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

Quoting LauraT
{quote} Again this is just a matter of personal preference but I'm not a fan of BE stops (even after taking partial profit). They are either put in place too quickly, and have too high a likelihood of being hit, or too slowly, resulting in giving back too much floating profit. More of an art than a science but as a general rule of thumb I would look to take partials at a logical point or in reaction to specific price behaviour. I would then check how close my stop would be to the action if I were to lock in a small profit on the remaining position....
Yes, makes perfect sense. As I said in my journal, upon reflection the decision to move to BE was born of fear. Having said that, moves to BE can have their place depending on the strategy. I trade a couple of strategies with EAs that I had coded for me. I've been using them a couple of months now. When I backtest them in the MT4 strategy tester, the results are better when moving the SL to BE at a certain number of pips profit than not moving to BE. One of these strategies uses 1H charts so I was able to run the strategy tester over a 21 month period so I consider that valid test data. However, these are very dumb strategies, as in if A and B are true, then do x. There's no room for discretion or subjectivity with them, so this kind of testing and variable optimisation can be done. With this roadmap strategy, I don't think you can really backtest effectively as you make decisions on whether to enter as the market plays out. If you have a discretionary strategy and you decide where your SL should be, it does make sense to leave it in situ.
So this is 3 days worth of trades, since I started this on Wednesday. R is pretty much break even. Am I taking too many trades?
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Quoting bluepanido
So this is 3 days worth of trades, since I started this on Wednesday. R is pretty much break even. Am I taking too many trades? {image}
No - I wouldn't say you are over-trading. In fact, I'd encourage you to take more trades while practicing, as the more scenarios you experience the better for your future development.
Quoting bluepanido
So this is 3 days worth of trades, since I started this on Wednesday. R is pretty much break even. Am I taking too many trades? {image}
I looked at your trading journal, please keep it up, it's very helpful. The last trade (EU M5 sell) looked good to me (i'm still learning) and I would have taken it as well. Just because you lose the trade doesn't mean you did something wrong. The way I see a channel cross is wait for both lines of the channel to cross the 200 MA then look for a pull back and take the trade in the direction of the cross. If you did something wrong maybe Laura can help both of us.
Quoting forexjedi1
{quote} I looked at your trading journal, please keep it up, it's very helpful. The last trade (EU M5 sell) looked good to me (i'm still learning) and I would have taken it as well. Just because you lose the trade doesn't mean you did something wrong. The way I see a channel cross is wait for both lines of the channel to cross the 200 MA then look for a pull back and take the trade in the direction of the cross. If you did something wrong maybe Laura can help both of us.
I agree. The trade was technically fine, it just happened not to work out.

You make a great point about separating outcome from process. Sometimes we will choose our entries poorly but will be rewarded with a win and vice versa.
Is anyone using the scanner programmed by hanover? What are your thoughts? Has it helped? I have it set up to start using next week.
Thanks for feedback from Friday guys.

I've been looking at this short setup(USDCHF). ADR setup. Do you still use the panel and RSI value in the same way as the basic setups? They have kept me from pulling the trigger.

Thanks
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Quoting bluepanido
Thanks for feedback from Friday guys. I've been looking at this short setup(USDCHF). ADR setup. Do you still use the panel and RSI value in the same way as the basic setups? They have kept me from pulling the trigger. Thanks {image}
I tended to find that they were lower probability setups, compared to those where it hits ADR high and RSI is still relatively low. They do still work out well sometimes - but just be aware they aren't A+
Quoting LauraT
{quote} I tended to find that they were lower probability setups, compared to those where it hits ADR high and RSI is still relatively low. They do still work out well sometimes - but just be aware they aren't A+
Thanks. I'd rather sit out the lower probability setups. Your answer has validated my decision to to stay out
3 trades in the journal today. 2 Wins and a BE for a total of 4.65R. Any feedback appreciated. Was it luck or was it good trading lol!

https://docs.google.com/presentation...it?usp=sharing
Quoting bluepanido
3 trades in the journal today. 2 Wins and a BE for a total of 4.65R. Any feedback appreciated. Was it luck or was it good trading lol! https://docs.google.com/presentation...it?usp=sharing
Well done!

Oil trade was very good. You can see the power of SMA rejection and you did the right thing by drawing a speedline to make sure bullish momentum had faded.

Nasdaq - you probably realise this anyway but not a great entry. Try not to buy too far above channel.
Quoting bluepanido
3 trades in the journal today. 2 Wins and a BE for a total of 4.65R. Any feedback appreciated. Was it luck or was it good trading lol! https://docs.google.com/presentation...it?usp=sharing
Darn, Laura beat me to it. But yes the oil trade was Beautiful. EUR/JPY i would of been weary since your making newer lows albeit still in a larger swing.

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Quoting ChubbyWookie
{quote} Darn, Laura beat me to it. But yes the oil trade was Beautiful. EUR/JPY i would of been weary since your making newer lows albeit still in a larger swing. {image}{image}
Thanks. That's really useful stuff.
Quoting ChubbyWookie
{quote} Darn, Laura beat me to it. But yes the oil trade was Beautiful. EUR/JPY i would of been weary since your making newer lows albeit still in a larger swing. {image}{image}
Can you shed any light on the blue MA you use? It might be somewhere in this thread, but I'm only about 26 pages in so far.

Thanks
Quoting bluepanido
{quote} Can you shed any light on the blue MA you use? It might be somewhere in this thread, but I'm only about 26 pages in so far. Thanks
- The solid blue line is a 50 EMA. Essentially its the 200 SMA (Roughly) on the next lower time frame. Honestly i dont recall why i settled with 50 EMA and not 50 SMA. I would like to say it was due to extensive back testing. Laura may have used the 50 SMA
- The dotted blue line is the 600 SMA or the 200 SMA next time frame up
- obviously its not always a 1:1 correlation for all time frames but it's close enough and seems to work well for me
- There are a few ways i use those MA's. One way is if you start seeing them all spread out like in EUR/JPY. Well it's likely due for a correction. Doesn't mean it will but when you start adding confluences like the round number with a high from 2018. It can be powerful. Also if your are looking at the m15 and have price crossing the 200 and 50 moving averages and it comes back to the 50 EMA. We know to watch the m5 for a potential setup
Quoting ChubbyWookie
{quote} - The solid blue line is a 50 EMA. Essentially its the 200 SMA (Roughly) on the next lower time frame. Honestly i dont recall why i settled with 50 EMA and not 50 SMA. I would like to say it was due to extensive back testing. Laura may have used the 50 SMA - The dotted blue line is the 600 SMA or the 200 SMA next time frame up - obviously its not always a 1:1 correlation for all time frames but it's close enough and seems to work well for me - There are a few ways i use those MA's. One way is if you start seeing them all spread out like...
Thank you. Reminds me of Steve Mauro BTMM and he way he uses MAs.
2 trades today. I definitely seem to be having more success with non-Forex charts on 1M time. I'll be hunting again from NY open.
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Quoting bluepanido
{quote} Thank you. Reminds me of Steve Mauro BTMM and he way he uses MAs. 2 trades today. I definitely seem to be having more success with non-Forex charts on 1M time. I'll be hunting again from NY open. {image}
I no longer trade forex. I find opportunities much easier to come by, and more reliable, on other instruments.
Quoting bluepanido
{quote} Thank you. Reminds me of Steve Mauro BTMM and he way he uses MAs. 2 trades today. I definitely seem to be having more success with non-Forex charts on 1M time. I'll be hunting again from NY open. {image}
Very interesting. skimming through one of his videos i do see where he is going. Seems similar to what i have seen on ICT. However a much different strategy then the Roadmap.

Keep doing what your doing. If you are consistently loosing on the forex side stick with what works

Nice thats a 61% win rate and your currently +4.5 Reward!!!

What where your entries for EUR/JPY and EUR/AUD. I took both and even added on to EUR/AUD a few times (Never mind i forgot to check your journal, Will add another post later)
Quoting ChubbyWookie
{quote} Very interesting. skimming through one of his videos i do see where he is going. Seems similar to what i have seen on ICT. However a much different strategy then the Roadmap. Keep doing what your doing. If you are consistently loosing on the forex side stick with what works Nice thats a 61% win rate and your currently +4.5 Reward!!! What where your entries for EUR/JPY and EUR/AUD. I took both and even added on to EUR/AUD a few times (Never mind i forgot to check your journal, Will add another post later)
How i saw EUR/AUD

Often times when you have a big round number price tends to gravitate toward them. however you also have to be careful as they are often support/resistance areas and may stop, turn around or keep going

The light blue dash dot line was your entry
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Quoting ChubbyWookie
{quote} How i saw EUR/AUD Often times when you have a big round number price tends to gravitate toward them. however you also have to be careful as they are often support/resistance areas and may stop, turn around or keep going The light blue dash dot line was your entry{image}
Thanks man, appreciate the feedback. It seems I should zoom out a bit with the 5M Forex entries. I've had a busy day today, 5 trades, almost broke even. Managed to get a Forex win lol! If you check the journal, you'll see my key message to myself today is to not get caught in FOMO following a good day.
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