contrast letting losses run fully because you've convinced yourself it will turn around. You could end up with a string of full losses countered by only partial profits and the risk/reward ratio gets seriously...
Totally agree.. I have lost a lot due to this fear and hope of the loss making position turning around
  • #6,095
  • Mar 7, 2017 3:04am Mar 7, 2017 3:04am
Quoting CrocodileRex
{quote} No offense but let me answer that for you. Beginner's luck.
No offense taken :-) I laughed :-) Machine gun approach to trading. :-p
Can I ask. Do you use Trading View to find your levels or something else?
Take 1 step forward, two small steps back
  • #6,096
  • Mar 7, 2017 3:10am Mar 7, 2017 3:10am
All the other levels are now quite far. Looks like done for the day unless we see improvement in Canadian trade balance and UC falls to the levels.

Dale, Do you see any new level developing?
  • #6,097
  • Mar 7, 2017 3:11am Mar 7, 2017 3:11am
Quoting DrBeercan
{quote} No offense taken :-) I laughed :-) Machine gun approach to trading. :-p Can I ask. Do you use Trading View to find your levels or something else?
I have a friend that was like you ten years ago. He was young and naive. Traded in and out using 3 seconds chart. Machine gun like you said. Totally no idea what he was doing. Ended up losing few hundred k over the past ten years. Still trading till now.

Oh wait, that was me. lol.
  • #6,098
  • Mar 7, 2017 3:25am Mar 7, 2017 3:25am
Quoting brink
All the other levels are now quite far. Looks like done for the day unless we see improvement in Canadian trade balance and UC falls to the levels. Dale, Do you see any new level developing?
I dont see any new good levels now. Maybe in the us session if there is some action.
  • #6,099
  • Mar 7, 2017 3:55am Mar 7, 2017 3:55am
Quoting CrocodileRex
{quote} I have a friend that was like you ten years ago. He was young and naive. Traded in and out using 3 seconds chart. Machine gun like you said. Totally no idea what he was doing. Ended up losing few hundred k over the past ten years. Still trading till now. Oh wait, that was me. lol.
Lol, as with all things if only we could turn back time to tell ourselves the mistake we could have avoided if we just knew the things we know now.
I have 4 wins today that's good enough for me. Good luck to the rest of you trading today.
Take 1 step forward, two small steps back
  • #6,100
  • Mar 7, 2017 3:57am Mar 7, 2017 3:57am
Quoting Trader-Dale
{quote} I dont see any new good levels now. Maybe in the us session if there is some action.
:-) thank you for the levels I used today that generated my wins.
Take 1 step forward, two small steps back
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