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Trader Dale - daily trading levels

  • #6,521
  • Mar 27, 2017 6:49pm Mar 27, 2017 6:49pm
Quoting burntcandle
{quote} Hi Dale, does your Market Profile download only work with Metatrader4 platform?
Hi,
what platform do you use?
I know there are custom made ones for Ninjatrader and I have one that is converted from mql
so I can use it with ctrader... not perfect since it does not draw todays profile in real time,
but all previous profiles are there. If anyone know how to code c# they can probably make it work better.
Failure to plan, is a plan to failure...
  • #6,522
  • Mar 28, 2017 1:14am Mar 28, 2017 1:14am
Hi, 6h30 gmt your first trade down on Eur/USD, already 8p in the money. Watch Heiken Ashi en look at the 30m chart.
  • #6,523
  • Mar 28, 2017 1:52am Mar 28, 2017 1:52am
Good morning guys! Here are updated levels for today!
Attached Image (click to enlarge)
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  • #6,524
  • Edited 3:25am Mar 28, 2017 2:59am | Edited 3:25am
Long AU from 0.75939
anyone?
Update, done +12
Attached Image (click to enlarge)
Click to Enlarge Name: cT_cs_8106363_AUDUSD_2017-03-28_14-46-56.png Size: 48 KB
Failure to plan, is a plan to failure...
  • #6,525
  • Mar 28, 2017 4:05am Mar 28, 2017 4:05am
Quoting S1-1
Long AU from 0.75939 anyone? Update, done +12 {image}
hi its sl -12 tp +10 not the other way around if you follow strictly Dale's rules
also goodjob for catching the pips
regards
  • #6,526
  • Mar 28, 2017 4:46am Mar 28, 2017 4:46am
Today's daily levels commentary. I omitted the background music after your kind feedback. thanks.
https://www.youtube.com/watch?v=_ruvWnqsHFQ
  • #6,527
  • Mar 28, 2017 5:23am Mar 28, 2017 5:23am
Quoting Trader-Dale
new level: eur/usd 1.0868 long. Did you guys spot it too?
Should we consider that this level : eur/usd 1.0868 as a good short level?
  • #6,528
  • Mar 28, 2017 6:57am Mar 28, 2017 6:57am
Hi Just a couple of questions about the indicator. I down loaded it and put it on my chart. Can you explain the different colours and is it possible to change the colours to be the same as in Dales video? I have solid brown dark blue and green which makes the candles on top difficult to see. Also my Volumes look a bit different as it they are different shape from Dales chart so are there settings I should be changing?
Thanks
  • #6,529
  • Mar 28, 2017 7:13am Mar 28, 2017 7:13am
Quoting caledonia
Hi Just a couple of questions about the indicator. I down loaded it and put it on my chart. Can you explain the different colours and is it possible to change the colours to be the same as in Dales video? I have solid brown dark blue and green which makes the candles on top difficult to see. Also my Volumes look a bit different as it they are different shape from Dales chart so are there settings I should be changing? Thanks
Your volumes will be different if you use a different broker. But he doesn't use forex volumes for his daily levels anyway.
So many in the Commercial section want to make me rich! :o
  • #6,530
  • Edited 8:30am Mar 28, 2017 7:51am | Edited 8:30am
Quoting caledonia
Hi Just a couple of questions about the indicator. I down loaded it and put it on my chart. Can you explain the different colours and is it possible to change the colours to be the same as in Dales video? I have solid brown dark blue and green which makes the candles on top difficult to see. Also my Volumes look a bit different as it they are different shape from Dales chart so are there settings I should be changing? Thanks
As FX Flux said - plus you might want to check what time your broker starts a new day, you'll notice that on Dales charts the day starts at 22:00 UK time, the close of the US trading session. It wont make a huge difference, but will make some difference.

In essence what you are looking for is some form of consolidation followed by a significant move away, if the move is upwards it shows that the buyers are forcing price up as they absorb all available liquidity up to the point that the up move stops. If price then drops back to that prior consolidation area there is a probability that more buying pressure will arise and push price back up at least enough to take a small gain.

To get the precise location of where this activity took place requires futures data, it is 100% real volume at exact locations unlike spot forex, it is this that Dale uses to find the levels - but the spot forex data that mt4 works with is good enough to draw similar conclusions from. So that said I wouldn't overly worry that your mt4 chart looks a little different, just use it to try to gauge "real" market activity and mark off the levels where you think a possible good trade will arise from if price gets back to that level. You will soon get a feel for the activity and be able to profit from it, even if you don't get to see all the levels that Dale finds.

edit - the 3 colours represent the asian, european , us sessions
  • #6,531
  • Mar 28, 2017 8:57am Mar 28, 2017 8:57am
Thanks so much everyone for the replies. Been watching a few videos and also reading some of Dales blog to get my head around it.
  • #6,532
  • Mar 28, 2017 9:39am Mar 28, 2017 9:39am
Quoting dttsomh
{quote} hi its sl -12 tp +10 not the other way around if you follow strictly Dale's rules also goodjob for catching the pips regards
lol, I have adapted Ziggy's alternative to some degree, 12 pip SL and 15pip TP
you can find his article here. (http://trader-dale.com/alternative-approach-by-ziggy/)
I cut this trade short though since we were heading in to resistance, looking at it
now should have stayed in, well well, that's trading for you, never know what comes next.

regards
Ed
Failure to plan, is a plan to failure...
  • #6,533
  • Mar 28, 2017 3:17pm Mar 28, 2017 3:17pm
EU level formed at 1.08585
So many in the Commercial section want to make me rich! :o
  • #6,534
  • Mar 28, 2017 3:17pm Mar 28, 2017 3:17pm
That's a shame, EU @ 1.0806 was a little too close to US close in my book and it battled for sometime, I closed early for BE +1 as I don't want it to run all night..
Take 1 step forward, two small steps back
  • #6,535
  • Mar 28, 2017 3:32pm Mar 28, 2017 3:32pm
I've really liked every Swiss person I've met. I gotta go there someday
  • #6,536
  • Mar 28, 2017 4:13pm Mar 28, 2017 4:13pm
Did anybody got +10 pips on eur/usd yet? I entered for a little better price so I had my 10 pips quite soon.
  • #6,537
  • Mar 28, 2017 4:14pm Mar 28, 2017 4:14pm
New levels. Happy trading guys!!!
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  • #6,538
  • Mar 28, 2017 4:15pm Mar 28, 2017 4:15pm
I entered two short trades today - AU at 0.7627 and UC 1.3382. Both levels failed. They looked to me pretty strong. Hope to catch some better ones soon.
  • #6,539
  • Mar 28, 2017 4:23pm Mar 28, 2017 4:23pm
Quoting Trader-Dale
Did anybody got +10 pips on eur/usd yet? I entered for a little better price so I had my 10 pips quite soon.
I'm in for 20 but might have to close before the next speech...
Banked +40 today with your AUDCHF swing level
  • #6,540
  • Mar 29, 2017 1:44am Mar 29, 2017 1:44am
Quoting Trader-Dale
{quote} If you arent out of it yet I suggest you wait and see where today close is. If it closes above 1.2569 I would close the position.
That advice was godly, I'm +22 Pips from -500 Pips. GU dropped hard.
Thanks again for all the useful insights you provide for free mr Dale

Regards!
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