Roadmap - A Way To Read Markets | Page 5 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Software tools for LauraT's Roadmap 169 replies

Forex Brokerage Roadmap 4 replies

Best way to read all of someone's posts? 3 replies

Simple way to read chart 11 replies

Attachments: Roadmap - A Way To Read Markets
Exit Attachments

Roadmap - A Way To Read Markets

  • #81
  • Apr 20, 2020 1:48am Apr 20, 2020 1:48am
I trade a strategy using similar tools: EMA5 H/L, SMA50, RSI.
I'll stick around (subscribed) I like to watch people becoming traders!!!
Stay green!!!
  • #82
  • Apr 20, 2020 2:00am Apr 20, 2020 2:00am
Quoting LauraT
{quote} Retrace happened

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!

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2020-04-20 at 09.02.08.png Size: 28 KB
  • #83
  • Apr 20, 2020 2:04am Apr 20, 2020 2:04am
Hello 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 :-) Your method has been explained clearly.I see many traders are involved,which makes the learning process very helpful.

https://charts.mql5.com/24/328/usdca...al-markets.png

USDCAD above the channel,we got 2 areas where price pullback into the 8EMA lows and this is where I think the BUY setup may occur.Its also a retest of last week Thursday's low,which respected that level on Friday as well.TP zone I would suggest at Friday's high 1.4118

Please correct me where necessary Thank you
  • #84
  • Apr 20, 2020 2:14am Apr 20, 2020 2:14am
Quoting scsstnt
Hello 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...
Hi

The yellow areas you marked were indeed valid entry points.
  • #85
  • Apr 20, 2020 2:21am Apr 20, 2020 2:21am
Quoting FlyingCat
{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}
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 hopefully you're trading on demo while trying this out).
  • #86
  • Apr 20, 2020 3:06am Apr 20, 2020 3:06am
Quoting LauraT
{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.
Hi Laura, Thanks for your interest in helping. I have no idea how to get an image of my chart onto here. While I try to work it out, I'll try and explain. I was on a 5 min chart. There was a close below the channel at 10:40 AM my time. We are nine hours ahead of you here in Brisbane. I took a sell. I probably should have closed it once it had closed back above the channel.
All you touch and all you see, is all your life will ever be.
  • #87
  • Apr 20, 2020 3:12am Apr 20, 2020 3:12am
Awesome !! subscribed.
  • #88
  • Edited 5:06am Apr 20, 2020 3:13am | Edited 5:06am
There was a lovely retrace on EURAUD too

Still time to get in later on on M1 guys because I think we're going down a lot more
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD.rM5.png Size: 43 KB
  • #89
  • Apr 20, 2020 3:18am Apr 20, 2020 3:18am
Quoting Erebus
{quote} I’ll go with.... all of the above
Hi Erebus, Good to see you here, your comments would be welcome. No EA junkies on this thread. I'm guessing Brewer St. would be closed, so you've probably got more time on your hands. I'm round the corner from you in Ernest St.
All you touch and all you see, is all your life will ever be.
  • #90
  • Apr 20, 2020 3:27am Apr 20, 2020 3:27am
Oil behaving nicely. Took partial profit as it approached ADR Low. Rest still running.

Attached Image (click to enlarge)
Click to Enlarge Name: LCrudeSb520M1.png Size: 39 KB
  • #91
  • Apr 20, 2020 3:35am Apr 20, 2020 3:35am
Took partial profit on GU, rest still running.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD-sbM1.png Size: 50 KB
  • #92
  • Apr 20, 2020 4:22am Apr 20, 2020 4:22am
Quoting LauraT
{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...
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?

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2020-04-20 at 11.22.38.png Size: 52 KB
  • #93
  • Apr 20, 2020 4:32am Apr 20, 2020 4:32am
Quoting FlyingCat
{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}
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 helps.
  • #94
  • Apr 20, 2020 4:43am Apr 20, 2020 4:43am
Quoting LauraT
{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...
This helps, thanks a lot!
  • #95
  • Edited 5:45am Apr 20, 2020 4:48am | Edited 5:45am
For EU, the trade can be seen on h1 chart. Price tested Fridays high and 1.0900. Possibly same like Friday fall at the top.

For EA, price testing Friday low at 1.70166. will break or not? Not sure, strong level for whole of last week so unlikely to break.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu1.png Size: 27 KB
Click to Enlarge Name: ea1.png Size: 27 KB
Know what you trade
  • #96
  • Apr 20, 2020 5:07am Apr 20, 2020 5:07am
UC trade we took in the Slack group. Some are still in the position but I took profit after price spiked in my favour.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD-sbM5.png Size: 45 KB
  • #97
  • Apr 20, 2020 5:25am Apr 20, 2020 5:25am
Quoting LauraT
UC trade we took in the Slack group. Some are still in the position but I took profit after price spiked in my favour. {image}
First of all thank you for sharing your strategy.
Could you please explain more about this trade?
The posted chart does not show any channel failure( as the one of the trigger of entering market), the channel just approching the 200sma.
Sorry if my question is wrong, becuase i recently begin learing about forex trading
  • #98
  • Apr 20, 2020 5:35am Apr 20, 2020 5:35am
Hi Laura - following your thread as it develops. Would this be a current example of a channel failure?
Attached Image (click to enlarge)
Click to Enlarge Name: cT_cs_1100207_GBPUSD_2020-04-20_11-33-27.png Size: 155 KB
  • #99
  • Apr 20, 2020 5:42am Apr 20, 2020 5:42am
All CAD pairs.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ucad1.png Size: 23 KB
Click to Enlarge Name: acad1.png Size: 22 KB
Click to Enlarge Name: cadj1.png Size: 105 KB
Click to Enlarge Name: cadchf1.png Size: 22 KB
Know what you trade
  • #100
  • Apr 20, 2020 5:42am Apr 20, 2020 5:42am
Quoting LauraT
{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.
Attached Image (click to enlarge)
Click to Enlarge Name: FxPro - MetaTrader 4.png Size: 129 KB


Hope this works.
All you touch and all you see, is all your life will ever be.
0 traders viewing now