Trader Dale - daily trading levels
- #7,542
- Edited May 10, 2017 12:10am May 9, 2017 4:49pm | Edited May 10, 2017 12:10am
- Joined Dec 2012 | Status: Trader | 1,798 Posts
You can manage risk, but you can't manage the return
- #7,547
- May 10, 2017 12:06am May 10, 2017 12:06am
- Joined Dec 2012 | Status: Trader | 1,798 Posts
You can manage risk, but you can't manage the return
- #7,548
- Edited 2:11am May 10, 2017 12:09am | Edited 2:11am
- Joined Dec 2012 | Status: Trader | 1,798 Posts
and here are my picked levels for the coming session: {image}
EURUSD: 1.08940 hit TP
USDJPY: 113,77 hit TP
AUDUSD: 0,7355 hit TP
GBPUSD: level Canceled (considered as tested)
You can manage risk, but you can't manage the return
- #7,550
- May 10, 2017 3:00am May 10, 2017 3:00am
{quote} During my sleep 3 levels were triggered with a full TP as result. It was a wonderfull night
- #7,551
- Edited 3:47am May 10, 2017 3:08am | Edited 3:47am
- Joined Dec 2012 | Status: Trader | 1,798 Posts
{quote} First of all stupid questions are non excisingDale is looking to high volume area's in combination with Price Action. and for spots were Volume is accumulating. For the volume thing he is at least using the Profile (I think it's the Volume based one) Besides that he is also looking to the Future volume and tries to correct this to Forex. That's what I understand. Well I'm using only the MarketProfile the TPO based one (in combination with only Forex volume....I know that's not the whole volume picture we see here. But it gives...
High Volume normally attrackts price. Don't see it as an exact location. it's an area that has attraction to price. So price can revers in this area or it can slow down, before a next move in the same direction. It can gives you time to enter a trade or get out of a trade.
as time passing by High volume is losing his attracktion by price.....btw. reference points have much more memory if time is passing and they are also can be much more precise then a volume area.
Low Volume can act as a support, resistance area (especially in combination with single TPO's)
In combination with reference points we possibly can have a strong setup.
Also a good note: in Forex we have Tick Volume (and only within your broker environment)....:
We should note that tick volume measures the number of trades that
take place, it does not reflect the actual contract volume in each trade. Thus, one tick may equal two contracts or 2,000 contractsquite a difference
from a trading logic standpoint. Moreover, on low volume days
(like holidays) tick volume can register quite high because of heavy local
activity, while in reality, actual volume is low. Still, high tick-volume
prices generally coincide closely with the high TPO prices and, therefore,
may be a useful estimate of the high volume prices.When
using tick volume, traders simply need to be more aware of the underlying
liquidity of the market in which they are trading.
If you want the real volume you need the Future environment (as often mentioned in this thread)
You can manage risk, but you can't manage the return
- #7,552
- May 10, 2017 3:23am May 10, 2017 3:23am
- Joined Dec 2012 | Status: Trader | 1,798 Posts
You can manage risk, but you can't manage the return
- #7,553
- Edited 5:04am May 10, 2017 3:40am | Edited 5:04am
- Joined Dec 2012 | Status: Trader | 1,798 Posts
{quote} During my sleep 3 levels were triggered with a full TP as result. It was a wonderfull night
I always need to check and mention....:
-Where is High Volume Area?
-Where is reference point in that area?
-Where is the price action in that area?
Somewhere in that area is the best entrypoint....
That would give a possible edge over the market or call it a possible change of success!!
Well I'm still learning....
You can manage risk, but you can't manage the return
- #7,556
- May 10, 2017 5:02am May 10, 2017 5:02am
- Joined Dec 2012 | Status: Trader | 1,798 Posts
{quote} If the USDCAD level is working out.... (it's now running) I'm would be lucky I think....Why I think that? Because I didn't saw or overlooked yesterday where price action was....it was at 1.3689 insteed of my entrylevel at 1.3694!! I always need to check and mention....: -Where is High Volume Area -Where is reference point in that area -Where is the price action in that area Somewhere in that area is the best entrypoint.... That would give a possible edge over the market or call it a possible change of success!! Well I'm still learning....
Do you see the reaction at the lowest point.....that's the price action we need to find over and over again...
phhh 4 winners for now today and 1 as considered as tested
You can manage risk, but you can't manage the return
- #7,557
- May 10, 2017 9:17am May 10, 2017 9:17am
{quote} anyway it worked out nicely (in the end.....) Do you see the reaction at the lowest point.....that's the price action we need to find over and over again...
Take 1 step forward, two small steps back
at 0.73958
- #7,559
- May 10, 2017 12:05pm May 10, 2017 12:05pm
{quote} If the USDCAD level is working out.... (it's now running) I'm would be lucky I think....Why I think that? Because I didn't saw or overlooked yesterday where price action was....it was at 1.3689 insteed of my entrylevel at 1.3694!! I always need to check and mention....: -Where is High Volume Area? -Where is reference point in that area? -Where is the price action in that area? Somewhere in that area is the best entrypoint.... That would give a possible edge over the market or call it a possible change of success!! Well I'm still learning....
Take 1 step forward, two small steps back