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Trader Dale - daily trading levels

  • #7,301
  • May 2, 2017 2:16pm May 2, 2017 2:16pm
Quoting richie69
{quote} exactly. depends on your view and timeframe/style how you want to trade that level. I found this one as well and I traded it twice with 8.x pips profit. there was a strong activity after a long rotation. that means something and it can't be ignored. why not go with the initial activity after the rotation?
well done. It's not easy to spot these levels, but once you get used to it it's a thing of beauty. Price action + market profile + ton of discipline = success. Congratz on the pips, well deserved
  • #7,302
  • May 2, 2017 2:18pm May 2, 2017 2:18pm
Some of the levels I'm watching.
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So many in the Commercial section want to make me rich! :o
  • #7,303
  • Edited 2:46pm May 2, 2017 2:18pm | Edited 2:46pm
Quoting Sandmann
{quote} Depends on how you look at things. In my opinion it is a level and a pretty viable one. And as we can see the price reacted to it pretty good in my books. Tested the level by 2 pips. If the upmove will continue this level might be a turning point. As i said the level is tested now {image}
I'm with Crocodilerex....well your referencepoint is the wrong one....

Do you know why it was tested at exactly 1,3697...? because it was a known reference point. it is coming from a session high the date 28-04-2017. This level was broken and tested afterwards and was accepted (became support) and price could go higher.... So it wasn't tested because of volume ...it was just an old referencepoint that wasn't tested....

anyway it's an interesting question why is 1,3709 halted.... I don't have any reference points because my tool is not going back more then 400 sessions. But for sure...there is a session high or low or POC what triggered this level! It's all about reference points....!
But again this level is not triggered because of high volume...it's just nit there

that's how I see it....
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You can manage risk, but you can't manage the return
  • #7,304
  • May 2, 2017 2:49pm May 2, 2017 2:49pm
Quoting Sandmann
{quote} well done. It's not easy to spot these levels, but once you get used to it it's a thing of beauty. Price action + market profile + ton of discipline = success. Congratz on the pips, well deserved
Actually it's not that difficult...look at volume in combination with known reference points (session High/Low, Volume Area High/Low, mid-range. elongated Profiles, extremes, profile tails....etc....etc then the lamp is lighting!

The problem I have at the moment....trust in myself....that resulting in starting a trade with less confident....and with that I'm closing to early or much to late....Well I'm working on it
You can manage risk, but you can't manage the return
  • #7,305
  • May 2, 2017 2:52pm May 2, 2017 2:52pm
Quoting HappyMe
{quote} I'm with Crocodilerex....well your referencepoint is the wrong one.... Do you know why it was tested at exactly 1,3697...? because it was a known reference point. it is coming from a session high the date 28-04-2017. This level was broken and tested afterwards and was accepted (became support) and price could go higher.... So it wasn't tested because of volume ...it was just an old referencepoint that wasn't tested.... {image}
not sure on which charts are you looking at but 1.3697 was not what I was referring to... 1.3697 price just slice through it.

Even if it is an old reference point this makes the level even stronger. Even if it is an old reference point you don't expect increased volatility at this level? Moreover you can clearly see a volume spike in FXCM, Oanda and even forex.com, which makes this level even more relevant. If you consider price action you can clearly see why I considered this level. And looking at the price now proves that I was not wrong (well missed by 1.5pips) followed by a 14.5pip reaction.

Let's not bash each others opinions, this is a friendly space and if you don't like the level just consider it, broaden your perspective and if you don't like it don't trade it. Simple as that. No need to waste our time with silly discussions who is right or wrong. Let the market decide
  • #7,306
  • May 2, 2017 2:53pm May 2, 2017 2:53pm
Quoting Sandmann
{quote} well done. It's not easy to spot these levels, but once you get used to it it's a thing of beauty. Price action + market profile + ton of discipline = success. Congratz on the pips, well deserved

thanks yes, that ton of discipline is the main part I would say.

Quoting HappyMe
{quote} I'm with Crocodilerex....well your referencepoint is the wrong one.... Do you know why it was tested at exactly 1,3697...? because it was a known reference point. it is coming from a session high the date 28-04-2017. This level was broken and tested afterwards and was accepted (became support) and price could go higher.... So it wasn't tested because of volume ...it was just an old referencepoint that wasn't tested.... {image}
it really depends on the view. the reason why I took this trade was that there was a movement from the long rotation. once that movement happened, I was looking for an entry within the range of this movement. local POC was the right entry point. I lost interest of "old" volumes right after the move and the new volume level, even the weak one, became an entry point. do some backtesting and you can see this works like a charm.
  • #7,307
  • May 2, 2017 3:03pm May 2, 2017 3:03pm
Quoting Sandmann
{quote} well done. It's not easy to spot these levels, but once you get used to it it's a thing of beauty. Price action + market profile + ton of discipline = success. Congratz on the pips, well deserved
Using the same way of thinking, do you think this level on AUDUSD long around 0.75033 could be a viable one?
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  • #7,308
  • May 2, 2017 3:05pm May 2, 2017 3:05pm
Quoting Sandmann
{quote} .......Let's not bash each others opinions........
No of course not!! It was definitely not my intention to bash or what so ever (I never will!!)....In my opinion the reason after the reaction is just different then you think....why it reacted. That's why I think it's an interesting case to discuss and learn from eachother.

Whatever...if it worked for you => perfect

No offense....indeed it's a friendly forum!!
You can manage risk, but you can't manage the return
  • #7,309
  • May 2, 2017 3:08pm May 2, 2017 3:08pm
When trading today using yesterday's profile should be used that's the rule of thumb. Today's changes not giving the who picture but it's your money
  • #7,310
  • May 2, 2017 3:11pm May 2, 2017 3:11pm
Quoting HappyMe
{quote} No of course not!! It was definitely not my intention to bash or what so ever....In my opinion the reason after the reaction is just different then you think....why it is reactioning. That's why I think it's an interesting case to discuss. Whatever...if it's working perfect! No offense....indeed it's a friendly forum!!
the reason is something you and me don't know. we can see volume and we can follow that. the fact is the volume is created there for some reason. it doesn't matter whether you look for old volumes or do it the way I mentioned because we are still talking about the same. for some reason (which is not even needed to be known) that level is interesting for big players and the conclusion (mine and yours) is still the same - let's trade it as S/R zone.
  • #7,311
  • May 2, 2017 3:12pm May 2, 2017 3:12pm
Quoting Divergence
When trading today using yesterday's profile should be used that's the rule of thumb. Today's changes not giving the who picture but it's your money
Why do you think so?
  • #7,312
  • May 2, 2017 3:16pm May 2, 2017 3:16pm
Well when price is trading within fair value the institutions need to do nothing when market opens above fair value there in control this is why you need to use previous days profile. I trade futures and use this only
  • #7,313
  • May 2, 2017 3:18pm May 2, 2017 3:18pm
Quoting Iena
{quote} Using the same way of thinking, do you think this level on AUDUSD long around 0.75033 could be a viable one? {image}
Hi Iena,

No I wouldn't take this one, the volume is simply too low.
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  • #7,314
  • May 2, 2017 3:25pm May 2, 2017 3:25pm
Here's a major problem market profile is based on volume right well there's no exchange to get the info for contracts traded so your profile will not be accurate. Futures is accurate because of exchange so unless you are getting live charts and data from a futures broker your hit or miss. Now if you are getting data from a futures broker and your trading with a fx broker that's just plan stupid on many levels
  • #7,315
  • May 2, 2017 3:29pm May 2, 2017 3:29pm
Quoting Divergence
Well when price is trading within fair value the institutions need to do nothing when market opens above fair value there in control this is why you need to use previous days profile. I trade futures and use this only
Excellent point, but the rule of thumb for you is not the same for everyone. I'd like to take advantage of today's volume even if it is still forming. The volume won't be lower so if there's a spike we can use it again the very same day.

If I recall correctly that's also what Dale was doing from time to time
  • #7,316
  • May 2, 2017 3:29pm May 2, 2017 3:29pm
Quoting richie69
{quote} the reason is something you and me don't know. we can see volume and we can follow that. the fact is the volume is created there for some reason. it doesn't matter whether you look for old volumes or do it the way I mentioned because we are still talking about the same. for some reason (which is not even needed to be known) that level is interesting for big players and the conclusion (mine and yours) is still the same - let's trade it as S/R zone.
Indeed we don't know the reason and we do not bother....but that's so interesting in the MarketProfile....you can see when the big money is coming in..... it's all about those reference points.... And ofcourse if the market environment is changed then price is just slicing through a reference point....

Professional institutions are not just trading volumes that's much to risky...no not at all they know exactly where to trade.... and yes you can see that, at those levels the volumes comes in, we have extremes, tails, daily highs/lows, VA high/Low, mid range, indeed you can see that in the MarketProfile and we call it reference points. If we can see/find them we have the edge to trade with!

And you also can trade it as S/R zone... correct
You can manage risk, but you can't manage the return
  • #7,317
  • May 2, 2017 3:31pm May 2, 2017 3:31pm
Quoting Sandmann
{quote} Excellent point, but the rule of thumb for you is not the same for everyone. I'd like to take advantage of today's volume even if it is still forming. The volume won't be lower so if there's a spike we can use it again the very same day. If I recall correctly that's also what Dale was doing from time to time
Well you can do as you wish but by using today profile you made it a lagging information source but if your making 50 to 100 ticks a day then continue
  • #7,318
  • May 2, 2017 3:41pm May 2, 2017 3:41pm
Quoting Divergence
Here's a major problem market profile is based on volume right well there's no exchange to get the info for contracts traded so your profile will not be accurate. Futures is accurate because of exchange so unless you are getting live charts and data from a futures broker your hit or miss. Now if you are getting data from a futures broker and your trading with a fx broker that's just plan stupid on many levels
I think that's a misunderstanding..... there are different Profiles!
Profiles based on Volume...... and Profiles based on TPO (Time Price Opportunity)!!

In the MarketProfile I used to the MarketProfile is showing me what the fairest price (Bell Curve) with the POC (price of control) as the level where the price was at the most during the session. In the left of the profile you see numbers...that's the Volume. So I use a combination of both in one....

I'm not sure what Dale used as indicator. But if I'm right it must be a Volume based Profile!

And yes in Forex....the volume is only the volume from your broker....and indeed that's not the complete image!! That's why Dale is also using Futures....
You can manage risk, but you can't manage the return
  • #7,319
  • May 2, 2017 3:46pm May 2, 2017 3:46pm
Market profile is time price opportunity charts tpo why trade forex with false price feeds when you can trade futures with real pricing by the way it can and I do use it based on volume for value areas and poc instead of time spent there
  • #7,320
  • May 2, 2017 3:47pm May 2, 2017 3:47pm
Quoting Sandmann
{quote} Excellent point, but the rule of thumb for you is not the same for everyone. I'd like to take advantage of today's volume even if it is still forming. The volume won't be lower so if there's a spike we can use it again the very same day. If I recall correctly that's also what Dale was doing from time to time
Totally agree!!
Anyway if you are starting it's a good rule of thumb. With time and study you can also look to the current session volume.... Well that would be my approach
You can manage risk, but you can't manage the return
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