harllan-daleHarllan Dale is an Engineering Graduate who became a businessman after acquiring his degree. He first got a taste of the market from a friend who invited him into a seminar about FX Trading. He was hooked in by the time freedom it can give a person and has never looked back since that day.

“I made my $50 into a $5,500 in 3 mos after re studying trading for a year after working at AXA”

He use to own a company that taught technical analysis and sent signals to traders everyday (Forex Consulting Limited). He is now currently trading his own account and is trying to automate his trades to attain the time freedom he desires.

Harllan is a scalper turned swing trader and primarily uses price action in his trades.

In the show Harllan shares:

  • Why it’s important to know the difference between a trader and an investor
  • How not to trade like a gambler
  • Why consolidations are the best entry points in a trade
  • How to get maximum profit with minimal risk while keeping things simple
  • The power of knowing your number

Interview

48: Harllan Dale Talks Price Consolidation & How It Can Boost Your Trades Up To 90%
00:00:00 00:00:00

Recommended Books:

Interview Links

Broker & Platform

  • FXCM UK
  • Oanda
  • Dukascopy
  • Metatrader 4

Key Insights

  • It is not good to over trade
  • It is better trade during market openings
  • It is ok to lose a trade, as long as it’s part of a system
  • Enter before the market breaks not after it breaks out
  • If you don’t have the set up for your entry, don’t trade. Turn off your trading platform
  • If possible, automate your trading technique
  • Create a system
  • Do not move your stops after entering a trade. It is meant to protect your account
  • You learn more from failing than from winning. It’s alright to fail as long as you learn from it
  • Trading is not gambling, its trading
  • Start small, and grow it. If you can’t grow a small account you won’t make it big
  • Every strategy works, it’s just a matter of knowing how to use it and placing rules
  • News is often late
  • Look for volatility, trend and price movement

Harllan’s Trading

  • He uses top down analysis, from higher time frame to lower time frame
  • He uses purely price action
  • He only trades during market openings not more than an hour
  • He concentrates on not more than 2 currency pairs
  • He adds positions rather than adding currency pairs
  • He sets stops, but doesn’t always have a take profit. He trails price by moving his stop
  • He only enters during consolidations
  • It took him 4 – 5 years to be profitable
  • He uses 95% Technical and around 5% Fundamentals
  • His winning percentage is around 85% – 95%
  • He trades primarily FX

Harllan’s Strategy

harllan-strategy

  • Harllan’s trading begins by confirming the direction of the trend from the higher time frames
  • He then goes to the hourly chart (H1) to look for a consolidation for his entry
  • Once he determines the direction, he places a trade on the opposite end of the general direction
  • He then places a stop of 20 points below/above his entry depending on the bias
  • And when the price breaks the consolidation, he would move his stop to where the price breaks the consolidation
  • And as price moves, he would trail the trade by moving his stop to the lowest/highest dip of the previous candle
  • He waits until his stop is hit
  • He also sometimes adds a position once he determines it’s going to be a long trend

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