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Trader Dale - daily trading levels

  • #8,001
  • Jun 1, 2017 9:34pm Jun 1, 2017 9:34pm
I will try AU, short 0.74000
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Click to Enlarge Name: au.png Size: 102 KB
Follow the flow of water in a stream
  • #8,002
  • Jun 1, 2017 10:36pm Jun 1, 2017 10:36pm
Quoting Divergence
{quote} I don't want to sound rude but what exactly are you learning?
Hi , imho that is :
1.confidence - pnl generally looks up
2.mm
3.persistence - 5 loss in a row is just ok like 5 win in a row
4.this level trading thing : how do they do it , how do i , how it came up to this or that .., what my ea is missing
  • #8,003
  • Jun 2, 2017 12:25am Jun 2, 2017 12:25am
eu
1.1271
1.1245
1.1200
1.1172
1.1145
1.1126
1.1082

au
0.7660
0.7454n
0.7427
0.7427
0.7327
gu
1.30
1.2963
1.2930
1.2908
1.2816
1.2803
1.2707

nu
7100n
7088n
7063
7043
7015
6970
6930
6885
uc
1.3597
1.3539
1.3475
1.3454
1.3408
  • #8,004
  • Edited 1:15am Jun 2, 2017 12:37am | Edited 1:15am
Quoting scorcorn8
{quote} how to get this indicator?
This is an EA I'm creating at the moment. There is no download. I'm still testing and still need to fix some
You can manage risk, but you can't manage the return
  • #8,005
  • Jun 2, 2017 12:44am Jun 2, 2017 12:44am
I will try NZDUSD, short 0.70831
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Follow the flow of water in a stream
  • #8,006
  • Edited 1:35am Jun 2, 2017 1:08am | Edited 1:35am
Quoting HappyMe
Here are my levels for the coming session ps: I'm still learning, don't trade my levels blind! {image}
GBPUSD 1,2858 level is unfortunately seen as already tested and by that no valid entry anymore

Reason of this level: because of the strong upmove in the last half of the session, I threaded this MP as a P-shape. Then around POC there is support (we already were around that support yesterday evening) and in the leg of the P we can see some volume... so this also can be a support-level. This was around the 1,2858. There was also price action around that level (see rectangle in screenshot)
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You can manage risk, but you can't manage the return
  • #8,007
  • Edited 4:57am Jun 2, 2017 2:43am | Edited 4:57am
Quoting HappyMe
{quote} USDCAD => bad level! {image} {image}
Especially for People who are interested in my failed entrylevel on the USDCAD 31May at 1,3477

I threaded this MP as a B-shape (1) because of the last strong down-move on 30May. So at the end of the day we left with this situation and the poc-could be resistance.... alsothe TPO's (3 in a row to 20 in row hinted to a resistance-level) that was all around the level at 1,3477

That the day after the sell-off went a little longer that was new info on 31 May....so the b-shape (2) went a little longer. With that the level was actually not valid anymore...

Well that's my view. But on the evening before (at the creation of the Daily Levels) that was all we had... The only thing I can say is....at the level 1,3477 (at 30 may) there was no real price action(!) ... => learning point?! => maybe yes!

So yes...it was a bad level....

If I'm wrong, if I could view it better please correct me!
Attached Image
You can manage risk, but you can't manage the return
  • #8,008
  • Jun 2, 2017 5:13am Jun 2, 2017 5:13am
Quoting HappyMe
{quote} Especially for People who are interested in my failed entrylevel on the USDCAD 31May at 1,3477 I threaded this MP as a B-shape (1) because of the last strong down-move on 30May. So at the end of the day we left with this situation and the poc-could be resistance.... alsothe TPO's (3 in a row to 20 in row hinted to a resistance-level) that was all around the level at 1,3477 That the day after the sell-off went a little longer that was new info on 31 May....so the b-shape (2) went a little longer. With that the level was actually not valid...
I have to say I admire your persistence and drive to learn more :-) My personal view and I might be wrong is that there was a very big demand area that it bounced off and straight through. Maybe?
Take 1 step forward, two small steps back
  • #8,009
  • Jun 2, 2017 5:35am Jun 2, 2017 5:35am
Quoting DrBeercan
{quote} I have to say I admire your persistence and drive to learn more :-) My personal view and I might be wrong is that there was a very big demand area that it bounced off and straight through. Maybe?
Thanks!

Which area do you mean?
How could we saw it on forehand (at the date 30may)
You can manage risk, but you can't manage the return
  • #8,010
  • Jun 2, 2017 5:46am Jun 2, 2017 5:46am
Quoting HappyMe
Here are my levels for the coming session ps: I'm still learning, don't trade my levels blind! {image}
trade triggered on AUDUSD....but roughly disturbed by the rednews (nonfarm payrolls / Unemployment Rate). Trade ended in a BE

reason behind level: I threated this as a thin Profile.So the High Volume areas could be resistance areas. 0.7398 was also a price action level.

Unfortunately the news made that this trade went into a BE. Think the level was oke!
You can see the market really becomes nervous around 30 min before the release....

What was the role if a trade is running and the next red news is within 30 min (start of the Red News filter) Is it then the meaning to close all running trades or just let them run?! In this case it would have save me +/- 8 pips (I did not program into my EA a stop trade if Red News Filter becomes active)
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You can manage risk, but you can't manage the return
  • #8,011
  • Jun 2, 2017 6:09am Jun 2, 2017 6:09am
Quoting HappyMe
Here are my levels for the coming session ps: I'm still learning, don't trade my levels blind! {image}
USDJPY levels were not triggered because of rednews filter
one would be a nice trade the other was a full SL....

anyway we talk here about a Red News Event! So in this case further investigation of the market doesn't make sense ...?!
Attached Image
You can manage risk, but you can't manage the return
  • #8,012
  • Jun 2, 2017 11:46am Jun 2, 2017 11:46am
Quoting HappyMe
{quote} trade triggered on AUDUSD....but roughly disturbed by the rednews (nonfarm payrolls / Unemployment Rate). Trade ended in a BE reason behind level: I threated this as a thin Profile.So the High Volume areas could be resistance areas. 0.7398 was also a price action level. Unfortunately the news made that this trade went into a BE. Think the level was oke! You can see the market really becomes nervous around 30 min before the release.... What was the role if a trade is running and the next red news is within 30 min (start of the Red News filter)...
Im closing opened trade when news are coming.i think of 30 is a Time to not open the trade
  • #8,013
  • Jun 2, 2017 12:07pm Jun 2, 2017 12:07pm
Quoting HappyMe
{quote} trade triggered on AUDUSD....but roughly disturbed by the rednews (nonfarm payrolls / Unemployment Rate). Trade ended in a BE reason behind level: I threated this as a thin Profile.So the High Volume areas could be resistance areas. 0.7398 was also a price action level. Unfortunately the news made that this trade went into a BE. Think the level was oke! You can see the market really becomes nervous around 30 min before the release.... What was the role if a trade is running and the next red news is within 30 min (start of the Red News filter)...
Personally I close open trades/orders at the latest 1pm. today I closed them near to midday. you just don't know which way the market is going to go. I scalped the news and shutdown for the weekend. why play with the unknown? the only market analysis at red news time is to review the results and how the market reacted so you know better next time as to which way the market will react to news.
Take 1 step forward, two small steps back
  • #8,014
  • Jun 2, 2017 1:18pm Jun 2, 2017 1:18pm
Quoting HappyMe
{quote} Thanks! Which area do you mean? How could we saw it on forehand (at the date 30may)
I am still developing my theory but this is what I believe, 1.3447 is within a few pips of the demand zone. Though I need to see what times you kicked off your trades as I can't match your screenshot up on my charts. The Demand zone was respected but the Supply zone was weak and bashed straight through, In general they last about 24 hours and then consider them gone if you use an hourly chart as my learned theory is that the pending orders are usually gone by then. Check out Akt and Alfronso's blog for some more info. I believe this theory is a good second check against your levels. By all means shout/ correct me if anyone thinks this is not right. We are all here to learn.

Have a good weekend all.

Attached Image
Take 1 step forward, two small steps back
  • #8,019
  • Edited 9:09am Jun 3, 2017 8:08am | Edited 9:09am
Last week I learned a lot I think...hope ....

1) I think that I picked the levels not that bad....anyway there were some bad levels I thought they where good. In the most of those situations I did not looked good enough to the price action around that level. So that's a real learning thing for me.

2) An other thing is...and I don't know how to tackle it at the moment.... a level can be perfect but the market just can decide to blow it away. But when can we expect a level to blow away....one part is special News events like Nonfarm-payrolls....etc I have to make a list of this important events!!
But that's not all to protect for a full blow of a good level...there must be more rules to see...maybe still monitoring the running profile (did Dale that also?! I don't know? Can anybody remember?

3) I have to implement a kill of all running trades in special occasions into my ea. Like stop trading if special rednews is coming (maybe we just shoot not trade at all the whole day...anyway I'm looking for good rules here...

4) I also opened an account on tradingview.com. I need to say it doesn't look that wrong for now. I'm not sure if it will add some edges in my level-picking...?

5) at last I need to conclude that some levels where really perfect but just...just...just that little-bit to short. I don't know if this is just the way it is or that I need to calculate with that a little-bit. From the other side then there are definitely also negative aspects on such anticipations. I don't know what the better way is.

That's it for this week I think!
You can manage risk, but you can't manage the return
  • #8,020
  • Edited 9:11am Jun 3, 2017 8:13am | Edited 9:11am
I also add the levels for the coming session for Monday already...
I know it's early...but I just was curious....

My EA isn't showing the levels now because the market is closed (no ticks at the moment) ....that's why I just put them in text here.

Have a good weekend you all!!

EURUSD:
long - 1.1219
long - 1.1176
long - 1.1127

AUDUSD:
Long - 0.7386

GBPUSD:
Long - 1.2821
Short - 1.2959

USDCAD:
--

USDJPY:
Short - 111.77
Short - 111.61

For the USDJPY I'm a little unsure.... I mean the levels I gave are I think oke but... there are also some other levels I'm not that sure. The reason is that I think the USDJPY gave a very thin MP normally we see a balancing day after such a MP. Then we maybe can also watch the 110.84 and the 111.31 (both Short). But I'm not sure because it is only validated by volume and MP-structure. There is nothing like a Price action thing around those levels (well yes it just went down oke,....but that's not what I mentioned . That's why I only look those extra usdjpy levels instead of trading!

ps: Please don't follow the levels blind....I'm still practicing!!
You can manage risk, but you can't manage the return
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