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Attachments: Roadmap - A Way To Read Markets
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Roadmap - A Way To Read Markets

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EU, +22pips . exit at previous day low.
Quoting mUrfo
Took a short on the FTSE.. Open to criticism.. {image}
Looks good
Quoting jacktrader1
{image} EU, +22pips . exit at previous day low.
Nice trading, well done
Hi All,

Nice Gold Trade. Quick profit. SMA acted as a good support. As soon as price went past the Daily Open with good momentum the trade was entered. Didn't take long to reach the Daily High. Nice and safe.

Regards
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Quoting whitesta
Hi All, Nice Gold Trade. Quick profit. SMA acted as a good support. As soon as price went past the Daily Open with good momentum the trade was entered. Didn't take long to reach the Daily High. Nice and safe. Regards {image}
Good one - those kisses of the SMA are lovely
-44 pips on my CADJPY short.

Lesson learned: I put my SL way too conservative, price already return almost to my entry price. Should give it much more breathing space to the trade (even though I can't monitor it that much).

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Quoting LauraT
{quote} It could be that you need to remove a few existing indicators. Try temporarily moving a batch out of your indicators folder and then refreshing your navigator window.
Once again, you have gone above and beyond. This might be a good idea as I seem to have 100s for some reason. I'll give it a try.
All you touch and all you see, is all your life will ever be.
Quoting Hammertop
{quote} Just suggesting in case you changed the installation path during the MT4 setup, as that will still create its own folder for the indicators. To make sure which is the correct one you can click File>Open Data folder.
All you touch and all you see, is all your life will ever be.
Quoting FlyingCat
-44 pips on my CADJPY short. Lesson learned: I put my SL way too conservative, price already return almost to my entry price. Should give it much more breathing space to the trade (even though I can't monitor it that much). {image}
It happens. Couple of things though, firstly try to get slightly better entry prices than you did. On those higher timeframes, managing to get in a little further up the channel can make a big difference. Secondly, as you identified, the trade is still valid despite you being stopped out. It would require the channel to fully get above the SMA to invalidate your trade.

Trading longer timeframes will allow for bigger gains than are likely on the lower timeframes but the losses will be bigger too. I think I'm correct in recalling that your last trade was a 130 pip winner though so it's still a solid start
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Just a quick Gold chart to demonstrate something. Notice how it broke yesterday's high at the 3rd or 4th attempt. This is a bullish sign.

It's possible it could come back to yesterday's high for a re-test but it could just as easily sky-rocket.
Would the day low stop you guys from entering this? Just trying to gauge opinion.
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Quoting Hammertop
{quote} Just suggesting in case you changed the installation path during the MT4 setup, as that will still create its own folder for the indicators. To make sure which is the correct one you can click File>Open Data folder.
And the fix for that, always install as Portable Mode

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Quoting james.trades
Would the day low stop you guys from entering this? Just trying to gauge opinion. {image}
it would me, there are so many setups during the day why this one? look at the spread too ... ugly
Just made my first EURUSD scalp using your method LauraT. Must admit, it makes screening the market much more easier on the eyes for me. Will continue following this thread. Thanks for your input!
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Hello Laura,

This thread is so interested and got me hooked on and subscribed.
Been try out the strategy, are those yellow-pointed a valid entry point for short? By the time, only M30 is green; M1-15 is red and it below 50 RSI (ignore the purple line)... It still not far from the SMA200 and it touched the upper band and got lose in these entry point I made(Triggered SL in yellow box). No worry, it just a demo account.

And did you put on SL and TP? And, actually I still not sure when to get out of the trade. Much appreciate if you able to give some advice...

Regard, Jackwei
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Greetings all, Im currently looking at NZDUSD on 15m, If im understanding correctly there may be an entrance here shortly if the channel stays above the 200ema and we get a nice opportunity towards the bottom of the channel. For this pair, again this is just what ive understood so far, the ADR hi and low wont really matter at the moment because it has a lot of range to play for, but I was unable to download and of the files except the compositeRSI, im not very techy, but when I try it just opens up another internetexplorer window and doesn't give me any option what to do with. I don't know if anybody has the time to help me with that?

But anyway for the time being ive drawn them all manually including yesterday high and low, not to difficult, but doing it on every chart and keeping them updated could become time consuming.
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DAX shaping up for a long
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Quoting jergijselaar
Just made my first EURUSD scalp using your method LauraT. Must admit, it makes screening the market much more easier on the eyes for me. Will continue following this thread. Thanks for your input! {image}
Well done
Quoting mUrfo
DAX shaping up for a long {image}
RSI isn't great for a long mate.
Quoting jackwei94
Hello Laura, This thread is so interested and got me hooked on and subscribed. Been try out the strategy, are those yellow-pointed a valid entry point for short? By the time, only M30 is green; M1-15 is red and it below 50 RSI (ignore the purple line)... It still not far from the SMA200 and it touched the upper band and got lose in these entry point I made(Triggered SL in yellow box). No worry, it just a demo account. And did you put on SL and TP? And, actually I still not sure when to get out of the trade. Much appreciate if you able to give some...
Hi there - thanks for the kind words

Those are valid entry points, yes. Trades like that aren't invalidated until the channel fully crosses the SMA, so your stop loss at the SMA would be a bit tight.

I wouldn't advise trading EURGBP on 1m timeframe though. The ADR is far too low to make it viable.

Getting out of the trade has to come down to your own judgement, based on what you want to achieve from the trade. Either exiting at a logical horizontal line or aiming for a certain number of pips or monetary gain.

I will be writing about trade management at the weekend though.

Hope this helps.
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