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Trader Dale - daily trading levels

  • #7,781
  • May 19, 2017 5:48am May 19, 2017 5:48am
Quoting Iena
{quote} It's an old level from 3rd May, price went only 3.5 pips near it, but I canceled it, I don't like the movement it made earlier, there is also another one a bit higher 0.7487 {image}
Ah got you, sorry I read that wrong. USD seems to be recovering now against AUD. Worth a look at it again? I am looking at these two levels:

0.74335
0.74175
Take 1 step forward, two small steps back
  • #7,782
  • May 19, 2017 9:23am May 19, 2017 9:23am
heres the reasoning behind looking at yesterdays completed profile you can tell if the institutional traders or the retail traders are in control today market opened above yesterdays extreme and held institutions in control only thing left to do is take a ride with them
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  • #7,783
  • May 19, 2017 10:25am May 19, 2017 10:25am
Quoting DrBeercan
{quote} Ah got you, sorry I read that wrong. USD seems to be recovering now against AUD. Worth a look at it again? I am looking at these two levels: 0.74335 0.74175
0.74335 looks like it worked fine! :-)

I didn't trade this one, I'll wait a little lower at the other one
  • #7,784
  • May 19, 2017 10:26am May 19, 2017 10:26am
Quoting Divergence
heres the reasoning behind looking at yesterdays completed profile you can tell if the institutional traders or the retail traders are in control today market opened above yesterdays extreme and held institutions in control only thing left to do is take a ride with them {image}
So what you are saying is that when price is between extremes are the institutional traders that are in play, and when go above/below means that are the retail traders in control?
I would say that insitutional, or lets call them the Big Boys, are always in control, because to break previous day extreme areas "power" is needed. And they have all the power in their hands.
  • #7,785
  • May 19, 2017 10:46am May 19, 2017 10:46am
Quoting Iena
{quote} 0.74335 looks like it worked fine! :-) I didn't trade this one, I'll wait a little lower at the other one
Would of but I got distracted with my day job and would have been perfect as a long.

Have a good weekend all, some great posts this week and I hope you all have had great success.
Take 1 step forward, two small steps back
  • #7,786
  • May 19, 2017 11:24am May 19, 2017 11:24am
Quoting floydiano7
{quote} So what you are saying is that when price is between extremes are the institutional traders that are in play, and when go above/below means that are the retail traders in control? I would say that insitutional, or lets call them the Big Boys, are always in control, because to break previous day extreme areas "power" is needed. And they have all the power in their hands.
when the market opens above yesterdays extreme high in this case the big guys will drive market up if volume is there and it was. now if it opens within fair value the big guys don't have to do nothing till it gets out of balance then they will come in to protect there positions
  • #7,787
  • May 19, 2017 11:49am May 19, 2017 11:49am
Quoting Divergence
{quote} when the market opens above yesterdays extreme high in this case the big guys will drive market up if volume is there and it was. now if it opens within fair value the big guys don't have to do nothing till it gets out of balance then they will come in to protect there positions
Hi mate, could you please clarify what do you mean when market opens? Is it at start of Asia session, London or US? My volume profile closes the at 22:00 UK time and starts a new session. Is that what you mean?
Cheers.
  • #7,788
  • May 19, 2017 11:58am May 19, 2017 11:58am
The stock market opens 930 am est
  • #7,789
  • May 19, 2017 4:46pm May 19, 2017 4:46pm
Today's results 2 trades +20 pips
One was close by .2 pips
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  • #7,790
  • May 20, 2017 2:42am May 20, 2017 2:42am
Quoting Divergence
{quote} when the market opens above yesterdays extreme high in this case the big guys will drive market up if volume is there and it was. now if it opens within fair value the big guys don't have to do nothing till it gets out of balance then they will come in to protect there positions
So if we are trading NASDAQ and market opens at 9:30 EST, how long would you typically trade off yesterdays volume cluster peaks? Does it become less effective as the current profile develops? When would you stop trading?
So many in the Commercial section want to make me rich! :o
  • #7,791
  • May 20, 2017 6:08am May 20, 2017 6:08am
I trade only first hour but it's good till close of market 430 pm
  • #7,792
  • May 20, 2017 6:17am May 20, 2017 6:17am
Quoting Divergence
I trade only first hour but it's good till close of market 430 pm
I see. If yesterdays range is broken do you then trade in the same direction and just look for pullbacks?
So many in the Commercial section want to make me rich! :o
  • #7,793
  • May 20, 2017 7:03am May 20, 2017 7:03am
I then look to the day before that for clues to where next level of support or resistance is and use those levels like I did yesterday
  • #7,794
  • May 20, 2017 7:41am May 20, 2017 7:41am
Quoting Divergence
I then look to the day before that for clues to where next level of support or resistance is and use those levels like I did yesterday
So would this be an example? I know it's trading as soon as yesterday's session finished but it looked to work.

Looked for the volume peaks and draw lines for the following day
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So many in the Commercial section want to make me rich! :o
  • #7,795
  • May 20, 2017 8:28am May 20, 2017 8:28am
Not to shabby.right and bigger targets than the 10 there going for
  • #7,796
  • May 20, 2017 8:36am May 20, 2017 8:36am
Quoting Divergence
Not to shabby.right and bigger targets than the 10 there going for
Is that correct though? Used a fixed 10 tick Sl and TP
So many in the Commercial section want to make me rich! :o
  • #7,797
  • May 20, 2017 9:17am May 20, 2017 9:17am
Was that completed profile from thursday?
  • #7,798
  • May 20, 2017 9:37am May 20, 2017 9:37am
I chose a random day where I could see that the next day mostly stayed within yesterday's range. It's the profile from the 9th
So many in the Commercial section want to make me rich! :o
  • #7,799
  • May 20, 2017 9:46am May 20, 2017 9:46am
Perfect the first hour. When stock market opens is where I make all my money
  • #7,800
  • May 20, 2017 10:02am May 20, 2017 10:02am
So those results were from a Wednesday it so happens I don't tradey wednesdays
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