didn't know fucking audusd has a short-swap of -25$ per standard lot...! not the best pair to short in asian session.
Thx President Dumb and negative swap!
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.. {image} The same goes for the EU long level, you put the entry just below the highest volume bar of the cluster: {image} I don't understand why.. isn't this unlogical since the rejection will occur most propably at the point of highest volume?
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I was using futures for my analysis. There was a little difference between futures and forex. I chose the highest volume areas on futures. You are correct I prefer to put my levels exactly AT the highest volume.
{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...
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Thanks very much for your analysis mate! It is great news that even that old level worked so well! I might as well leave all my old levels valid!
I've been asked about strike rates etc regarding 20/20 and 12/10, firstly I have to say my data is black or white, it does or it doesn't. I hope you've all listened to Dales commentary, assuming you have you'll know that yesterday on the 12/10 approach Dale took a B/E trade on the EU, he can & does manage trades very closely and that is by far the best way to trade. BUT - not everybody can, my data will have that trade as a loser on the 12/10 approach, as it would had the trade got 9.9 pips in front and reversed. You need to know that before reading...
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Thanks very much Ziggy for this post. I find it most helpful!
The answer is no. I look at volumes from different brokers in order to analyse the last couple of days and also the volume analysis needs to be supported by the price action. I jot down the levels each evening and double check em in the morning to get a fresh perspective. At the moment I trade 17pairs but thinking of dropping franky as the CHF results are slightly below the BE.
{quote} The answer is no. I look at volumes from different brokers in order to analyse the last couple of days and also the volume analysis needs to be supported by the price action. I jot down the levels each evening and double check em in the morning to get a fresh perspective. At the moment I trade 17pairs but thinking of dropping franky as the CHF results are slightly below the BE.
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Ah ok, good approach.
It doesn't take long to do a quick backtest to confirm if a pair obeys this method of market profile. I found AUDJPY is a good pair.
So many in the Commercial section want to make me rich! :o
{quote} The answer is no. I look at volumes from different brokers in order to analyse the last couple of days and also the volume analysis needs to be supported by the price action. I jot down the levels each evening and double check em in the morning to get a fresh perspective. At the moment I trade 17pairs but thinking of dropping franky as the CHF results are slightly below the BE.
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Hi Sandmann,
Would you discuss a bit more about "volumes from different brokers"? I often found the market profile to be inaccurate at price extreme and am looking for solutions.
I am also wondering this question: EU future price is different from spot forex price, so the volume cluster identified based on futures should be different price right? Would this affect the accuracy of the level. Or should we do some adjustment like
{quote} Ah ok, good approach. It doesn't take long to do a quick backtest to confirm if a pair obeys this method of market profile. I found AUDJPY is a good pair.
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yes the JPY and also CAD pairs are among my top performers
{quote} Hi Sandmann, Would you discuss a bit more about "volumes from different brokers"? I often found the market profile to be inaccurate at price extreme and am looking for solutions. I am also wondering this question: EU future price is different from spot forex price, so the volume cluster identified based on futures should be different price right? Would this affect the accuracy of the level. Or should we do some adjustment like Future price / ( 1 + forward interest rate) = spot price.
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Hi Antonym,
I use tradingview to do the charting and the overall analysis. I only use MT4 for the order execution, as I find it not very user friendly compared to the rest of the industry. I used it in the past but it's not my cup of tea. I do the charting mainly on FXCM. Once I have the levels jotted down, I compare them to Oanda, IC and Forex.com in order to check the level. I only look for the strongest ones in my opinion and not trying to push the trades for the sake of it. Regarding the futures question, yes it is a different price but tbh I can't go more into that as I only use forex data for the analysis.
{quote} Hi Antonym, I use tradingview to do the charting and the overall analysis. I only use MT4 for the order execution, as I find it not very user friendly compared to the rest of the industry. I used it in the past but it's not my cup of tea. I do the charting mainly on FXCM. Once I have the levels jotted down, I compare them to Oanda, IC and Forex.com in order to check the level. I only look for the strongest ones in my opinion and not trying to push the trades for the sake of it. Regarding the futures question, yes it is a different price...
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Thanks for the answer. What do you mean by "compare them to Oanda, IC and Forex.com"? Can you choose various broker data source at tradingview?
{quote} I was using futures for my analysis. There was a little difference between futures and forex. I chose the highest volume areas on futures. You are correct I prefer to put my levels exactly AT the highest volume.
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Hi Dale,
I am wondering this question: EU future price is different from EU spot forex price, so the volume cluster identified based on futures should be different price right? Would this affect the accuracy of the level. Or should we do some adjustment like
{quote} Thanks for the answer. What do you mean by "compare them to Oanda, IC and Forex.com"? Can you choose various broker data source at tradingview? Ok the future question I will ask Dale about it.
{quote} So according to the rules we close down all the pending orders now?
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It's your choice when you close them down, but you do want to close them before the macro news items are released. You can reopen any orders that haven't been triggered during the news period once the volatility has died down
Trader Dale - daily trading levels
