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Trader Dale - daily trading levels

  • #7,641
  • May 12, 2017 8:32am May 12, 2017 8:32am
Quoting HappyMe
And at EURUSD...a little rollorcoaster... First we went into the trade... then it went towards TP..just 0.2pips distance from TP it was rotating towards BE... at just 0.2 pips distance from BE it rotated again for a final full TP...... phhhhh {image} {image}
I had it little bit higher!
And I'm thinking I'm gonna skip long USDJPY 113.26
there are two others level 113.75 e 112.82
  • #7,642
  • May 12, 2017 8:49am May 12, 2017 8:49am
Quoting HappyMe
{quote} No it's mine.... but I'm still testing and programming. I don't have an EA from Dale and the one who was uploade to this tread is only the exe-file. I asked the developer for the code but he didn't wanted to distribute it here. Unfortunately I don't trust any EA where I can't read the code.... that's why I program it myself...)
Great skill to have. Tempting to learn but it's having the time. Would you be willing to share some day?
Take 1 step forward, two small steps back
  • #7,643
  • May 12, 2017 8:52am May 12, 2017 8:52am
Quoting Iena
{quote} I had it little bit higher! And I'm thinking I'm gonna skip long USDJPY 113.26 there are two others level 113.75 e 112.82
Well that's a good question....

it looks if the 113.45 is accepted as support.....

But also the distance towards my entrylevel is nearly 6pips....that's a lot.....

The fisrt rotation is around the start of the High Volume.
Do we see a b-formation here? (Long liquedation) if so then price can go back from were the b-shape started....
EDIT: Wrong...this can't be a long liquedation.....we are not in a upwards trend here...so inventory can't be to long here!!....I believe

From the other side the VAL and Session Low can be an extra protection for this trade....

This is a taff one.... I don't no ...?!
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You can manage risk, but you can't manage the return
  • #7,644
  • May 12, 2017 9:18am May 12, 2017 9:18am
Quoting HappyMe
{quote} Well that's a good question.... it looks if the 113.45 is accepted as support..... But also the distance towards my entrylevel is nearly 6pips....that's a lot..... The fisrt rotation is around the start of the High Volume. Do we see a b-formation here? (Long liquedation) if so then price can go back from were the b-shape started.... EDIT: Wrong...this can't be a long liquedation.....we are not in a upwards trend here...so inventory can't be to long here!!....I believe From the other side the VAL and Session Low can be an extra protection...
This is not valid anymore.....

No b-shape at the moment.... TPO i is below h at the moment. So sellers getting a bit ground here.....
We need to go above 113.45 (acceptation) before we can go up.

Market Profile is getting a bit elongated (We are out of value atm) ...so the possibility is there that price comes back higher after it comes below 113.25

So what I think is...we already saw the low and then we need to go back towards 113.63 (Mid- session at least)
Or we go a little bit lower but finally we com back higher 113.13/15 are then the low points... then we see a gap towards 112.87 (first barrier). That's to far for no I think....or there was bigger news....?!

my 2 cents....
You can manage risk, but you can't manage the return
  • #7,645
  • May 12, 2017 9:23am May 12, 2017 9:23am
Quoting DrBeercan
{quote} Great skill to have. Tempting to learn but it's having the time. Would you be willing to share some day?
Well it depends on how sure I am that it's really working.....

Anyway there is a working EA what is working as far as I now (the one I don't want to use, well that's my problem)... use the search in this tread, you will find it!
You can manage risk, but you can't manage the return
  • #7,646
  • May 12, 2017 9:41am May 12, 2017 9:41am
Quoting HappyMe
{quote} Well it depends on how sure I am that it's really working..... Anyway there is a working EA what is working as far as I now (the one I don't want to use, well that's my problem)... use the search in this tread, you will find it!
Indeed I know of it as I saw it first time round. I more mean sharing with the code. I work in IT and I love learning technical stuff. Sometimes it is being shown something is a quicker way to learning than stepping through when I have a day job to :-)
Take 1 step forward, two small steps back
  • #7,647
  • May 12, 2017 9:45am May 12, 2017 9:45am
Quoting HappyMe
{quote} This is not valid anymore..... No b-shape at the moment.... TPO i is below h at the moment. So sellers getting a bit ground here..... We need to go above 113.45 (acceptation) before we can go up. Market Profile is getting a bit elongated (We are out of value atm) ...so the possibility is there that price comes back higher after it comes below 113.25 So what I think is...we already saw the low and then we need to go back towards 113.63 (Mid- session at least) Or we go a little bit lower but finally we com back higher 113.13/15 are then the...
This is really fun..... I never was and could that accurate with a certain of "confidence".... or is this all just luck....

USDJPY longlevel 113.25 worked out nicely.
Attached Image
You can manage risk, but you can't manage the return
  • #7,648
  • May 12, 2017 9:45am May 12, 2017 9:45am
It is really great to see everyone shine through after last week. Great to see the energy you all have and the sharing that is happening. Perhaps the best thing is that Dale went commercial so we all can share and start bouncing ideas off of each other.. whilst I miss Dale posting levels I think it has been replaced by a new found collaboration who want to share their ideas.
Want to wish you all a great weekend and see you next week for another great week of trading.
Take 1 step forward, two small steps back
  • #7,649
  • May 12, 2017 9:49am May 12, 2017 9:49am
Quoting DrBeercan
It is really great to see everyone shine through after last week. Great to see the energy you all have and the sharing that is happening. Perhaps the best thing is that Dale went commercial so we all can share and start bouncing ideas off of each other.. whilst I miss Dale posting levels I think it has been replaced by a new found collaboration who want to share their ideas. Want to wish you all a great weekend and see you next week for another great week of trading.
Could be my words!!

You all have great weekend
You can manage risk, but you can't manage the return
  • #7,650
  • May 12, 2017 10:57am May 12, 2017 10:57am
Quoting HappyMe
And at EURUSD...a little rollorcoaster... First we went into the trade... then it went towards TP..just 0.2pips distance from TP it was rotating towards BE... at just 0.2 pips distance from BE it rotated again for a final full TP...... phhhhh {image} {image}
WHY USING BE
  • #7,651
  • May 12, 2017 12:55pm May 12, 2017 12:55pm
May 12 Friday results in the image below.

For the first week of trying out Dale's style, the overall results aren't bad. I missed some trades that were very close and turned, but missing them is better than getting SL hit from entering against my rules!

10 trades this week for +58. These are a combination of paper and real money trades.
Attached Image
  • #7,652
  • May 12, 2017 1:37pm May 12, 2017 1:37pm
Your missing the point with the levels but it's your method so good luck
  • #7,653
  • May 12, 2017 2:34pm May 12, 2017 2:34pm
Quoting Divergence
Your missing the point with the levels but it's your method so good luck
Critique me and tell me the point with the levels that I am missing. I'm all ears for feedback.
  • #7,654
  • May 12, 2017 3:13pm May 12, 2017 3:13pm
because your trading forex your not getting the real volume. so putting that aside the levels tell us where volume comes into the market so if we break down below a level to take the pullback to the level is the play you want to trade off the levels it doesn't matter if it hits it more than once if price action dictates it then trade the levels
  • #7,655
  • May 12, 2017 3:49pm May 12, 2017 3:49pm
Quoting Neo1
{quote} WHY USING BE
The only thing to say on this is...."Risk Management"

I use it as proposed....if price after entry went 8pips in profit. Go to BE.... and let it run.

Everybody trades to his/her own personality. So it's up to you if you follow this way or just do something what fits to you.
You can manage risk, but you can't manage the return
  • #7,656
  • May 12, 2017 4:33pm May 12, 2017 4:33pm
I made the balance of my trading from last week. In total I could added 98 pips to my account (If I traded real...)
This gives me a lot of confidence that I will achieve the things I want.

for the coming week this is my todo-list:
1) still demo trading
2) working on my EA
3) learning and learning and learning the MarketProfile.

Last week in total I had 12 active trades:
- 1 trade to SL
- 11 trades to TP
Well as Dale is getting 75% in the long run (half a year as he said).....Then I think this week was a exceptional result week! So yes not every week would have such a hit streak. Indeed we need to be real here!!

We earned some , Have a great weekend!!
You can manage risk, but you can't manage the return
  • #7,657
  • May 12, 2017 4:58pm May 12, 2017 4:58pm
Quoting Divergence
because your trading forex your not getting the real volume. so putting that aside the levels tell us where volume comes into the market so if we break down below a level to take the pullback to the level is the play you want to trade off the levels it doesn't matter if it hits it more than once if price action dictates it then trade the levels
Appreciate it. I signed up for a live TD Ameritrade account just so I can use the free futures data. I just need to do more homework on that.

I see your point on the pullback that hits the level, but I thought the whole point to Dale's method on levels was that each time price goes back to the same level, the probability of the level holding again is lower than the very 1st time that price approaches the level. Thanks again. I'm always open to listen to knowledge.

For my example about the level being tested after a pullback, see the UY attachment. My level for a buy today was 113.28 based on the POC from May 8th and also based on the price action from May 8th where price moved away fast. Today, price approached my level and turned away 3 pips before at 113.31. It quickly pulled back to yesterday's low level of 113.45 and then turned around to approach my level again. I didn't take the trade at the 2nd approach to my level because I thought maybe the level would not hold and price would shoot down to last week's high of 113.05. Also, there was a large red candle from the US red news so I held off thinking it may drop down fast.
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  • #7,658
  • May 13, 2017 3:47am May 13, 2017 3:47am
Quoting marinecorps
{quote} ..........................but I thought the whole point to Dale's method on levels was that each time price goes back to the same level, the probability of the level holding again is lower than the very 1st time that price approaches the level...........................
Where did you read that? I think you need to read the articles on Dales website one more and look to the video's he published there....
Besides that I would advise to read a good book over MarketProfile.

Cheers
You can manage risk, but you can't manage the return
  • #7,659
  • May 13, 2017 3:53am May 13, 2017 3:53am
Quoting HappyMe
{quote} Where did you read that? I think you need to read the articles on Dales website one more and look to the video's he published there.... Besides that I would advise to read a good book over MarketProfile. Cheers
I also remember reading that somewhere on the thread. Probability of getting another 10 pips off a level the second time round is reduced. That's what someone said. However, you do see levels get tested over and over.
So many in the Commercial section want to make me rich! :o
  • #7,660
  • May 13, 2017 7:03am May 13, 2017 7:03am
Quoting HappyMe
{quote} Where did you read that? I think you need to read the articles on Dales website one more and look to the video's he published there.... Besides that I would advise to read a good book over MarketProfile. Cheers
from "Basic trading rule" article (you can find it in the 1st post of this thread)

When I consider the level already “tested“

  1. If the market turns 3 or less pips before reaching the intraday level and makes 8 or more pips consider the level already tested and do not trade it anymore. This rule is not so clear-cut. For example if the market turns 2 pips before my level and makes 12 pip reaction – I won’t take the trade anymore. However if the market turns 3 pips sooner and makes not so strong 8 pip reaction I may still take the trade.

Said that, I agree with Fx Flux, when can see sometimes levels holding many times, and of course as it stated it's not a clear cut rule, we have to consider price action in that particular situation.
Trade again a level already tested I think it's a matter of experience in reading the market and your trading style (how much you are aggressive or not).

At the moment I try to have a set of rules and apply them stritcly(and believe me I am such a good rule-bender!), even if it will cost me a very good trade like yesterday's long on USDJPY.

have a great weekend all, see you next week.

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