It takes a lot for me to IGNORE you, but you can try.
Trader Dale - daily trading levels
- #6,863
- Apr 12, 2017 2:21am Apr 12, 2017 2:21am
Hello guys, the eur/usd short we are approaching is 1.0624-1.0625. There was a slight difference between forex and futures yesterday when I was making my levels. You may want to shift this level a bit higher because of that.
Would you be so kind to explain the reason for choosing the level Short USDJPY @ 110.13
When I zoomed out the chart, it appears that 110.13 are strong support levels.
The only plausible explanation I could think of, is that you expect the strong support levels to become resistance, hence placing the short at 110.13?
As some will know I have some time constraints for both trading & posting these days, but today I am able to trade up to around 15:00
I was happy to take the EU trade at the originally posted level as my personal criteria for a test hadn't been breached, I also trade for a 20 pip PT which has just been banked, thanks Dale.
A question above regarding length of time a trade is open, if you are trading with a 12 pip stop that can be problematical, I use a 20 pip stop and all the evidence I have, and I've recorded every trade in this thread, is that using a 20 pip stop & 20 pip PT it makes no difference how long a trade is open for........... except maybe to your sleep!! I took both the long and short EU trades yesterday and both made 20 pips PT, the short trade was open for hours and didn't close until after 4am, if you fret about such things your sleep might have suffered
As mentioned above I've not been able to post much lately, but can say if you are able to walk away from the screen while a trade is running then using the 20/20 approach is a great way to trade Dales levels. I would never say it will suit all, and clearly Dale is a terrific trader who stays right on top of all his trades - but if you cannot do that, or if you find the trade spread is causing you to lose trades that others are winning - have a think about trying 20/20.
The thread has been running just over 6 months now and this is how a simple 20/20 would have rewarded you in pips
If you have a large account and traded at a high pip value you would be extremely happy, if you started with £1000 and traded at 5% risk per trade then right now you'd have around £17,000......... not too shabby and over that period your biggest bank dip would have been 24%. I'm not advocating such a high risk level, but I know many do trade at this kind of risk. A £500 bank traded at 10% (a great way to blow an account but also a great way to turbo start a small one) would in theory now be over £100,000 - yeah really, but that assumes you could & would trade at over £500 per pip without slippage and without your broker stopping you, and you could stomach losing getting on for half your bank at times.
The thing about trading is you must find a way that suits you, and then be totally consistent about what you do. Do that following what Dale does and at the same time learning how to do it yourself and you will be able to make some serious advances
BIG thanks Dale Cheers Ziggy
I was happy to take the EU trade at the originally posted level as my personal criteria for a test hadn't been breached, I also trade for a 20 pip PT which has just been banked, thanks Dale.
A question above regarding length of time a trade is open, if you are trading with a 12 pip stop that can be problematical, I use a 20 pip stop and all the evidence I have, and I've recorded every trade in this thread, is that using a 20 pip stop & 20 pip PT it makes no difference how long a trade is open for........... except maybe to your sleep!! I took both the long and short EU trades yesterday and both made 20 pips PT, the short trade was open for hours and didn't close until after 4am, if you fret about such things your sleep might have suffered
As mentioned above I've not been able to post much lately, but can say if you are able to walk away from the screen while a trade is running then using the 20/20 approach is a great way to trade Dales levels. I would never say it will suit all, and clearly Dale is a terrific trader who stays right on top of all his trades - but if you cannot do that, or if you find the trade spread is causing you to lose trades that others are winning - have a think about trying 20/20.
The thread has been running just over 6 months now and this is how a simple 20/20 would have rewarded you in pips
If you have a large account and traded at a high pip value you would be extremely happy, if you started with £1000 and traded at 5% risk per trade then right now you'd have around £17,000......... not too shabby
and over that period your biggest bank dip would have been 24%. I'm not advocating such a high risk level, but I know many do trade at this kind of risk. A £500 bank traded at 10% (a great way to blow an account but also a great way to turbo start a small one) would in theory now be over £100,000 - yeah really, but that assumes you could & would trade at over £500 per pip without slippage and without your broker stopping you, and you could stomach losing getting on for half your bank at times. The thing about trading is you must find a way that suits you, and then be totally consistent about what you do. Do that following what Dale does and at the same time learning how to do it yourself and you will be able to make some serious advances
BIG thanks Dale Cheers Ziggy
Thanks for amazing response Ziggy! That indeed puts things into perspective and shows there are many ways to adjust this amazing strategy. I will definitely consider your input. My thought process is to rather get 10 pips and get out. For me its always 2-3% risk per trade for now so it does not make difference in regards to money made just that 10 pips is 'faster'. But it also means faster losses of course. I would assume people trade with consistent amount of risk for each trade otherwise it would seem irrational. So it boils down to how people...
Making it your own is key - but I know a large number of people have moved on out of this thread without ever having made it work for them, and that is a great shame because a little bit of application could have made such a difference to those people. So what I am saying is if anyone is struggling to make the most from this strategy, then look at some small tweeks that will make the difference. I am on record saying that anyone would have to work hard to actually lose money trading this any way at all, & I absolutely know that to be true - but it hasn't stopped a lot of people moving on in their quest for the holy grail.Great trading to you Cheers Ziggy
Hi Ziggy, great post as usual. Is these numbers using your Money Management reducing the SL as price moves in your favor as previously described? Thanks PC {quote}
The trade management approach was/is an idea to be able to reduce risk as soon as possible, it came about because I was aware that some are risking way too much and I saw it as a way to cut that risk back.
I've probably confused as many as I've helped with my previous posts, what I'd "recommend" is 20/20 but with a smaller risk as a long term approach, unless you can micro manage open trades. If you have a small bank and want to try to quickly get it to something that is more meaningful then a 5% risk using 20/20 I think will achieve that. Of course you know what will happen now don't you
Cheers Ziggy
- #6,879
- Edited 7:21am Apr 12, 2017 6:49am | Edited 7:21am
Hey Dale mate!
I'm curious, why didn't you put the sell level in EU from earlier a little lower were the biggest volume bar has occured? That trade would have worked out without higher risk..
The same goes for the EU long level, you put the entry just below the highest volume bar of the cluster:
I don't understand why.. isn't this unlogical since the rejection will occur most propably at the point of highest volume?
I'm curious, why didn't you put the sell level in EU from earlier a little lower were the biggest volume bar has occured? That trade would have worked out without higher risk..
The same goes for the EU long level, you put the entry just below the highest volume bar of the cluster:
I don't understand why.. isn't this unlogical since the rejection will occur most propably at the point of highest volume?