DislikedAUDUSD went short at the initial arrow but it did not work out now waiting for a buy after channel cross {image} {image}Ignored
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Software tools for LauraT's Roadmap 167 replies
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DislikedAUDUSD went short at the initial arrow but it did not work out now waiting for a buy after channel cross {image} {image}Ignored
Disliked{quote} We're still in the exercise stage, with the aim of allowing you to see the bigger picture and with the goal of achieving flawless execution. Therefore, don't worry too much about anything in addition to that quite yet. However, it's good that you are noticing price behaviour. Spoiler alert - upon completion of the exercise we can review learnings and observations. From that, you should be able to construct the next exercise parameters. Think of it as a step by step process toward nailing down a structured way of trading. To answer your query...Ignored
DislikedHi all, this is my first try using Laura's methodology which I want to thanks for this pretty strightforward approach, i'm still studying the whole thread from starts so I'm not sure my trades are fine. Today I've spotted this possible setup on EU M15, maybe channel is a little bit far from SMA200 , averything seems to be lined up (RSI and MTF Dashboarad) so I've shorted with TP @ 1.07744 (ADR Low) , SL @ 1.0874 (Previous DailyHi) : 4460174 {image} Any thoughts ? Cheers, SkylineIgnored
Disliked{quote} Hi - welcome. Entry looks fine. Structure is good and a nice slope on SMA.Ignored
Disliked{quote} Thx Laura for your kind reply ,so maybe i'm on the right track I've just spotted another possible short setup on AU M15 (I've mostly trade on currencies), the only thing that concerns me is that daily low is pretty near , maybe if price get there i'll move sl to be with tp @ ADR low : {image} Laura, is there a maximum time beyond which the trade is re-evaluated and closed whether in profit or loss? You've stated that you are a short-term trader, maybe in a case of trade going nowhere did you just close it even with a tiny loss when...Ignored
Disliked{quote} Yesterday's Low could indeed be a roadblock to further price decline but we just don't know in advance. This is why I recommend taking partial profit where possible - it means you bank a bit but also have a bit still running if price overcomes the roadblock. Perfectly reasonable to take trades off before proved right or wrong if price seems to be going nowhere. It can sometimes be the case that your money and attention are best deployed elsewhere. I wouldn't really put a time on it - a quick glance at the chart should allow you to judge...Ignored
Disliked{quote} Indeed Laura that's makes perfectly sense. Actually i'm trading with a tiny real account funded with 100$ (I don't really like to demo trading since it's a completely different kind of game when real money is on the table vs demo money), so I'm trading with 0.01 lot and i cannot take partial profit since 0.01 is minimal lot size allowed , alternatively what i'm doing is to move sl to be when trade going in my favour, it's not the same but whatever Thx again for your hindsight Cheers, SkylineIgnored
Disliked{quote} I agree about demo vs real - I much prefer people to trade a small account (if they can afford it) to experience the emotional side more. Moving SL closer is a double-edged sword. You will find it will sometimes shake you out of a position that ends up going in your favour due to the normal gyrations of price. Not saying it's a terrible idea, but keep an eye on that element as it might hurt your bottom line more than help it.Ignored
Disliked{quote} Indeed Laura , I'm a kind of conservative in trading I mean if i see price is going in positive territory I don't like at all to have a negative outcome , this is why usually i adopt this kind of approach to move sl to be when trade is in profit. As an example , right now luckly my EU trade (and also AU trade) is in profit +30 pips, since I cannot take partial profit using 0.01 lot, I've moved my SL to B/E so if it turns against me I do not lose anything , it's a free trade, I don't know if this makes sense (and sorry for my english , it's...Ignored
Disliked{quote} If you are going to move your SL, please lock in a small amount of profit (say 5 pips if 30 pips in profit). I'm really not a fan of BE stops personally. Might sound like a really small point but think about the longer term, especially when trading larger size. The point of trading is to get paid. Having a trade go back to BE isn't a neutral outcome really, as you have invested time and energy into the trade. Locking in a small profit will, over the longer term, make a big difference to your total profit figure compared to BE stops.Ignored
DislikedHi all, this is my first try using Laura's methodology which I want to thanks for this pretty strightforward approach, i'm still studying the whole thread from starts so I'm not sure my trades are fine. Today I've spotted this possible setup on EU M15, maybe channel is a little bit far from SMA200 , averything seems to be lined up (RSI and MTF Dashboarad) so I've shorted with TP @ 1.07744 (ADR Low) , SL @ 1.0874 (Previous DailyHi) : 4460174 {image} Any thoughts ? Cheers, SkylineIgnored
DislikedIndeed , I closed just few pips before touched ADR low for a nice 35 pips profit (3.21$ i'm rich now lol) {image}Ignored
DislikedChannel failure on Oil {image}Closed when 15m bar closed inside channelIgnored
Disliked{quote} Well my stats are not anything to write home about, but I WAS profitable after completing the 15min exercise.... 20 trades -30% win rate -Profit factor: 1.3 This was a great exercise for me because it gave me some structure in my trading. A set of rules that had to be adhered to. It helped me manage my trades better too - cutting my losses sooner and letting my winners run a bit longer. This resulted in a profitable outcome even with my less-than-ideal win rate. Were I think I struggled was entering into too many trades (overtrading) where...Ignored
Disliked{quote} Well done for completing the exercise. This is just the beginning of the process - repeating it with some filters based on your first batch of trades will refine it a little for the next attempt. In terms of FOMO, you have moved from trading mostly 1m to having a slightly longer perspective. Probably natural that you are still tempted to trade too often - that urge will leave you I think, but if it doesn't I also have an exercise to fix thatIgnored