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Trader Dale - daily trading levels

  • #6,981
  • Edited 2:50am Apr 19, 2017 12:13am | Edited 2:50am
Am considering
EU 1.0706
AU 0.7540
for today.
EDITED: A good level also formed at my favorite pair i.e. Eur/Jpy 116.56

And, I guess some of you who use Dale's method may also agree there was a good level at UJ 108.63 that ended up nicely during Asian Session.

Happy trading and many green pips, guys!

Regards,

Sanaulhaq
  • #6,982
  • Apr 19, 2017 2:07am Apr 19, 2017 2:07am
took a long time but EU level short 1.0735 given on 31/3 paid out 20 overnight, worst it got to was 1.07355 so half a pip!! You could have said it was tested before being triggered but in the grand scheme of the move up I was happy to take it on. Hope others also had it and that Dale is feeling better today. Cheers Ziggy
  • #6,983
  • Apr 19, 2017 3:02am Apr 19, 2017 3:02am
Quoting michelrio
Hi Ziggy, i have a question for you. I saw your excel sheet with all the data for the 20/20 approach. Successrate is 66%. Do you know if the system will perform even better when you don't take trades where price was already 3 Pips or closer to entry? And when you don't take entries for targets that are older than 24 hours. I don't have any data. Do you? If not what would be your guess that performance stays the same or would you think that successrate is even higher than 66%? If anybody else knows it let me know. Thanks Michel
Hi Michelrio,

You are asking if the results would be improved if "tested" levels were excluded. Please bear in mind that my results are based on past results and in terms of the big picture the sample size is pretty small, having said that past results are all I have to go on and I do base my forward decisions on past performance.

I have always said that avoiding previously tested levels is the better approach, but as time goes on and I have a greater number of past results I hone my thoughts. If trading as Dale recommends with a 12 pip stop and a very pro-active hands on approach, then it is definitely best to avoid pre tested levels. I wouldn't get too hung up on if it's 3,4 or 5 pips away before it turns - it is best to use your eyes and ask yourself if the price action suggests the level has been consumed, sometimes it can turn from 2 pips away but doesn't "look" consumed, other times it moves away from being 5 pips off and it just looks a used level. That kind of thing is difficult to put into rules, so we put a number on it to make it easy to make a decision. I would say if you are using a 12 pip stop and need to use rules then a good set of rules are if it gets to within 5 pips of the level, and then moves 15 pips away from the level, then consider it used.

However, if you are using a 20 pip stop I have a slightly different approach - and this is how I am both recording and trading the levels. My PT is 20 pips, so I know in advance both where my entry is and where my PT is. If price gets to within 5 pips of the level and then reaches my profit take line before I have been taken into the trade, then I cancel my order and I record that as a "trade" that was never entered. I will use a bit of common sense in that I will look at the overall picture and lets say it came within range of the level, got to 2 pips away and "made" 18 pips, then I will look at the chart and ask myself if I think there is likely to be a second reaction at the level - I may decide not to trade, I may even decide to trade but move my entry point a little further away. I am a rules based trader but I don't ignore what my eyes are telling me.

As far as my records that I periodically post statistics from are concerned, it is black or white, I remove any emotion or decision making and just record hard facts.

Hope this is helpful. Cheers Ziggy
  • #6,984
  • Apr 19, 2017 3:08am Apr 19, 2017 3:08am
Quoting DrBeercan
{quote} Excellent stuff, hope they work for you. A question for you if you don't mind, EU level is below its current ranging horizontal. Do you think that when it breaks it will be a train ride? Blasting straight through that level? Remember am a new trader so keen to learn :-)
First, sorry my understanding english is very bad. If break "my level", I can't say the price will follow the train, or turn around. I just put my level where green/blue candle "meet" red/purple candle in same area based candle suite indicator.
Attached Image (click to enlarge)
Click to Enlarge Name: rr.png Size: 98 KB
Follow the flow of water in a stream
  • #6,985
  • Apr 19, 2017 3:30am Apr 19, 2017 3:30am
Quoting spynoza
{quote} First, sorry my understanding english is very bad. If break "my level", I can't say the price will follow the train, or turn around. I just put my level where green/blue candle "meet" red/purple candle in same area based candle suite indicator. {image}
Am sure you saw that the AU level you had worked:-). I was following when I could at work.
Are you using an indicator for the screen shot you have shown that gave you your level to trade?
That was actually quite a good explanation :-)
Take 1 step forward, two small steps back
  • #6,986
  • Apr 19, 2017 4:03am Apr 19, 2017 4:03am
Just to bring it to the notice of everyone that Dale's thread is nearing another milestone.... Yes, 7000 posts only 14 comments away from now..,!
  • #6,987
  • Apr 19, 2017 4:12am Apr 19, 2017 4:12am
Quoting ziggy
{quote} Hi Michelrio, You are asking if the results would be improved if "tested" levels were excluded. Please bear in mind that my results are based on past results and in terms of the big picture the sample size is pretty small, having said that past results are all I have to go on and I do base my forward decisions on past performance. I have always said that avoiding previously tested levels is the better approach, but as time goes on and I have a greater number of past results I hone my thoughts. If trading as Dale recommends with a 12 pip...
Really, it was! I must appreciate your anticipation. Certainly, one needs years of experience and excellent chart-reading skills to such an accurately guide his decisions and choices. Hats off to you, Ziggy.
  • #6,988
  • Apr 19, 2017 4:28am Apr 19, 2017 4:28am
if you pop over to Dales web site you'll find his levels have bee posted
  • #6,989
  • Apr 19, 2017 4:44am Apr 19, 2017 4:44am
Quoting sanaulhaq
Am considering EU 1.0706 AU 0.7540 for today. EDITED: A good level also formed at my favorite pair i.e. Eur/Jpy 116.56 And, I guess some of you who use Dale's method may also agree there was a good level at UJ 108.63 that ended up nicely during Asian Session. Happy trading and many green pips, guys! Regards, Sanaulhaq
EU turned 1 pip sooner... Eur/Jpy also tested...
  • #6,990
  • Apr 19, 2017 5:39am Apr 19, 2017 5:39am
Quoting DrBeercan
{quote} Am sure you saw that the AU level you had worked:-). I was following when I could at work. Are you using an indicator for the screen shot you have shown that gave you your level to trade? That was actually quite a good explanation :-)
print screen and paste at coreldraw, then export png file...
Follow the flow of water in a stream
  • #6,991
  • Apr 19, 2017 7:25am Apr 19, 2017 7:25am
Anyone have any thoughts on USD CAD 1.338 as a long level? Sideways action then strong move up - untested?
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD.PNG Size: 9 KB
Always look for reasons not to take a trade
  • #6,992
  • Apr 19, 2017 7:39am Apr 19, 2017 7:39am
Quoting Jako
Anyone have any thoughts on USD CAD 1.338 as a long level? Sideways action then strong move up - untested? {image}
Hi Jako - if you go over to Dales web site you'll see he has a level at 1.3383.............. so I recon you can say you are pretty spot on
  • #6,993
  • Apr 19, 2017 8:10am Apr 19, 2017 8:10am
Quoting ziggy
{quote} Hi Jako - if you go over to Dales web site you'll see he has a level at 1.3383.............. so I recon you can say you are pretty spot on
Great! Thanks Ziggy.

What about 1.3398....?
Again side action then strong untested move up?
Attached Image
Always look for reasons not to take a trade
  • #6,994
  • Apr 19, 2017 8:17am Apr 19, 2017 8:17am
Quoting Jako
{quote} Great! Thanks Ziggy. What about 1.3398....? Again side action then strong untested move up? {image}
personally I'm sticking with the one level which I see as being within the accumulation zone, for me the 98 level could be a good call as it was a rejection level so could now form support, it has the BRN going for it - I'd just prefer to see it come deeper
  • #6,995
  • Edited 8:36am Apr 19, 2017 8:25am | Edited 8:36am
Quoting ziggy
{quote} personally I'm sticking with the one level which I see as being within the accumulation zone, for me the 98 level could be a good call as it was a rejection level so could now form support, it has the BRN going for it - I'd just prefer to see it come deeper
BRN?

Edit: Ah...Big Round Number
Always look for reasons not to take a trade
  • #6,996
  • Apr 19, 2017 7:31pm Apr 19, 2017 7:31pm
au
0.7677
0.7606
0.7583td
0.7556
0.7475

uc
1.3436
1.3381td
1.3326td
1.3228

eu
-distant-1.0527
-distant-1.0572
1.0589
1.0641
1.0683
1.0744
1.0792

uj
108.35
109.14
109.8
110.10



gu
1.29distant
1.2843
1.2753
1.2657
1.2515
uchf
1.0086
1.0041
1
0.9952
  • #6,997
  • Apr 20, 2017 1:54am Apr 20, 2017 1:54am
Hello guys! New levels for 20.4. are already at my website!
  • #6,998
  • Apr 20, 2017 2:05am Apr 20, 2017 2:05am
AUDUSD 0.7517 already hit
  • #6,999
  • Apr 20, 2017 2:23am Apr 20, 2017 2:23am
That 7517 level was not respected at all. The candle size seems like a good sign to be careful I'd say.
  • #7,000
  • Apr 20, 2017 2:33am Apr 20, 2017 2:33am
Quoting Elhemano1
AUDUSD 0.7517 already hit
-12 pips
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