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Trader Dale - daily trading levels

  • #7,041
  • Apr 24, 2017 2:51am Apr 24, 2017 2:51am
Hello guys, here are my today's levels!
Not much trades. We will have to wait for new levels to form.
*there was also a good short level on aud/usd 0.7590 but Iam not sure if it was tested or not during the market open. Different brokers - very different data.
Attached Image (click to enlarge)
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  • #7,042
  • Apr 24, 2017 4:58am Apr 24, 2017 4:58am
Reduced half USDCAD position at BE
Edit: half -12
  • #7,043
  • Apr 24, 2017 5:32am Apr 24, 2017 5:32am
usd/cad damn...hit SL. It is weird. This level was extremely strong. Usually if there is almost no reaction to level this strong it means that sellers (in this case) are extremely strong. This could mean start of usd/cad downtrend. The way I look at this is that I paid for this information with my 12 pip SL
  • #7,044
  • Apr 24, 2017 6:00am Apr 24, 2017 6:00am
Well anyone who took the USDCAD trade may have been stopped out I'm afraid.

Amazingly enough though it's seems to be holding and bouncing off 200 ema on 1 hr chart as did EU on Friday. Strong confluence area also -1/8 murray maths at 13410
Attached Image (click to enlarge)
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  • #7,045
  • Apr 24, 2017 6:15am Apr 24, 2017 6:15am
Quoting Trader-Dale
usd/cad damn...hit SL. It is weird. This level was extremely strong. Usually if there is almost no reaction to level this strong it means that sellers (in this case) are extremely strong. This could mean start of usd/cad downtrend. The way I look at this is that I paid for this information with my 12 pip SL
Also, between March and April in the area between 1.3430 and 1.3447 we had 3 short levels.
Do you think looking at the past could give us some hints that this is an area we sellers are very strong?
  • #7,046
  • Apr 24, 2017 6:38am Apr 24, 2017 6:38am
I will probably go short exactly from our usd/cad level that went into SL today.
  • #7,047
  • Apr 24, 2017 6:40am Apr 24, 2017 6:40am
Quoting Trader-Dale
I will probably go short exactly from our usd/cad level that went into SL today.
this one would have been my second question!

we are pretty close actually
  • #7,048
  • Apr 24, 2017 7:06am Apr 24, 2017 7:06am
What do you think of USDCAD long 1.33975 and 1.33825?
Always look for reasons not to take a trade
  • #7,049
  • Apr 24, 2017 7:13am Apr 24, 2017 7:13am
Quoting Jako
What do you think of USDCAD long 1.33975 and 1.33825?
33975 good. 33825 - I like this much even more. Good job identifying them! Be carefull though, strong sellers now- as I wrote earlier.
  • #7,050
  • Apr 24, 2017 7:15am Apr 24, 2017 7:15am
Ha! This is how you take your money back! If you follow my previous posts you will know the reason behind my short trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 24.4. loss into win CAD.png Size: 27 KB
  • #7,051
  • Apr 24, 2017 7:22am Apr 24, 2017 7:22am
Quoting Trader-Dale
Ha! This is how you take your money back! If you follow my previous posts you will know the reason behind my short trade. {image}
Thanks Dale, I followed your suggested short and earned it back
  • #7,052
  • Apr 24, 2017 7:39am Apr 24, 2017 7:39am
Quoting azm
{quote} Thanks Dale, I followed your suggested short and earned it back
Cool! I am glad to hear it!
  • #7,053
  • Apr 24, 2017 9:19am Apr 24, 2017 9:19am
Quoting Trader-Dale
Ha! This is how you take your money back! If you follow my previous posts you will know the reason behind my short trade. {image}
Great call Dale!

Too bad that I went for 20 pips so I only got break even....
  • #7,054
  • Apr 24, 2017 10:43am Apr 24, 2017 10:43am
Quoting Trader-Dale
{quote} Cool! I am glad to hear it!
When do you usually decide if you should short(or Long) when you hit SL? This was a good call. I waited for 20pip so hit another SL. Just a bad day
  • #7,055
  • Apr 24, 2017 11:14am Apr 24, 2017 11:14am
Quoting brink
{quote} When do you usually decide if you should short(or Long) when you hit SL? This was a good call. I waited for 20pip so hit another SL. Just a bad day
If resistance turns to support and has volume to back it up
So many in the Commercial section want to make me rich! :o
  • #7,056
  • Apr 24, 2017 11:37am Apr 24, 2017 11:37am
Hello Dale
What do you think of USDCAD Long at 1.3431?
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  • #7,057
  • Apr 24, 2017 12:29pm Apr 24, 2017 12:29pm
I wanted to ask which currencies are correlated? Dale, Ziggy, anyone?
  • #7,058
  • Apr 24, 2017 2:15pm Apr 24, 2017 2:15pm
Quoting KhalidY
I wanted to ask which currencies are correlated? Dale, Ziggy, anyone?
If you are asking about correlation among the 4 fx pairs I use for intraday trading it differs from time to time. All the pairs are majors which means that one currency in the pair is USD. So if there is for example significant news regarding USD you will see all 4 pairs moving pretty the same - the move is USD driven. In this case the correlation is very high. Sometimes where the move isn't USD driven, the correlation is much lower.
If you are asking about other fx pairs you can have a look for example at this correlation table:
http://www.myfxbook.com/forex-market/correlation

Is this what you wanted to know mate?
  • #7,059
  • Apr 24, 2017 2:16pm Apr 24, 2017 2:16pm
Quoting KhalidY
Hello Dale What do you think of USDCAD Long at 1.3431? {image}
I think it is very good good job!
  • #7,060
  • Apr 24, 2017 2:21pm Apr 24, 2017 2:21pm
For those who missed today's usd/cad action have a look HERE (http://trader-dale.com/recent-forex-trades/).
I made a little explanation of how I traded this one. It is an explanation of one handy trick that I used for this trade. This little trick saved me from having losing day today.
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