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Trader Dale - daily trading levels

  • #6,881
  • Apr 12, 2017 6:55am Apr 12, 2017 6:55am
Nice EUR/USD trade.. I did not took it cause I'm long on the pair.. but should have known better, Dale level had confluence with a 50% fibo level.. OF course it will be rejected.. For some reason that 1.06 is holding.. WOW! it's a strong level.
Attached Image (click to enlarge)
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  • #6,882
  • Apr 12, 2017 7:21am Apr 12, 2017 7:21am
Quoting caillo
Nice EUR/USD trade.. I did not took it cause I'm long on the pair.. but should have known better, Dale level had confluence with a 50% fibo level.. OF course it will be rejected.. For some reason that 1.06 is holding.. WOW! it's a strong level. {image}
Dear Caillo,
I am also a big fan of the "power of FIbo" and mainly trade on basis of confluence between volume, price action, and fibo 38%... But, I am still wondering which time frame and trend you are referring to when u say "50% level on fibo".... I have tried drawing the tool on different time frames but could not spot any such level close to Dale's level... Can you, please, explain a little.

Regards,

Sanaulhaq
  • #6,883
  • Apr 12, 2017 7:23am Apr 12, 2017 7:23am
Thanks a lot Ziggy.

Just to confirm, my understanding of your way of trading the levels/stats is, that once a level is posted, you consider it valid to trade until its either tested or traded? So some levels will be there "pending" for days?

Thx again

PC




Quoting ziggy
{quote} no PC, this involves no management except if your trade gets 20 pips up on the chart, but hasn't PT'd because of spread, then move the stop to BE. 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....
Less is more...
  • #6,884
  • Apr 12, 2017 7:23am Apr 12, 2017 7:23am
Quoting caillo
Nice EUR/USD trade.. I did not took it cause I'm long on the pair.. but should have known better, Dale level had confluence with a 50% fibo level.. OF course it will be rejected.. For some reason that 1.06 is holding.. WOW! it's a strong level. {image}
New level at 1.0616 EU short
So many in the Commercial section want to make me rich! :o
  • #6,885
  • Apr 12, 2017 7:25am Apr 12, 2017 7:25am
#usdcad I wonder if the news will push the pair up to Dale's level and get rejected all the way down to 1.3280 or 1.3252 which is the 50% fibo??? Here is a chart of my thinking process. Right now it broke a support line @ 1.3314.. Will it keep going down and just test this level @1.3314 or will it go all the way up to 1.3344 and then be rejected? We'll see soon!!
Attached Image (click to enlarge)
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  • #6,886
  • Apr 12, 2017 7:42am Apr 12, 2017 7:42am
Quoting ziggy
{quote} That's great azm1, 2-3% is sensible, 10% clearly isn't but it gets the point across 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...
Hi, i just wanted to share my experience which kinda backs up your point about finding your own way.

I'm a rank amateur, enthusiastic learner, with not a huge amount of time and a day job that isnt anything to do with trading. I use IG Index....probably my first mistake, using limit orders.

I was treading water for ages using the exact level Dale has been posting with the 10-12 rule. I changed early March as i thought the spread was making me miss trades or turning winning trades into losing trades. The results so far have improved dramatically.

Row Labels Lose Win Grand Total
January 33 24 57
February 28 23 51
March 16 33 49
April 4 14 18

The method i changed was to take or add 2 points off dales level (depending on if its a short or long trade) to take care of spread. Then changed to SL14 TP12. My win % has increased markedly.

I started out with about £200 in my account, and i now have over £800. (there are some swing trades in there too, notably a bad GBP/USD one that was -£180.00). I'm slowing increasing my position size.

Hope this helps some fellow noobies out there.
  • #6,887
  • Apr 12, 2017 7:54am Apr 12, 2017 7:54am
Quoting WileyD
{quote} Hi, i just wanted to share my experience which kinda backs up your point about finding your own way. I'm a rank amateur, enthusiastic learner, with not a huge amount of time and a day job that isnt anything to do with trading. I use IG Index....probably my first mistake, using limit orders. I was treading water for ages using the exact level Dale has been posting with the 10-12 rule. I changed early March as i thought the spread was making me miss trades or turning winning trades into losing trades. The results so far have improved dramatically....
Have you backtested to see what your results would have been if you hadn't changed anything?
So many in the Commercial section want to make me rich! :o
  • #6,888
  • Apr 12, 2017 7:57am Apr 12, 2017 7:57am
Quoting pipcruiser
Thanks a lot Ziggy. Just to confirm, my understanding of your way of trading the levels/stats is, that once a level is posted, you consider it valid to trade until its either tested or traded? So some levels will be there "pending" for days? Thx again PC {quote}
Hi PC

That's correct, the longest period I have between a level being put up and actually traded is 43 days, price got as far as 340 pips away from the level, when it eventually did return it went 2 pips past and then retreated for 50. Of course they wont all do that, but I cant see any correlation between time lapsed and failure/success rate, until I find out otherwise I'll keep trading them - providing of course they are not up against macro news.

cheers ziggy

ps talking of macro news, dont forget that bank of Canada has some major news out at 15:00 uk time today, and then crude inventories are out at 15:30 which have the chance of moving the Cad a long way if there are any surprises - I'm going to remove my Cad order now as it's not that far away & I don't want it snagged before the news comes out
  • #6,889
  • Apr 12, 2017 8:11am Apr 12, 2017 8:11am
Quoting sanaulhaq
{quote} Dear Caillo, I am also a big fan of the "power of FIbo" and mainly trade on basis of confluence between volume, price action, and fibo 38%... But, I am still wondering which time frame and trend you are referring to when u say "50% level on fibo".... I have tried drawing the tool on different time frames but could not spot any such level close to Dale's level... Can you, please, explain a little. Regards, Sanaulhaq
I calculate the levels by hand from weekly price action. It changes with the order flow of the market, so every time the market changes, like what happened this week with EUR/USD.. the market gives me this points.. I can't tel you how I calculate them, but I can tell you to draw it from down to top, 0% should be on 1.09065 and 100% @1.03403.. do this and you will see the levels with the confluence of Dale's lavel with the 50% level
  • #6,890
  • Apr 12, 2017 8:41am Apr 12, 2017 8:41am
There is pretty nice new level guys:
eur/usd short from 1.0616
  • #6,891
  • Apr 12, 2017 10:20am Apr 12, 2017 10:20am
also aud/usd 7498 short looks very good
  • #6,892
  • Apr 12, 2017 10:53am Apr 12, 2017 10:53am
Quoting Trader-Dale
also aud/usd 7498 short looks very good
Missed by one pip
  • #6,893
  • Apr 12, 2017 11:23am Apr 12, 2017 11:23am
EURUSD +10!
  • #6,894
  • Apr 12, 2017 11:30am Apr 12, 2017 11:30am
Quoting Trader-Dale
There is pretty nice new level guys: eur/usd short from 1.0616
Thank you Dale, always appreciated
FlyLo
  • #6,895
  • Apr 12, 2017 11:49am Apr 12, 2017 11:49am
Quoting ziggy
{quote} That's great azm1, 2-3% is sensible, 10% clearly isn't but it gets the point across 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...

Thanks for providing these stats Ziggy. I'm also sticking to the 2-3% . I'm guessing things could get messy when more than one trade triggers at the higher percentages depending on the margin you have with your broker.
Cheers FlyLo
  • #6,896
  • Apr 12, 2017 12:03pm Apr 12, 2017 12:03pm
Quoting ziggy
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...
so your findings suggest a higher return on winnings,,,but is the success rate higher per trade?.....say since thread opened we had 100 trades,,,,say 80 worked on the 10/12 method,,,,,,would the 20/20 win 80 times also?...or maybe more times?

thanks
  • #6,897
  • Apr 12, 2017 2:19pm Apr 12, 2017 2:19pm
What is going on out there? Is Mr. Trump speaking or what?
  • #6,898
  • Apr 12, 2017 2:21pm Apr 12, 2017 2:21pm
Quoting majrou666
What is going on out there? Is Mr. Trump speaking or what?
yep - saying $ is getting too strong - stay out of the way

edit - now saying China not a currency manipulator............. obviously doesn't want them dumping their bazillions of USD
and has some good things to say about Yellen, but probably wont re-appoint her - hahahahaha - bit like a football manager getting a vote of confidence from the board - time to get your CV updated Janet
  • #6,899
  • Apr 12, 2017 2:40pm Apr 12, 2017 2:40pm
Guys, I will rather do levels tomorrow and not today. The reason is our favourite guy
Attached Image
  • #6,900
  • Apr 12, 2017 2:50pm Apr 12, 2017 2:50pm
Quoting ziggy
{quote} yep - saying $ is getting too strong - stay out of the way edit - now saying China not a currency manipulator............. obviously doesn't want them dumping their bazillions of USD and has some good things to say about Yellen, but probably wont re-appoint her - hahahahaha - bit like a football manager getting a vote of confidence from the board - time to get your CV updated Janet
Where did you read this?
So many in the Commercial section want to make me rich! :o
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