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Trader Dale - daily trading levels

  • #6,581
  • Mar 30, 2017 3:14am Mar 30, 2017 3:14am
Quoting chary-mary
{quote} Dear Trader-Dale, would you please mind to reply? Great thanks.
I enter the level with market order just when it is hit. I dont wait for any confirmation 80-90 % of the time. Only for example when the market runs like crazy and I want a confirmation or a better entry I wait for a huge volume to appear on orderflow.
  • #6,582
  • Mar 30, 2017 3:20am Mar 30, 2017 3:20am
Quoting Trader-Dale
Hello my friends! Here is my Daily levels commentary for 30.3.2017. I hope you will like it! https://www.youtube.com/watch?v=8kPEQB7XUQU
Cheers Dale. Any new levels in your video? I can't watch this at work sadly. I have also been tweeting them as well in the hope it generates more interest.
Take 1 step forward, two small steps back
  • #6,583
  • Mar 30, 2017 3:36am Mar 30, 2017 3:36am
Quoting chary-mary
{quote} Dear Trader-Dale, would you please mind to reply? Great thanks.
Hi Chary-Mary, obviously I cannot really answer for Dale, but over the course of the thread I think I can say how Dale approaches his entry. He will have an alarm set before the level is reached and when triggered will look to enter as price touches/breaches the level. If prior to that touch there has been a test, or there is macro news pending then he will let the trade pass. If price is really steaming heading into the level, say 20 pips or similar over a minute or two he will step aside. I don't think he looks at the orderflow to make his decision, he has already decided if he will or wont trade it, if the answer is he will trade it then I think it's a case of trade when the level is touched or if the movement is strong look for a slightly better entry. He is actually watching the futures chart to determine his participation, but places the trade in the spot market. Cheers Ziggy

edit - ha, I see Dale has just answered
  • #6,584
  • Mar 30, 2017 3:40am Mar 30, 2017 3:40am
Good morning guys!!

I was wondering about this point yesterday:
Why do you think the levels have a higher winning ratio in the Asian sessions, even that we are placing limit orders there??
Placing limit orders means that we are still giving a second try to the levels already tested and also we are ignoring macro news ( even there are less macro at this time ), but still we are not taking into account the 2 main rules for trading the levels and we are getting excellent results...
I would really appreciate your thoughts about this matter.

Happy trading!!
  • #6,585
  • Mar 30, 2017 4:13am Mar 30, 2017 4:13am
Quoting Trader-Dale
{quote} I enter the level with market order just when it is hit. I dont wait for any confirmation 80-90 % of the time. Only for example when the market runs like crazy and I want a confirmation or a better entry I wait for a huge volume to appear on orderflow.
Quoting ziggy
{quote} Hi Chary-Mary, obviously I cannot really answer for Dale, but over the course of the thread I think I can say how Dale approaches his entry. He will have an alarm set before the level is reached and when triggered will look to enter as price touches/breaches the level. If prior to that touch there has been a test, or there is macro news pending then he will let the trade pass. If price is really steaming heading into the level, say 20 pips or similar over a minute or two he will step aside. I don't think he looks at the orderflow to make...
Thank you both guys for clear and quick response! Have a great day.
  • #6,586
  • Mar 30, 2017 4:36am Mar 30, 2017 4:36am
Quoting Manquito
Good morning guys!! I was wondering about this point yesterday: Why do you think the levels have a higher winning ratio in the Asian sessions, even that we are placing limit orders there?? Placing limit orders means that we are still giving a second try to the levels already tested and also we are ignoring macro news ( even there are less macro at this time ), but still we are not taking into account the 2 main rules for trading the levels and we are getting excellent results... I would really appreciate your thoughts about this matter. Happy trading!!...
It shows that the theory i.e. markets are comparatively fairly more predictable during Asian Session has some sort of life. To me, the reasons may be low volatility, and huge involvement of range traders.
  • #6,587
  • Mar 30, 2017 5:17am Mar 30, 2017 5:17am
Quoting Manquito
Good morning guys!! I was wondering about this point yesterday: Why do you think the levels have a higher winning ratio in the Asian sessions, even that we are placing limit orders there?? Placing limit orders means that we are still giving a second try to the levels already tested and also we are ignoring macro news ( even there are less macro at this time ), but still we are not taking into account the 2 main rules for trading the levels and we are getting excellent results... I would really appreciate your thoughts about this matter. Happy trading!!...
morning Manquito,

in actual fact the Asian period is no better & no worse than any other time, and for many traders will actually prove to be worse for the simple reason that on many platforms the spread will widen overnight bringing the stop loss that much closer & the PT that much further away.

This chart below uses a straight 20 pip stop & 20 pip PT, it is inclusive of spread and in principle could have been achieved by anyone. I accept it avoids both news & tests throughout, so your point about trading trading irrespective of tests & news may be valid but I actually don't believe that is the case from the work I have done.

Something you might note is the dip in the middle, this covers trades entered into between 12:00 & 13:30 UK time, make of that what you will but it does stack up with my other trading where entering trades in this time period is at best marginal. The chart runs from 00:00 - 24:00 UK time
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  • #6,588
  • Mar 30, 2017 5:37am Mar 30, 2017 5:37am
Quoting ziggy
{quote} morning Manquito, in actual fact the Asian period is no better & no worse than any other time, and for many traders will actually prove to be worse for the simple reason that on many platforms the spread will widen overnight bringing the stop loss that much closer & the PT that much further away. This chart below uses a straight 20 pip stop & 20 pip PT....{image}
So many times the wrong trade was entered because the spread was so wide that I lost out with the wrong entry.. though conversely and maybe too coincidental Dale's trades are far enough away when he posts his levels that spread is rarely an issue for me. But always makes me cautious when placing my limit order!
Take 1 step forward, two small steps back
  • #6,589
  • Mar 30, 2017 6:40am Mar 30, 2017 6:40am
Quoting ziggy
{quote} morning Manquito, in actual fact the Asian period is no better & no worse than any other time, and for many traders will actually prove to be worse for the simple reason that on many platforms the spread will widen overnight bringing the stop loss that much closer & the PT that much further away. This chart below uses a straight 20 pip stop & 20 pip PT, it is inclusive of spread and in principle could have been achieved by anyone. I accept it avoids both news & tests throughout, so your point about trading trading irrespective of tests &...
Thanks for the fast reply!! I will start trading Asian session with limit orders to see how it goes for me and I will keep you informed.
I am just starting to trade with Dale levels, trying to learn as much as possible from you guys.

One more question: Considering the positive balance in trading these levels so far ( around 65% when ratio 1-1 ), have you guys considered using a very slow and soft progression to recover faster the loosing strikes ? I am not talking about Martingale or anything like that. I have little experience in Forex, but some in casino games. I was working as a croupier for more than 10 years. There are some slow progressions, for example "the bread winner" that will help you to increase your profit with a minimum risk exposure. Just wondered if someone thought about that approach!!

Happy trading!!
  • #6,590
  • Mar 30, 2017 6:41am Mar 30, 2017 6:41am
Quoting sanaulhaq
{quote} It shows that the theory i.e. markets are comparatively fairly more predictable during Asian Session has some sort of life. To me, the reasons may be low volatility, and huge involvement of range traders.
Thanks for your fats reply!!
  • #6,591
  • Mar 30, 2017 6:50am Mar 30, 2017 6:50am
Sorry!! Fast reply!!
  • #6,592
  • Edited 9:33am Mar 30, 2017 8:13am | Edited 9:33am
New EU level created - 1.0756? Short....? Any thoughts?

Edit: Just took it - up 6 pips so far.....

Edit: Closed at +20 pips.

Thank you Dale for the principles you have taught. I'd be keen to still know if you would have considered it as a good level.
Always look for reasons not to take a trade
  • #6,593
  • Mar 30, 2017 9:39am Mar 30, 2017 9:39am
UC long 1.32796 anyone?

damn! tested!
Always look for reasons not to take a trade
  • #6,594
  • Edited 10:08am Mar 30, 2017 9:57am | Edited 10:08am
Quoting Jako
New EU level created - 1.0756? Short....? Any thoughts? Edit: Just took it - up 6 pips so far..... Edit: Closed at +20 pips. Thank you Dale for the principles you have taught. I'd be keen to still know if you would have considered it as a good level.
Congratts Jako... But, I think you might have meant 1.0746 instead (short term support coupled with price shooting down with enough volume to let it considered as a valid entry point)... I don't see 1.0756 being triggered so far... Cheers...,!

Btw.... Am also applying Mr. Dale's rules (with little modification) on Eur/jpy with good success rate... I also spotted a level on this pair same as you did on EU... It also ended up nice... (Fibo 61.8% + High Volume + Price Action). My salutation to you Dale for transforming my vision of trading... Thank you...,!
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  • #6,595
  • Mar 30, 2017 10:06am Mar 30, 2017 10:06am
Quoting sanaulhaq
{quote} Congratts Jako... But, I think you might have meant 1.0746 instead (short term support coupled with price shooting down with enough volume to let it considered as a valid entry point)... I don't see 1.0756 being triggered so far... Cheers...,!
Yes true - I pulled the trigger early at 1.75. ........luckily
Always look for reasons not to take a trade
  • #6,596
  • Mar 30, 2017 10:09am Mar 30, 2017 10:09am
Hallo all together and sorry for my bad english,
it is not my mother language.
Im new here
i have a demo account witn MT4
and i learn to trade Forex.
This thread is a good job,
thanks from me.

Im reading your thread,
im on p. 17 now.
Today i have tried to start sell/buy-Limit orders for eurusd, usdcad and usdjpy,
but they did not start.
Why??? i don't know...
I send you my MT4-screen.

Coud you explain me??

Many thanks
vvm
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PA Trading with EMAs & common Sense
  • #6,597
  • Edited 10:39am Mar 30, 2017 10:12am | Edited 10:39am
Dale (or anyone please - especially Ziggy [no offence to anyone else]) - can I ask (what I think is an important) question about testing levels.....? Sometimes if you just watch the 30 minute chart you cannot tell it's been tested because on the same candle it has moved up and down. And then you can only see it's been tested by going down to the 5/15 minute chart.

So my question is - do you consider it tested if on the 30 min chart you cannot see it - because the price action as a whole on the chart has not tested the level? Or would you consider it tested by virtue of the 5 min/15 chart showing it?
Always look for reasons not to take a trade
  • #6,598
  • Mar 30, 2017 10:30am Mar 30, 2017 10:30am
Quoting vvm
Hallo all together and sorry for my bad english, it is not my mother language. Im new here i have a demo account witn MT4 and i learn to trade Forex. This thread is a good job, thanks from me. Im reading your thread, im on p. 17 now. Today i have tried to start sell/buy-Limit orders for eurusd, usdcad and usdjpy, but they did not start. Why??? i don't know... I send you my MT4-screen. Coud you explain me?? Many thanks vvm {image}
Nothing to worry about dear VVM.... Actually, none of the levels hit today as actual price did not reach them. It may take a few hours or a few days for a level to get triggered. You can keep them on unless they are hit and can also add new limit orders as Dale posts new levels... However, I will advise you to be careful about the rules posted on the first page of this thread before you start. One more thing.. I see your level 0.864 on Eu is 4 pips higher than Dale's level... You have to consider the margin of spreads while booking your orders... It means if it is a sell order, apply this formula (Dale's level - pip spread), and in case of buy order (Dale's level + spread)... Hence, you will have better chance for a limit order to get triggered. Happy trading.. Hope it solves your query...
  • #6,599
  • Mar 30, 2017 11:43am Mar 30, 2017 11:43am
Quoting Trader-Dale
Hello my friends! Here is my Daily levels commentary for 30.3.2017. I hope you will like it! https://www.youtube.com/watch?v=8kPEQB7XUQU
Hi Trader-Dale!
You are trading in FXCM. Do they platform has horizontal trading volumes by default or you need to buy (make) this indicator?
Thanks in advance!
  • #6,600
  • Mar 30, 2017 12:00pm Mar 30, 2017 12:00pm
Quoting Jako
Dale (or anyone please - especially Ziggy [no offence to anyone else]) - can I ask (what I think is an important) question about testing levels.....? Sometimes if you just watch the 30 minute chart you cannot tell it's been tested because on the same candle it has moved up and down. And then you can only see it's been tested by going down to the 5/15 minute chart. So my question is - do you consider it tested if on the 30 min chart you cannot see it - because the price action as a whole on the chart has not tested the level? Or would you consider...
Hi Jako, what I do is have an alarm 6 pips in front of the level, when it pings I switch my chart to a 5 min chart and set another alarm 14 pips above the level. I can then both see the action and get a warning if my test rules get activated. For instance I have a Cad level for a long at 1.3283 (from 28 Mar), under the rules I use it did get tested which was annoying coz I wanted to trade that level but I will adhere to my rules no matter what my itchy trigger finger wants to do!

So in answer to your question, it's the price action which determines a test not the time frame it arises in. Cheers Ziggy
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