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Trader Dale - daily trading levels

  • #7,721
  • May 17, 2017 2:53am May 17, 2017 2:53am
Quoting spynoza
My plan TP 10 SL 12 AU long 0.73786 EU long 1.10127 UJ short 113.372 UC short 1.36870
Hi,

I changed some values of EURUSD for me, see attachment.

I looked to the EU level 1.10127 you gave. Yes there is a little volume but is there price action? I also see at period "i" that there was only a single TPO plotted. That will say price didn't stay long at that place. Normally this is also acting as a support/resistance. (Indeed yesterday was a double distribution day) if 1.10127 give some upwards reaction then not above the single TPO (at least the probability is low) I don't think it's worth to try that out.

Well my 2 cents ofcourse
Attached Images
You can manage risk, but you can't manage the return
  • #7,722
  • May 17, 2017 5:10am May 17, 2017 5:10am
Quoting HappyMe
{quote} Hi, I changed some values of EURUSD for me, see attachment. I looked to the EU level 1.10127 you gave. Yes there is a little volume but is there price action? I also see at period "i" that there was only a single TPO plotted. That will say price didn't stay long at that place. Normally this is also acting as a support/resistance. (Indeed yesterday was a double distribution day) if 1.10127 give some upwards reaction then not above the single TPO (at least the probability is low) I don't think it's worth to try that out. Well my 2 cents ofcourse...
Thanks for your advice..... Maybe I'm looking back too far, July 2016.
Attached Image (click to enlarge)
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Follow the flow of water in a stream
  • #7,723
  • May 17, 2017 5:35am May 17, 2017 5:35am
Quoting spynoza
{quote} Thanks for your advice..... Maybe I'm looking back too far, July 2016. {image}
Thanks...for the kudo

but I want to make a small note here: actually it's not an advice!! It's just my way to try to have some discussions for learning from eachother. Maybe it's not making any sense what I'm thinking/seeing.

What I'm trying to say: I also can be terrible wrong, I just try to understand what the market can do just who anybody here....
You can manage risk, but you can't manage the return
  • #7,724
  • May 17, 2017 7:13am May 17, 2017 7:13am
Quoting HappyMe
{quote} Thanks...for the kudo but I want to make a small note here: actually it's not an advice!! It's just my way to try to have some discussions for learning from eachother. Maybe it's not making any sense what I'm thinking/seeing. What I'm trying to say: I also can be terrible wrong, I just try to understand what the market can do just who anybody here....
For me it is mostly about a level that has not touched for some time or tested. If you are going that far back you can be sure all the big players are not interested in that level anymore and what I think is the safer bet is to wait until price forms around that area and then go for the trade when a new POC forms?
Take 1 step forward, two small steps back
  • #7,725
  • Edited 9:17am May 17, 2017 7:14am | Edited 9:17am
Currently just kicked off UC short at 1.36140 20/20

edit: whoops that should of been a long!

Edit #2: I used strength meter to confirm the direction and got +15 with a higher stake I claimed back the cash I lost.
Take 1 step forward, two small steps back
  • #7,726
  • May 17, 2017 7:25am May 17, 2017 7:25am
Quoting DrBeercan
Currently just kicked off UC short at 1.36140 20/20
I opened UC last night at 1.3611 and got my 20 pips.
  • #7,727
  • May 17, 2017 8:10am May 17, 2017 8:10am
Quoting DrBeercan
{quote} For me it is mostly about a level that has not touched for some time or tested. If you are going that far back you can be sure all the big players are not interested in that level anymore and what I think is the safer bet is to wait until price forms around that area and then go for the trade when a new POC forms?
Agreed, you can see that the last time the level 1.10127 was crossed the reaction at that time wasn't that strong. That means that level isn't that strong anymore.
You can manage risk, but you can't manage the return
  • #7,728
  • May 17, 2017 9:12am May 17, 2017 9:12am
Yes...I cancel my EU.... cheers...
Follow the flow of water in a stream
  • #7,729
  • May 17, 2017 11:52am May 17, 2017 11:52am
Guys, I have a question. I´m starting to find tradingview very useful to search levels but I have a doubt. Should I use Futures instrument? If I use i.e. EUR/USD FXCM,
Is that volume from spot market or from futures market? I know there are some brokers that let you use Volume from futures wich is more accurate.
  • #7,730
  • May 17, 2017 12:48pm May 17, 2017 12:48pm
Quoting tbarper
Guys, I have a question. Im starting to find tradingview very useful to search levels but I have a doubt. Should I use Futures instrument? If I use i.e. EUR/USD FXCM, Is that volume from spot market or from futures market? I know there are some brokers that let you use Volume from futures wich is more accurate.
EURUSD FXCM is spot market (FXCM is a broker)

You can have futures market but you have to search it in a different way i.e. E6M2017 is the EURUSD futures

search E

you can find the futures's code here: http://www.cmegroup.com/trading/fx/#majors

note that in trading view you have to put the letter first (E6, J6 etc)

Cheers
  • #7,731
  • May 17, 2017 1:49pm May 17, 2017 1:49pm
if you gonna look at futures data why bother trading currencies the emini nasdaq has a tremendous daily range much easier to profit from
  • #7,732
  • Edited May 18, 2017 12:38am May 17, 2017 1:50pm | Edited May 18, 2017 12:38am
Am currently in a short AU at 0.7423 with 15/15.. it's just come out of a supply zone and POC, lets see how it plays out :-)
Edit: I thought I had checked for news but clearly didn't! As it reacted into a long. Was working before that. Strike one for experience and onto next.
Take 1 step forward, two small steps back
  • #7,733
  • May 17, 2017 3:17pm May 17, 2017 3:17pm
Quoting Divergence
if you gonna look at futures data why bother trading currencies the emini nasdaq has a tremendous daily range much easier to profit from
For me it is out of reach as I believe the more active times is in the US session? I also looked at IG and it is $50 a pip minimum and ticks are $12.50. So wrong move could wipe a sizable chunk out of a starting capital.
Take 1 step forward, two small steps back
  • #7,734
  • May 17, 2017 4:12pm May 17, 2017 4:12pm
None of my levels from yesterday were triggered

Here are my levels for the next session.

ps: Don't follow my levels blind, I'm still learning!!
Attached Image
You can manage risk, but you can't manage the return
  • #7,735
  • May 17, 2017 4:20pm May 17, 2017 4:20pm
Quoting HappyMe
None of my levels from yesterday were triggered Here are my levels for the next session. ps: Don't follow my levels blind, I'm still learning!! {image}
The only levels triggered for me were some old USDJPY long, but I didn't trade them as JPY was too strong.
pips +\- same levels for me
  • #7,736
  • May 17, 2017 4:27pm May 17, 2017 4:27pm
05/18/2017

audcad: L 1.0051 s 1.0144
audjpy: L 81.68 s 83.55
audusd: L .7396 s .7461
cadjpy: S 83.60
chfjpy: L 112.71 s 114.25
eurgbp: L.8563 l2 .8514
eurjpy: L 123.31 s 124.87
gbpjpy: S 145.83
gbpusd: L 1.2910
nzdusd: L .6890 s .6964
usdcad: S 1.3653
usdjpy: L 109.71 s 112.44



***Disclaimer*** Use at your own risk****
***Disclaimer 2*** I may go commercial someday when I retire and post these levels and my trend following trades on a paid website***
Plan, Prepare, Execute, Repeat
  • #7,737
  • May 17, 2017 4:42pm May 17, 2017 4:42pm
Quoting DrBeercan
{quote} For me it is out of reach as I believe the more active times is in the US session? I also looked at IG and it is $50 a pip minimum and ticks are $12.50. So wrong move could wipe a sizable chunk out of a starting capital.
you don't want to trade cfd with a forex broker but futures with a futures broker each pip is 5 dollars I thought I said this already
  • #7,738
  • May 17, 2017 6:09pm May 17, 2017 6:09pm
My trades today during US session. 4 of 5 taken. Basically a break even day. Ended around +3. I'm definitely okay with that while learning and practicing execution.

I'm using just the Forex market profile and not futures yet which works fine for learning.
Attached Image(s) (click to enlarge)
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  • #7,739
  • May 17, 2017 7:38pm May 17, 2017 7:38pm
Quoting marinecorps
My trades today during US session. 4 of 5 taken. Basically a break even day. Ended around +3. I'm definitely okay with that while learning and practicing execution. I'm using just the Forex market profile and not futures yet which works fine for learning. {image} {image}

for me it was missed levels day i.e. totally in daily range :
au
0.7445
0.7395
and both missed by 1 or 1.5

Similar NU and more pass by because of a news.
  • #7,740
  • May 18, 2017 12:06am May 18, 2017 12:06am
Quoting akift
{quote} Hi radaway, Sorry that I forgot to reply back to your pm. But here is the answer for your request: Since Dale has given us a very nice Christmas gift freely, I want to make my little contribution to this nice community also. So here is my christmas gift to you all. The most wanted colorful volume profiling tool for MT4. Add it to your chart and draw anywhere a rectangle it automatically detects it and make a nice colorful profile inside the rectangle for you. Enjoy! {file} Akif,
Hi Akif

thanks for the generous indicator. May I ask if you are able to modify this to calculate by number of days or number of months?
thanks.
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