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Trader Dale - daily trading levels

  • #7,861
  • May 24, 2017 3:59am May 24, 2017 3:59am
Quoting Divergence
No offence Dale but do you think a level from 15 months ago is relivanent today? It's about volume not magic at price just my opinion
For swing trades I have no problem taking even levels this old. I really believe that the markets remembers that. Actually I have been trading this method long enough to be pretty sure about it.
If it was intraday trade I wouldn't take it though
  • #7,862
  • May 24, 2017 4:07am May 24, 2017 4:07am
Here is an article that I really like about PT and SL optimalization: SL/PT optimalization – by Ziggy (http://trader-dale.com/slpt-optimalization-ziggy/)
I was written by Ziggy who you all probably know from this thread. It is based on his thorough research. It is highly informative, I suggest you check it out!
  • #7,863
  • May 24, 2017 4:09am May 24, 2017 4:09am
Quoting Trader-Dale
{quote} For swing trades I have no problem taking even levels this old. I really believe that the markets remembers that. Actually I have been trading this method long enough to be pretty sure about it. If it was intraday trade I wouldn't take it though
Now that you mentioned Dale, how long have you been trading this way?

By the way, really nice site, articles and videos...very very helpful material
thinking outside the box
  • #7,864
  • May 24, 2017 4:12am May 24, 2017 4:12am
Quoting HappyMe
Here are my levels for the coming session. 2 tradelevels were nearly hit....just not good enough!! Anyway if triggered it were good trades Well often I noticed that the levels were just not hit or they are seen as already tested, just afterwards the level went a perfect trade. So in my search for a better entrylevel I changed my approach a little: New approach: 1) with my Daily MarketProfile I search for the POC and high level area's (for a roughly entry) 2) I drill down to the session MarketProfiles (SidneyOpen - AsianOpen - EuropeanOpen - USOpen...
Second trade of the day on GBPUSD was a full SL!

One positive point I found a bug in my BE procedure what needed a correction....that's why I'm still testing my EA
Attached Images
You can manage risk, but you can't manage the return
  • #7,865
  • May 24, 2017 6:54am May 24, 2017 6:54am
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Plan, Prepare, Execute, Repeat
  • #7,866
  • May 24, 2017 7:27am May 24, 2017 7:27am
Quoting swingtrade65
{image}
Thanks for the response......

look at this response from Dale after a question I asked him...it's the opposite you are saying I believe...or do I missed a thing here.

Anyway if we have a normal MP then yes...the market should in balance and then the POC is the most fairest value. I learned in the beginning "the market is waiting for new information, and can go up or down in the search for a new fairest value" So yes I can follow you completely.

But I'm a little confused what Dale was telling the following link .... click here for the link (https://www.forexfactory.com/showthread.php?p=9826063#post9826063)
You can manage risk, but you can't manage the return
  • #7,867
  • May 24, 2017 9:53am May 24, 2017 9:53am
Quoting HappyMe
{quote} Thanks for the response...... look at this response from Dale after a question I asked him...it's the opposite you are saying I believe...or do I missed a thing here. Anyway if we have a normal MP then yes...the market should in balance and then the POC is the most fairest value. I learned in the beginning "the market is waiting for new information, and can go up or down in the search for a new fairest value" So yes I can follow you completely. But I'm a little confused what Dale was telling the following link .... click (https://www.forexfactory.com/showthread.php?p=9826063#post9826063)...
For me we have to remember Dale is looking at a second correlation and that is I believe is the Futures market. Hence, I believe the 10 pip win rule as the correlation is 10 pips apart. More pips can be achieved but with a lower win rate. For me the 'hovering at a point' theory should be expanded with market knowledge as to what the buyers / sellers are doing at that area. I don't think there is too much wrong with picking a point more how you trade them. I believe there is more success if you can watch market reaction at that point then trying to predict it :-)
Take 1 step forward, two small steps back
  • #7,868
  • May 24, 2017 10:12am May 24, 2017 10:12am
Observation of today's pre-market and 1st hour on the NQ futures. I'm papertrading these set-ups with market orders so assuming execution and discipline were on point, today would have been +50 ticks or more. Looking at price action around these levels and entries are at the close of a candle that has a wick probing through the price level. If the wick did not touch the level, the trade was not taken. Also, looking at the volume spikes at the bottom for clues about reversals at the levels.
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  • #7,869
  • May 24, 2017 10:22am May 24, 2017 10:22am
Quoting marinecorps
Observation of today's pre-market and 1st hour on the NQ futures. I'm papertrading these set-ups with market orders so assuming execution and discipline were on point, today would have been +50 ticks or more. Looking at price action around these levels and entries are at the close of a candle that has a wick probing through the price level. If the wick did not touch the level, the trade was not taken. Also, looking at the volume spikes at the bottom for clues about reversals at the levels. {image}

Well here is a couple of your observations in real-time and funnily enough, i stopped after 35 mins all done for the day and +50;

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GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #7,870
  • May 24, 2017 10:25am May 24, 2017 10:25am
Quoting marinecorps
Observation of today's pre-market and 1st hour on the NQ futures. I'm papertrading these set-ups with market orders so assuming execution and discipline were on point, today would have been +50 ticks or more. Looking at price action around these levels and entries are at the close of a candle that has a wick probing through the price level. If the wick did not touch the level, the trade was not taken. Also, looking at the volume spikes at the bottom for clues about reversals at the levels. {image}
Excellent stuff, thank you for sharing.
Take 1 step forward, two small steps back
  • #7,871
  • May 24, 2017 10:38am May 24, 2017 10:38am
Quoting The Cableguy
{quote} Well here is a couple of your observations in real-time and funnily enough, i stopped after 35 mins all done for the day and +50; {image} {image}
Nice trading CG
  • #7,872
  • May 24, 2017 10:50am May 24, 2017 10:50am
Quoting marinecorps
Observation of today's pre-market and 1st hour on the NQ futures. I'm papertrading these set-ups with market orders so assuming execution and discipline were on point, today would have been +50 ticks or more. Looking at price action around these levels and entries are at the close of a candle that has a wick probing through the price level. If the wick did not touch the level, the trade was not taken. Also, looking at the volume spikes at the bottom for clues about reversals at the levels. {image}
excellent analysis
  • #7,873
  • May 24, 2017 10:58am May 24, 2017 10:58am
Quoting marinecorps
{quote} Nice trading CG
Thank thee muchly!

and seconded ^^^
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #7,874
  • Edited 12:06pm May 24, 2017 11:53am | Edited 12:06pm
Quoting Trader-Dale
{quote} Here are my thoughts that led me to trading those two levels. I would just add that I don't consider VAL and VAH support/resist zones. I don't watch/trade them. Also - if price is balanced it doesn't necessarily mean that the market is waiting for new info. It could mean that one side of the market (for example sellers) is cummulating their positions (slowly and not too aggresively so they don't reveal their presence/intentions). {image} I hope it is clear enough
sorry it took so long to get around to this, but anyways here goes. Once again, just my .02
I personally like to see a very low volume node on both sides. By this I mean on the cumulative profile on the right, and then going along with what Divergence is talking about with using yesterdays profile.... I like a low volume node there as well....generally these pay quickly and with a full TP
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Plan, Prepare, Execute, Repeat
  • #7,875
  • May 24, 2017 12:29pm May 24, 2017 12:29pm
Nice analysis swingtrader
  • #7,876
  • May 24, 2017 3:07pm May 24, 2017 3:07pm
Worth another look? TPO-Range-v3.ex4.

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Attached File(s)
File Type: ex4 TPO-Range-v3.ex4   40 KB | 344 downloads
Take 1 step forward, two small steps back
  • #7,877
  • May 24, 2017 3:22pm May 24, 2017 3:22pm
Quoting HappyMe
Here are my levels for the coming session. 2 tradelevels were nearly hit....just not good enough!! Anyway if triggered it were good trades Well often I noticed that the levels were just not hit or they are seen as already tested, just afterwards the level went a perfect trade. So in my search for a better entrylevel I changed my approach a little: New approach: 1) with my Daily MarketProfile I search for the POC and high level area's (for a roughly entry) 2) I drill down to the session MarketProfiles (SidneyOpen - AsianOpen - EuropeanOpen - USOpen...
On USDJPY I had actually a good trade.... but it was in RedNews Window => so no trade for me in this case

Anyway my EA in testmodus showed another ..... ofcourse I need to check if a tradelevel is still valid after the rednews event/window is over.
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You can manage risk, but you can't manage the return
  • #7,878
  • May 24, 2017 4:17pm May 24, 2017 4:17pm
Quoting fxdude1
Hi all, here my levels for tomorrow. as I enter them into EA I add or subtract 0.5 pip to avoid being missed. Just to show my view here is EURUSD example. https://uk.tradingview.com/x/CByoG7SH/ {image} {image}
Two good AUDUSD levels traded with +10
GU (1.2953) was SL -12 bad call. Still in profit.
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  • #7,879
  • May 24, 2017 4:22pm May 24, 2017 4:22pm
Be careful tomorrow with CAD, Opec meeting could bring some heavy movement
There's a couple of old level approaching
1.3383 and 1.3326 but again be very careful
  • #7,880
  • May 24, 2017 4:42pm May 24, 2017 4:42pm
Quoting swingtrade65
{quote} Very good results today! 5/24/2017 AUDCAD: S 1.0144 AUDJPY: L 82.87 S 83.93 CADJPY: L 81.83 S 82.96 CHFJPY: L 114.19 EURGBP: L .8610 EURJPY: L 124.20 S 125.77 EURUSD: L 1.1118 S 1.1244 GBPJPY: S 145.74 NZDUSD: L .6950 S .7042 USDCAD: S 1.3562 USDCHF: S .9797 USDJPY: L 111.22 S 112.28 **Disclaimer*** Use at your own risk **Disclaimer 2** One day when I retire, I will go commercial and sell these numbers on a public website **Disclaimer3** I cannot teach you how to come up with and use these numbers in a couple of PM's and or emails...however,...

Another good day today

5/25/2017

AUDCAD: S 1.0102 S2 1.0144
AUDJPY: L 82.87 S 83.93
AUDUSD: L .7467
CADJPY: L 82.87 S 83.58
CHFJPY: L 114.19 S 114.94

I am going to cut the list off here until we get this thread more active.

Many pips


**Disclaimer*** Use at your own risk
**Disclaimer 2** One day when I retire, I will go commercial and sell these numbers on a public website
Plan, Prepare, Execute, Repeat
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