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Trader Dale - daily trading levels

  • #7,701
  • May 16, 2017 5:43am May 16, 2017 5:43am
Quoting HappyMe
{quote} AUDUSD level is considered as tested at 0,7 pips before entry. Afterwards went up with 11pips (No entry anymore....) {image} {image}
I believe I have to look much more towards the Price action around a High Volume Area..... My entries could be much better then!!
You can manage risk, but you can't manage the return
  • #7,702
  • May 16, 2017 5:45am May 16, 2017 5:45am
Quoting majrou666
{quote} Dont you think this level was already tested? It worked perfectly during the night.
Yes the level was already tested. I just feel if the price going up, that level will be tested again, and if going down I'm intersested 112.98.... Of course I could be wrong
Follow the flow of water in a stream
  • #7,703
  • May 16, 2017 6:07am May 16, 2017 6:07am
Quoting HappyMe
{quote} I believe I have to look much more towards the Price action around a High Volume Area..... My entries could be much better then!!
I have the same problem, I can find some nice level but then I miss the trade for some pips..
Now that I'm using tradingview it's going a little better, it's more accurate then the profile I have on the MT4
  • #7,704
  • May 16, 2017 6:38am May 16, 2017 6:38am
Quoting HappyMe
{quote} I believe I have to look much more towards the Price action around a High Volume Area..... My entries could be much better then!!
Probably you know this already but that was the question throughout the forum and Dale found his extra edge using the correlation with futures. I have used Currency strength and a few others to cross check. My issue is being able to watch the level. Hopefully you will find the extra edge you are looking for :-)
Take 1 step forward, two small steps back
  • #7,705
  • May 16, 2017 6:39am May 16, 2017 6:39am
Quoting Iena
{quote} I have the same problem, I can find some nice level but then I miss the trade for some pips.. Now that I'm using tradingview it's going a little better, it's more accurate then the profile I have on the MT4
Definitely interested in how you find TradingView when you get to your end trial, keep us posted.
Take 1 step forward, two small steps back
  • #7,706
  • May 16, 2017 7:47am May 16, 2017 7:47am
Beautiful reaction here that I just missed by 5 seconds! My alert went off giving me a 5 pip warning and by the time I could check the price, it was moving rapidly. Nice trade if anyone took it.
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  • #7,707
  • May 16, 2017 10:36am May 16, 2017 10:36am
Yen trade for +2. I had a 8 pip trailing SL in place. Just missed my +10 target by 0.2 pip.

Trade was long at 113.05 which was a weekly high from 2 weeks ago.
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  • #7,708
  • May 16, 2017 10:43am May 16, 2017 10:43am
And of course the target has been hit now. I've been using the 8 pip trailing SL to secure trades at BE or better once they react 8 points, but I'm seeing that I end up leaving money on the table.
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  • #7,709
  • May 16, 2017 2:29pm May 16, 2017 2:29pm
Quoting Sandmann
stumbled upon a pretty nice video... worth a look. Especially in this thread https://www.youtube.com/watch?v=L7G0OfJUON8
Thanks for sharing mate. I will check it out!
  • #7,710
  • May 16, 2017 2:33pm May 16, 2017 2:33pm
Quoting Trader-Dale
{quote} Thanks for sharing mate. I will check it out!
new picture
  • #7,711
  • Edited 3:12pm May 16, 2017 2:33pm | Edited 3:12pm
There was quite a busy day today. I had 5 trades. 4 win, 1 loss.
I have a little present for you my friends. Here is a video I shot this morning. All the daily levels that I took during the day are there including the reasoning behind them. I hope it can serve as a good educational material on market profile and price action.
https://www.youtube.com/watch?v=Jm-9QdahvaY

I have to edit this one. There were 6 trades, 5 win, 1 loss
  • #7,712
  • May 16, 2017 3:26pm May 16, 2017 3:26pm
Quoting marinecorps
And of course the target has been hit now. I've been using the 8 pip trailing SL to secure trades at BE or better once they react 8 points, but I'm seeing that I end up leaving money on the table. {image}
My personal view if you don't mind me suggesting. I broke my trade up and had reasonable success, so I took profit at 6 and then at 10 and finally at 15. Trailing stops are great for the very big long trades but for me in this scalping scenario they are counter productive, especially as a trade can oscillate around a mean point. I was thinking that if I could watch the trade and it dropped below and came back I would of closed at BE +5 and entered again if the market showed it was on the way back into profit; then we have to factor the discussion we had yesterday as to when a POC is exhausted. Also don't forget to shorten your trade by a couple of pips to counter spread.. but am sure you know that already?
Personally if you are just about touching 10 move the SL to BE +5? Or try a 20/20 approach with some back testing of course.
Take 1 step forward, two small steps back
  • #7,713
  • May 16, 2017 3:33pm May 16, 2017 3:33pm
Quoting DrBeercan
{quote} My personal view if you don't mind me suggesting. I broke my trade up and had reasonable success, so I took profit at 6 and then at 10 and finally at 15. Trailing stops are great for the very big long trades but for me in this scalping scenario they are counter productive, especially as a trade can oscillate around a mean point. I was thinking that if I could watch the trade and it dropped below and came back I would of closed at BE +5 and entered again if the market showed it was on the way back into profit; then we have to factor the discussion...
That's good advice. I'm learning the 8 pip trailing is good to protect the risk, but I'm leaving profits. Thanks for the feedback.
  • #7,714
  • May 16, 2017 3:38pm May 16, 2017 3:38pm
Oh and I've been using 10.2 and 12.2 for the targets and stops to give room for the spread. I know that's more aggressive. Most of my spreads on these 4 pairs are .0-.3.
  • #7,715
  • May 16, 2017 3:47pm May 16, 2017 3:47pm
Quoting marinecorps
Oh and I've been using 10.2 and 12.2 for the targets and stops to give room for the spread. I know that's more aggressive. Most of my spreads on these 4 pairs are .0-.3.
Wow, great spreads. Am on Oanda, not yet ready to invest on the big guys yet for tighter spreads. On MetaTrader 4 there is a great developer with a trade management tool that I have asked if he can update to give BE + spread after a certain level has passed. When he does so will let people know as it has an algorithm behind it to move the stop, it is already on his dev list to do.
Take 1 step forward, two small steps back
  • #7,716
  • May 16, 2017 3:48pm May 16, 2017 3:48pm
This is a great read and I think quite relative to what we are doing.

http://www.forexmentoronline.com/using-confluence-will-not-give-you-winning-trades/?awt_l=NTDnH&awt_m=44NBzIcyyIjJlrs

From our perspective I believe we are doing quite well given the circumstances but maybe it will help with the few 'what if' questions I see posted. A lot of this guy's post also make interesting reading.
Take 1 step forward, two small steps back
  • #7,717
  • May 16, 2017 4:58pm May 16, 2017 4:58pm
my levels for the coming session

ps: don't follow blind...I'm still learning
Attached Image
You can manage risk, but you can't manage the return
  • #7,718
  • May 16, 2017 5:58pm May 16, 2017 5:58pm
Quoting HappyMe
my levels for the coming session ps: don't follow blind...I'm still learning {image}
Great! most are matching with my research earlier. I also consider EURUSD 1.0979
  • #7,719
  • May 17, 2017 1:05am May 17, 2017 1:05am
Only one new level for me today




Short
USDCAD 1.3652
So many in the Commercial section want to make me rich! :o
  • #7,720
  • May 17, 2017 2:25am May 17, 2017 2:25am
My plan TP 10 SL 12

AU long 0.73786
EU long 1.10127
UJ short 113.372
UC short 1.36870
Follow the flow of water in a stream
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