Decided to go short on this instrument as it seemed to be shaping up to be a day where ADR limits would be broken.
Notice how price went below the ADR Low then went back up to re-test it before continuing down.
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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
Disliked{quote} Sure I could do that. But curious, what would you get out of it? Right now you get an update every 1m if you place the DB on that TF. And you can also refresh manually. You're saying you'd like a refresh every tick? The rsi reading won't change that much, as well as the position of the channel vs baseline? Well maybe a tad on the 1m TF, I rarely look at that TF so not sure.Ignored
DislikedTwo channel trades on SP & Dow. Closed both as have to be away from desk for a while so can't monitor. {image} {image}Ignored
Disliked{quote} You could make 50 pips in 30.minutes of trading. You need to trade during busy hour for a symbol which.can generate atleast 200.pips ADR of high low or 2000 pips from ticks trading randomly. Dont need RSI or MA for direction guidance. Just have a firm discretionary buy or sell bias in ratio. If you think market will move strongly at least 60 or 70 or 80.pc of time in.your direction, then have a.parameter for.this for selection from 1 percent to 99 per cent of selling or buying. And closeall function with a profit or loss in pips or account...Ignored
Disliked{quote} What size was your stop on the Dow? It looks like you got in and suffered a big drawdown before the short went in your favour?Ignored
Disliked{quote} It was a valid setup according to the rules, how further away from the sma, how bigger the potential losses... He sticked to the rules.... Trading small enough is key with those setups.... Where some nice trades thoughIgnored
Disliked{quote} I was asking him what the stop size was. I am still learning this approach.Ignored
DislikedFor cTrader users. Here is a set of indicators to help cTrader users apply Roadmap. The zip file contains several indicators (most with documentation) and a couple of templates that I used for setting up the workspace shown. There is a readme.txt included in the package. {image} {file}Ignored
Disliked{quote} Mate, you just can't help yourself can you. Just leave this thread as it is. If you want to show everyone how George trades then start your own thread. Pure and simple.Ignored
Disliked{quote} What size was your stop on the Dow? It looks like you got in and suffered a big drawdown before the short went in your favour?Ignored
Disliked{image} Showing this trade as it's one where price originally went against me but my stop placement was far enough away to not get hit. Profit target eventually reached when it hit ADR High. Had I decided in advance to 'multi-bullet' the entries, I would have added at expected support (Yesterday's High or Daily Open Line). This hopefully demonstrates what I've been saying about calculating your risk in advance and having your stop far enough away to let the trade breathe. For reference, my stop was at 1.7500 initially and later moved to 1.7530.Ignored
DislikedDear Laura after years of trading, I must say that the entry point is not what makes or breaks profitability. To me it's the exit. Finding the balance of letting price some room to breath and not giving too much back of a already profitable trade. Sure, you gave us exit guidelines. Thank you for that. If possible I would love to hear more from you regarding exits. Thanks again for your time and method! Your method has given me peace of mind regarding entry. Now looking to find same peace regarding exits... I hope you understand. ThanksIgnored
Disliked{quote} The same GBPCAD trade where I ended up losing, goes to say how 2 different people can manage their trades differently with different outcomes. My risk was more and the stop was placed accordingly - I guess how we manage the risk defines the exit or at least the stop loss which could give enough room for the trade to breathe. At least that is my opinion. {image}Ignored
DislikedHi Laura, have you got the mq4 file for TrendStrength-RSI-MT4? Or know where I possibly could get it?Ignored
DislikedHi Laura Have to join the grateful choir. Just dipped my toe, following your guidelines. Look: {image}Ignored