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Trader Dale - daily trading levels

  • #6,181
  • Mar 9, 2017 7:13am Mar 9, 2017 7:13am
Quoting brink
{quote} nice. Good luck
stopped out on break even It was worth a try but I tried to catch more than 10 pips because we broke the VAH and YH before. That was my opinion.
  • #6,182
  • Mar 9, 2017 7:24am Mar 9, 2017 7:24am
Quoting Trader-Dale
Here is my eur/usd trade: 9.3.2017 EUR/USD short 1.0555 If you took this intraday level, set 10 pips PT and -12 pip SL it would ended in full stop loss. However I took almost full profit (+9.2 pips). Here are my thoughts that led me to trade the level as I did. there is a long rotation few pips before my short level. Market is accumulating volumes. there is high probability that this long cummulation of volumes will end up in a quick move (up or down) if it shoots up I will probably have an opportunity to enter for a better (higher price) thats...
That makes perfect sense, . I understand your point of having a (strong) accumulation right below the targeted entry level and the probability of having a strong move (sort of breakout) with a chance to better your entry by using a market order.
However, what would help me a lot is your comment about tzaking strong S/R levels into account for a potential early exit. Right now I a) either let it run into the profit until the very end (and with the chance of a reversal with loosing all the gains) or have somhowe arbitrary decision making from time to time exiting earlier. But again, in my case that is more or less arbitrary and random (probably with a 50:50 ratio).
That is the reason, why your comment is very much appreciated as I'm looking for something to determine if and when to exit a profitable trade earlier: one reason to look out for is a strong S/R level, in your case here the formerly built accumulation. Are there any other reasons/rules you take into consideration in this regard?
Thanks
  • #6,183
  • Mar 9, 2017 7:24am Mar 9, 2017 7:24am
Here's a strength indicator available on ForexFactory. It is developed by someone on this forum, I forget who. It is not quite accurate so be aware, I bought something called FX Power on MT4 which is much more reliable as it creates its histogram in realtime. Free is not always best I have found. Also a web page that does a strength at that moment in time is worth a look:

http://www.livecharts.co.uk/currency-strength.php
Attached File(s)
File Type: ex4 smStrengthRange09_v2.4.ex4   53 KB | 271 downloads
Take 1 step forward, two small steps back
  • #6,184
  • Mar 9, 2017 8:45am Mar 9, 2017 8:45am
Quoting danigntr
Took a trade on USD/JPY. Moved my stop to BE and I'm trying to let him move. Let's see what will happen. http://prntscr.com/ehtm71 Are those links allowed or only screenshots uploaded on FF? If they are not allowed, I'm sorry..
very nice!
  • #6,185
  • Mar 9, 2017 8:47am Mar 9, 2017 8:47am
Quoting XxixixX
{quote} I assume you are using market orders than?
If iam not sleeping, yes
  • #6,186
  • Mar 9, 2017 8:50am Mar 9, 2017 8:50am
Quoting HemDir
{quote} That makes perfect sense, . I understand your point of having a (strong) accumulation right below the targeted entry level and the probability of having a strong move (sort of breakout) with a chance to better your entry by using a market order. However, what would help me a lot is your comment about tzaking strong S/R levels into account for a potential early exit. Right now I a) either let it run into the profit until the very end (and with the chance of a reversal with loosing all the gains) or have somhowe arbitrary decision...
Not many really hard rules. Generally speaking Iam more carefull when I trade against a strong trend or in uncertain/crazy market (like today before ECB). 90 % of all cases I go for full PT.
  • #6,187
  • Edited 9:49am Mar 9, 2017 9:07am | Edited 9:49am
Quoting Trader-Dale
{quote} very nice!
because i got stopped out before and I saw the strong movement down I looked for a reentry. But now I already saved a few pips.

Update: moved stop to +10pips.
Update 2: stopped out with +12
Attached Image (click to enlarge)
Click to Enlarge Name: 6J reentry after BE trade.jpg Size: 253 KB
  • #6,188
  • Mar 9, 2017 3:04pm Mar 9, 2017 3:04pm
Quoting Trader-Dale
Here is my eur/usd trade: 9.3.2017 EUR/USD short 1.0555 If you took this intraday level, set 10 pips PT and -12 pip SL it would ended in full stop loss. However I took almost full profit (+9.2 pips). Here are my thoughts that led me to trade the level as I did. there is a long rotation few pips before my short level. Market is accumulating volumes. there is high probability that this long cummulation of volumes will end up in a quick move (up or down) if it shoots up I will probably have an opportunity to enter for a better (higher price) thats...
Did you trade FX spot or 6E future?
If spot, could you please PM me the broker?
  • #6,189
  • Mar 9, 2017 3:29pm Mar 9, 2017 3:29pm
Intraday levels for 10.3.2017
I use PT 10 pips, SL 12 pips.
Happy trading
Attached Image (click to enlarge)
Click to Enlarge Name: 10.3. print.png Size: 188 KB
  • #6,190
  • Mar 9, 2017 4:17pm Mar 9, 2017 4:17pm
and Thanks for the Timing too Dale !. was not too late today
  • #6,191
  • Mar 9, 2017 10:53pm Mar 9, 2017 10:53pm
Compliments Xu Ling.
Got it some time ago from another threat where he posted it.
Attached File(s)
File Type: mq4 smStrengthRange09_v2.4.1_LuXingMod.mq4   41 KB | 348 downloads
File Type: mq4 HeatMapModokiV1.mq4   8 KB | 308 downloads
File Type: mq4 Trend indicator_LuXingMod.mq4   14 KB | 345 downloads
  • #6,192
  • Mar 10, 2017 1:53am Mar 10, 2017 1:53am
Hi Dale, thanks for the levels.

I went over your previous threads. They are helpful. So you only trade futures not Spot FX?
  • #6,193
  • Edited 3:37am Mar 10, 2017 2:00am | Edited 3:37am
Found a good level at *Eurjpy 121.88 (am loving this pair)
High volume
Price shoots
Fibo 61%
Price actions (short term resistance now may work as support)
  • #6,194
  • Mar 10, 2017 3:32am Mar 10, 2017 3:32am
Asian and EU sessions on NFP fridays have become boring..
  • #6,195
  • Mar 10, 2017 3:35am Mar 10, 2017 3:35am
Quoting sanaulhaq
Found a good level at UJ 121.88 High volume Price shoots Fibo 61% Price actions (short term resistance now may work as support) Will wait to see if Dale considers it important.
Yes - 121.88 maybe UJ will reach there in 100 years time
Always look for reasons not to take a trade
  • #6,196
  • Mar 10, 2017 4:00am Mar 10, 2017 4:00am
Quoting brink
Asian and EU sessions on NFP fridays have become boring..
That is why I do not trade today
Have a nice weekend
  • #6,197
  • Mar 10, 2017 4:02am Mar 10, 2017 4:02am
Quoting Jako
{quote} Yes - 121.88 maybe UJ will reach there in 100 years time
Lol... typo-error.. just edited... it's eurjpy...!
  • #6,198
  • Mar 10, 2017 4:03am Mar 10, 2017 4:03am
Quoting Trader-Dale
Intraday levels for 10.3.2017 I use PT 10 pips, SL 12 pips. Happy trading {image}
Thanks dale for today level
Risk comes from not knowing what you're doing.
  • #6,199
  • Mar 10, 2017 4:23am Mar 10, 2017 4:23am
Quoting sanaulhaq
{quote} Lol... typo-error.. just edited... it's eurjpy...!
Sanaulhaq - are you sure you didnt mean 120.88 on EURJPY?
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY.PNG Size: 8 KB
Always look for reasons not to take a trade
  • #6,200
  • Mar 10, 2017 4:27am Mar 10, 2017 4:27am
Quoting Trader-Dale
{quote} Cool! where did you get this currency strenght meter? Could you share it?

Hello Trader-Dale,

Thanks for starting this great thread. You provide lots of good information and have great participation by other posters.

I have a currency strength meter you can have for just $ 10,000 a year.

Can you send me your credit card information ?

Just kidding

There is an excellent free real time currency strength meter at

www.currencynewstrading.com (http://www.currencynewstrading.com)

Click on the Downloads tab to get the currency strength meter.

And no I am not associated with that web site.

Enjoy.
May the Forex be with you.
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