I trade a strategy using similar tools: EMA5 H/L, SMA50, RSI.
I'll stick around (subscribed) I like to watch people becoming traders!!!
I'll stick around (subscribed) I like to watch people becoming traders!!!
Stay green!!!
2
Software tools for LauraT's Roadmap 167 replies
Forex Brokerage Roadmap 4 replies
Best way to read all of someone's posts? 3 replies
Simple way to read chart 11 replies
DislikedHello Laura and Everyone, I've found your trading system earlier today and I left all my other work aside and decided to read this thread more and more.Its very interesting,so i'm giving it a go and supporting your research and educational background in Forex trading,thank you so much.This must have been a long journey in getting things right and tweaking until you're comfy with everything.Below I'd like to post a chart of USDCAD and its direction in which I think the trade may go according to all the wonderful confluences present..... so here goes...Ignored
Disliked{quote} You mean the retrace is happening now (where current box is): would you take this one? For SL: previous high (just above the SMA) For TP: previous daily low Or would you adjust the SL/TP differently? Perhaps for TP looking at when price is below the lower band and retracing back? Thanks for your suggestions! {image}Ignored
Disliked{quote} Do you have a chart showing your trade(s)? I can go through it for you if it's helpful. I'm glad it was demo, I know I haven't covered money management yet but let's look at the trade and see where you went wrong.Ignored
Disliked{quote} Personally I would take that one, yes. The only caution I'd sound is that price has travelled a distance from SMA200 already but I'd still see it as a good set up. Your SL and TP makes sense but I would set them and then manage the trade on a manual basis, allowing price action to take you out. In assessing your risk, you should think 'where does price have to go to prove me wrong?' - in theory, as long as the channel stays below SMA200 the bias is still short but consider whether you can mentally and financially take that type of heat (although...Ignored
Disliked{quote} Appreciate your insights! I am trading demo to learn as much as possible before going into a small live account... EU did not work out unfortunately, price hit the SL. Would you now wait for retracement back to lower band and look for buy entries? M15 shows bias is to go long but longer TFs (M30 and onwards) suggest we should still look for sells? {image}Ignored
Disliked{quote} My first trade of the day was also a loser - it happens If you are trading the 5m chart, the bias should be taken from the M1-M30 timeframes on the MTF Dashboard. Plus the Composite RSI which is currently 58. So yes, bias is long for EU now. Ordinarily I'd say you could look for a long entry when price goes to lower band but look how far EU has travelled away from the SMA already. It could be that ship has sailed. Also, be aware that the previous day's high is now being flirted with and that could halt any bullish moves. Hope this...Ignored
DislikedUC trade we took in the Slack group. Some are still in the position but I took profit after price spiked in my favour. {image}Ignored
Disliked{quote} Do you have a chart showing your trade(s)? I can go through it for you if it's helpful. I'm glad it was demo, I know I haven't covered money management yet but let's look at the trade and see where you went wrong.Ignored