USDCAD was working like a charm for the past few days... 5wins
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- Post #6,603
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- Mar 30, 2017 2:41pm Mar 30, 2017 2:41pm
{quote} 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...
I would question whether that is the correct approach since in all other respects, the creation of the levels are based primarily on the price action and resulting market profile on the 30 minute time frame. This arguably means that anything in the lower time frames including, whether or not a level has been tested, is just noise.
Not that it proves it one way or the other but I took my own level on the UC long at 1.328 earlier. If you look at the 30M chart it looks great but on the 5 min chart it was tested. Luckily Ziggy I hadn't got your response yet!
Always look for reasons not to take a trade
- Post #6,604
- Quote
- Mar 30, 2017 3:19pm Mar 30, 2017 3:19pm
{quote} Thank you Ziggy, I would question whether that is the correct approach since in all other respects, the creation of the levels are based primarily on the price action and resulting market profile on the 30 minute time frame. This arguably means that anything in the lower time frames including, whether or not a level has been tested, is just noise. Not that it proves it one way or the other but I took my own level on the UC long at 1.328 earlier. If you look at the 30M chart it looks great but on the 5 min chart it was tested. Luckily Ziggy...
Something you should consider is that the profile will look identical for a 24 hour period if it is on a 1 min timeframe or 24 hour timeframe, it is a record over a period of the volume of trades carried out during that entire period, all the lumps & bumps will be in exactly the same place. Using a 30 min chart to put it on helps you to see how price moved during the day & how aggressively it moved. In principle we are looking for a reaction at the locations, and a test over any timeframe means we've seen a reaction from the zone we were expecting to see it.
That cad trade was a classic example of support at a location, and it has every chance of causing a major move back up the page, generally the levels are not in a location where you might expect much more than a quick reaction. But I'd say make your approach your own, whatever you feel you can consistently do is the right approach - anyone trying to do this at work with their boss close by clearly has different constraints to an old codger like me who can sit most of the time at the screen
- Post #6,608
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- Mar 30, 2017 4:57pm Mar 30, 2017 4:57pm
- | Membership Revoked | Joined Sep 2016 | 1,511 Posts
Hello guys! here are levels for 31.3.2017:
- Post #6,609
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- Mar 30, 2017 5:20pm Mar 30, 2017 5:20pm
Always look for reasons not to take a trade
- Post #6,610
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- Edited at 4:09am Mar 31, 2017 3:41am | Edited at 4:09am
Always look for reasons not to take a trade
- Post #6,611
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- Mar 31, 2017 4:13am Mar 31, 2017 4:13am
- | Membership Revoked | Joined Sep 2016 | 1,511 Posts
- Post #6,612
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- Mar 31, 2017 4:22am Mar 31, 2017 4:22am
Always look for reasons not to take a trade
- Post #6,614
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- Mar 31, 2017 4:32am Mar 31, 2017 4:32am
Always look for reasons not to take a trade
- Post #6,616
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- Mar 31, 2017 4:42am Mar 31, 2017 4:42am
{quote} Sorry to answer another question that wasn't addressed to me. Just my two cents and how I traded that level. I wouldn't trade that level anymore as the volume is not that significant on March 29th. {image}
Don't apologise Sandmann - your answer really helped me!
Can I trouble you to look at USD CAD 1.33760 and tell me your thoughts. It's another level that I as an amateur want to take but Dale has missed it out. So I'd love to learn why.
Always look for reasons not to take a trade
- Post #6,617
- Quote
- Mar 31, 2017 4:52am Mar 31, 2017 4:52am
Hi all,
I was so proud of my own level for UC @1,3377, based on Dale's great new documents, that I'm now even more disappointed that it is not a valid one
.
Well, not really, but i'm wondering why this level does not qualify. I try to learn also from looking at levels which should - to whatever reason - not be considered.
Any idea?
cheers
I was so proud of my own level for UC @1,3377, based on Dale's great new documents, that I'm now even more disappointed that it is not a valid one
. Well, not really
, but i'm wondering why this level does not qualify. I try to learn also from looking at levels which should - to whatever reason - not be considered.Any idea?
cheers
- Post #6,618
- Quote
- Mar 31, 2017 5:13am Mar 31, 2017 5:13am
{quote} Don't apologise Sandmann - your answer really helped me! Can I trouble you to look at USD CAD 1.33760 and tell me your thoughts. It's another level that I as an amateur want to take but Dale has missed it out. So I'd love to learn why.
