Roadmap - A Way To Read Markets

Quoting mUrfo

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Hi Laura, What do you recommend to do to avoid getting into choppy markets or buying as the prices keeps dropping from consolidation zones? (See arrows in my screenshot). {image}

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Quoting LauraT

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{quote} Hi, Unfortunately we can never know in advance if we are headed for choppy waters, but we can stack the odds more in our favour by taking a conservative approach as follows: 1. Only take entries where RSI is over 60 (for longs) or under 40 (for shorts). 2. Only take channel trades or channel failures. 3. For continuation trades, we can wait until price is closer to the SMA (more likely to find support there). I intend to share all elements of the methodology but some are riskier than others and it's perfectly possible to make a living only...

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Quoting LauraT

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{quote} Hi, Unfortunately we can never know in advance if we are headed for choppy waters, but we can stack the odds more in our favour by taking a conservative approach as follows: 1. Only take entries where RSI is over 60 (for longs) or under 40 (for shorts). 2. Only take channel trades or channel failures. 3. For continuation trades, we can wait until price is closer to the SMA (more likely to find support there). I intend to share all elements of the methodology but some are riskier than others and it's perfectly possible to make a living only...

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Quoting jado911

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{quote} Hi there, I'm interested in making an Alert for this system, would you have the source code for the TrendStrength RSI or maybe the equation used to calculate it?

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Quoting jado911

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{quote} Hi there, I'm interested in making an Alert for this system, would you have the source code for the TrendStrength RSI or maybe the equation used to calculate it?

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Quoting LauraT

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Time to introduce you all to the next trading tool in our toolbox - the ADR trade. I've just opened a short on oil as price has reached ADR high and, importantly, RSI is still under 50. These trades are riskier and I advise not giving them too much wiggle room but they are an option alongside the usual trend trades. {image}

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Quoting LauraT

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{quote} Hi, Unfortunately I only have the ex4 but the author of the tool posted it in this thread: https://www.forexfactory.com/showthr...2#post12605642 Hope this helps.

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Quoting hepsibah

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{quote} Jado, if you look at the botton of the first post (or under the paperclip at the top right), you'll see a historic version of the indicator in source code format (CompRSISelectv2) so you can see how it is calcualted. It is basically the average RSI(2) and RSI(9) value for all the selected timeframes. However, I believe someone is already working on something that will give us alerts so don't invest too much time - unless you find it fun

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Quoting rickster

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I took this trade on the USDMXN for 50 pips, it is really to far from the 200 but it crossed previous days high and tapped back to it, I figure it is going to go farther but this late in the US session did not want to take the chance so clicked out with the 50. {image}

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Quoting Marcelomtn

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Hello there !!! I think it is a channel trade after the cross below the 200 SMA (RSI below 40, all times frames sma red) Closed at day hilo, but it might reach ADR low. I am happy with what i got ^^ {image} {image}

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Quoting Toccata

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Thank you LauraT and everyone for an interesting thread. Had a good trade today on EURUSD and an average one on USDJPY (my fault for a bit of chasing!. I wanted to ask about the setting in the TrendStrength RSI-MTF. When I loaded the profile from page 1 the "UseMN" setting is false and the "UseW1", "UseD1", "UseH4" - these are not the defaults of the indicator and I am wondering if it makes any difference? Looking forward to some money management advice - I can see that you are fond of scaling out as per Douglas.

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