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Roadmap - A Way To Read Markets

Laura -in view of the higher time frames ( 5 -15-30mins) being bearish/below 200ma line, I have behaved myself and not shouted "long at at 2:48pm when price crossed channel -so would we look for a short now price approaches 200 ?
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Quoting turnip15
Laura -in view of the higher time frames ( 5 -15-30mins) being bearish/below 200ma line, I have behaved myself and not shouted "long at at 2:48pm when price crossed channel -so would we look for a short now price approaches 200 ? {image}
I got the answer from Mrs market
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Quoting turnip15
{quote} I got the answer from Mrs market {image}
Last chart - honest.
Laura -the big thrust long pulled back to where I have the little arrow. Is that a suitable point to get Long ( price pulled back to lower part of band -green candle) ?

Edit : 15 min shows big gap down in the recent past ( 23600) and recent price has bounced off 23500 -should one factor that in ?
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Quoting turnip15
{quote} Last chart - honest. Laura -the big thrust long pulled back to where I have the little arrow. Is that a suitable point to get Long ( price pulled back to lower part of band -green candle) ? Edit : 15 min shows big gap down in the recent past ( 23600) and recent price has bounced off 23500 -should one factor that in ? {image}
That green candle would be where I'd have entered, yes. I wouldn't have been brave enough to enter on the down candle that preceded it.

Must admit, I don't tend to mark gaps. I know many swear by it though.
Hey guys,

I finished my trade with a preemptive Stop loss as shown in the chart below.

I originally wanted to wait till the price hit ADR low, but was not sure whether that was the right take profit,

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Any insights on the below trade?

Was this a good trade?

Should I have waited?

Could I have looked at something else for a better tp?

Thanks
Quoting Nishith
Hey guys, I finished my trade with a preemptive Stop loss as shown in the chart below. I originally wanted to wait till the price hit ADR low, but was not sure whether that was the right take profit, {image} Any insights on the below trade? Was this a good trade? Should I have waited? Could I have looked at something else for a better tp? Thanks
Hi

Why was your stop there? Were you trailing the position?

If your target was ADR Low, why didn't you allow it to travel there?

You might have a very good reason for getting out early but consider whether you are giving your trades enough breathing room. I didn't see any reason to exit when you did.
LauraT

I have to add my cu-do's to your thread along with all the others excellent work. I also love the way you respond to the set ups the others show you. Very respectful and informative. Like others here I have been lurking at FF for a while and have not found a current thread worth following till now. I hope to learn this system as well as the others seem to have. I do have a question in regards to which session most people are using. It looks to me like most of the examples are the london session as I don't seem to see them developing in the US session. Are any of my fellow followers succeeding in the US session or is the system geared toward and so most successful in the London session.

Just curious,

Again Excellent thread and system.
regards

Paul
(first post ever)
Quoting CaptMorgan
LauraT I have to add my cu-do's to your thread along with all the others excellent work. I also love the way you respond to the set ups the others show you. Very respectful and informative. Like others here I have been lurking at FF for a while and have not found a current thread worth following till now. I hope to learn this system as well as the others seem to have. I do have a question in regards to which session most people are using. It looks to me like most of the examples are the london session as I don't seem to see them developing in the...
Hi - thanks for the kind words

I'm sure others based in North America will chime in with their experiences but, personally, I do trade the US session (some days at least) and tend to switch to Oil and US Indices. I find that a lot of the currency moves are played out by the time London closes.
Quoting CaptMorgan
LauraT I have to add my cu-do's to your thread along with all the others excellent work. I also love the way you respond to the set ups the others show you. Very respectful and informative. Like others here I have been lurking at FF for a while and have not found a current thread worth following till now. I hope to learn this system as well as the others seem to have. I do have a question in regards to which session most people are using. It looks to me like most of the examples are the london session as I don't seem to see them developing in the...
Based on my experience - it is been a mixed bag, some times you get to see some action, other times it is kind of ranging, probably except USD based pairs. Unfortunately being in US means the avenues to trade Commodities or Indices are very limited - unless you go through futures market.

At least that has been my experience / view, others may have different experiences, opinions.
Quoting OAPDave
{quote} Up date ps I am a great trader at the weekends {image}
Last post of the day from me, so here is my update to my update (haha)
From my observation post high up in the clouds, I decided that although the RSI as been mostly positive all day, my doubts remained because we could not break the Daily open, so I favored being a seller of which, in general, was to me the correct decision,
Although a bit of a grind it did drop to my Daily average low and very close to Laura's ADR low, so I then thought a bounce was on the cards, but still did not fancy it, but as Laura as shown often, it turned into a very good trade back to the + 200sma from there it as not done much.
I think I will give myself marks 5 out of 10 for being half right today
Again I will add, I have not traded this live but used my time to watch in detail one pair up close and personnel and I must say all is looking good
ps
I will add that I do have a indicator that would have reinforced Laura method to buy back to the 200 sma but in respect to Laura will not add it to the chart
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I caught a nice ride on the EJ channel failure this morning. I worked out perfectly and made it to the ADR.
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Quoting LauraT
{quote} Hi Why was your stop there? Were you trailing the position? If your target was ADR Low, why didn't you allow it to travel there? You might have a very good reason for getting out early but consider whether you are giving your trades enough breathing room. I didn't see any reason to exit when you did.
Hey Laura,

Yes, I was trailing the trade, Thanks for the insight I will let the trade breath next time.

And you were correct it did eventually go and hit the ADR low,

Thanks for sharing the system, my first trade got me 14 pips profit.

I am looking forward to learning a lot more here.

Also, if someone could help with the template issue, it will be great

Thanks.
Quoting Nishith
Thanks, @LauraT this, is a great system. I subscribed a couple of days ago and I am trying to absorb as much as possible. I am facing one issue with a template can anyone in this help me to correct this? I can't see the numbers clearly, especially on the top left and MTF dashboard. This is how my template looks like : {image} I also opened a short trade, marked by Yellow, Is this a correct entry and also what will the stop loss and Take profit for this? I will be highly grateful for any inputs. Thanks.
It could be a screen resolution issue as I set mine up on a large widescreen monitor. Unfortunately neither of the impacted indicators have a font size option so I can only suggest you try altering screen resolution.

Someone else might have a better idea though.
Quoting Nishith
{quote} Hey Laura, Yes, I was trailing the trade, Thanks for the insight I will let the trade breath next time. And you were correct it did eventually go and hit the ADR low, Thanks for sharing the system, my first trade got me 14 pips profit. I am looking forward to learning a lot more here. Also, if someone could help with the template issue, it will be great Thanks.
Try adjusting the x-axis, y-axis position of the indicators, that should help.
Quoting OAPDave
{quote} Last post of the day from me, so here is my update to my update (haha) From my observation post high up in the clouds, I decided that although the RSI as been mostly positive all day, my doubts remained because we could not break the Daily open, so I favored being a seller of which, in general, was to me the correct decision, Although a bit of a grind it did drop to my Daily average low and very close to Laura's ADR low, so I then thought a bounce was on the cards, but still did not fancy it, but as Laura as shown often, it turned into a...
Hi OAPDave,
Do you care sharing your colored moving average indicators?
Thank you in advance.
Just wanted to air some thoughts — LauraT, or anybody else, please tell me whether I'm on the right track or not. Many thanks.

Buying at candle (1) in the screenshot (when price reaches the lower channel boundary) meets the rules, but I would describe it as a more brave and aggressive entry than waiting to buy at (2), after price has closed above the channel (this entry also has yesterday's high as possible turncoat support). More aggressive gets us in on the right side of the channel, and at a better price, but runs the risk (as in this case) that price will simply follow the lower channel boundary downward, putting the trade into significant drawdown. The more conservative entry at (2) happens to work out better in this instance, but in theory we're paying a premium, by buying above the channel. As always, there's no free lunch, there are pros and cons to both approaches. As with every strategy, it comes down to whether we decide to wait for some kind of confirmation, or simply take the plunge ("catching the falling knife". There may be other reasons that make an aggressive entry safer, but they're not part of Laura's strategy, hence I won't mention them). Much of this I expect is nuanced and contextual and comes with experience. Perhaps after a long move, from (3) to (1), some kind of correction (caused in part by traders taking their profits) might be anticipated, suggesting caution. Laura, I see your comment about possibly waiting for confirmation in some situations (post 1184).

The aggressive entry at (3) works well. The overall move is less mature, we are getting in earlier. In this case we wouldn't take the conservative entry at (4) (i.e. waiting for price to close outside the channel) because the candle is too big. The aggressive trader might enter at (3) and take some partial profit and/or move SL to BE at (4).

I see three possible reasons for taking the first setup after the EMA(8) channel crosses the SMA(200):
By getting in earlier, it's (usually) going to be a better price.
We are entering earlier into the possible move. The later we leave it, the greater the risk of reversal.
There is less risk, because by being nearer to the SMA(200) our loss (assuming we exit when the EMA(8) channel crosses the SMA(200)), will be smaller. Bigger potential profit + smaller potential loss both = better RR.

I wonder about the possibility of using the idea of price closing below the channel as some kind of final profit exit. For example, if we enter at (3) and take partial profit at (4) (and possibly again after some other large candles that close well above the channel), but delay taking final profit until price closes below the channel at (5), which in this case happens to capture the entire move.

I also wonder if a sharp momentum-based breakout (like candle (6)), especially after the channel has been falling for a while, is a good indication that momentum is shifting, and hence a good entry (although buying above the channel is breaking the basic rules). Whereas (if scalping) I would see something like (7) as more of a possible profit taking candle, as price has been outside the channel for longer. All of this is assuming that we weren’t so near to the end of the week.

Offsetting much of this is that the RSI composite will have a lower value at (6), it's highest value at (5), and will fall away again toward (2). This suggests that an extremely high RSI doesn't necessarily mean a better buying opportunity (vice versa for selling).

Of course things don't always play out as they did in the screenshot. Anyway, I'd be interested in any feedback. I've posted this publicly in that it might include some questions that other members are also thinking about asking. Thanks in advance.
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Quoting Mini7260
{quote} Hi OAPDave, Do you care sharing your colored moving average indicators? Thank you in advance.
No Problem
Attached File
File Type: ex4 averages - mtf - alerts 9.0.ex4   153 KB | 270 downloads
Quoting hanover
Just wanted to air some thoughts — LauraT, or anybody else, please tell me whether I'm on the right track or not. Many thanks. Buying at candle (1) in the screenshot (when price reaches the lower channel boundary) meets the rules, but I would describe it as a more brave and aggressive entry than waiting to buy at (2), after price has closed above the channel (this entry also has yesterday's high as possible turncoat support). More aggressive gets us in on the right side of the channel, and at a better price, but runs the risk (as in this case) that...
Without going into too much of the trade management subtleties - it's too late in the day and my brain is shutting down, lol - but sticking to the basic entry move, I personally would always look to get in at (for Buys) the bottom of the channel and (for Sells) the top. That is, however, the scalper in me and that I know that if i have got it wrong, I will always be able to get out with a BE+1 or whatever, with an option to re-enter should the move turn my way again.

Waiting till a move outside the channel is simply a way of subjecting yourself to a trade that immediately sits in negative territory...anathema to me, sorry.

However...one compromise to these thoughts, would be the use of a retrace/pullback entry, so that you wait for the candle to close outside (the top for a Buy move) and then wait for - the almost inevitable - pull back along the length of that candle (23.6 to 50% zone). Should that candle then not retrace back all the way past the low of the set-up candle, then you go in on the way back up. Best of both worlds.

Again though, I am coming at this from the viewpoint of an extreme scalper and my world view can be skewed because of this.
Quoting Nishith
I am facing one issue with a template can anyone in this help me to correct this? I can't see the numbers clearly, especially on the top left and MTF dashboard. This is how my template looks like.
Mine did the same thing its something to do with the dpi scaling the fix that worked for me is:

1. right-click on the icon you use to open mt4
2. click on properties
3. you should see a bunch of tabs at the top of the properties window click on the one that says compatibility
4. near the bottom you should see a button that says change high DPI settings click on that
5. In the new window near the bottom it should say override high DPI scaling behavior scaling performed by: click the check to Override high dpi scaling and use the drop down underneath that to select system (enhanced)
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Good afternoon,
First of all apologies for my English (I am using the translator), since I am Spanish. My sincere thanks and congratulations to Laura for this system that she has shared with the entire community.
I have been in this trading world for more than 20 years, using various platforms, systems and burning the odd account.
But hey, I'm not going to bore anyone by telling my life.
I just want to say that Laura's system fulfills what I think we all seek, simplicity, simplicity and ease of understanding (KISS (keep it simple and stupid - keep it simple and stupid).
I have been following the thread since April 17, that is to say, since its inception and therefore I have been operating with it for about 15 days, being totally profitable.
Although I use mt4, my usual platform is Prorealtime and I have performed various tests on that platform, using its programming that is easy for me. In mql4 I am unable to program anything.
I have seen the query made by Hanover (incredible programming crack from what I see) and I simply wanted to contribute that the operations I carry out these days are totally conservative, making the entries when the price opens within the channel and closes outside the channel . That is, if we go long, the opening must occur within the channel and the closing above the upper moving average of the channel and for shorts it would be the opposite, that is, opening within the channel and closing below the lower average. Also I take into account the inclination of the simple average of 200.
In the case of the graph posed by Hanover, I see the optimal entry at point 6 or 4 or 2, since 3 is a setback and 3 and 5 I consider them far from the average of 200.
In 2006, a system (Snake-Eye) that closely resembles this one was published in Forex Factory, although it did not have the follow-up that Laura has (https://www.forexfactory.com/showthread.php?t= 9124).
I just wanted to provide these observations.
The entrances are more conservative, but there are many markets to operate and we must bear in mind that throughout the day in 1-minute timeframes many opportunities can be given, without the need to risk.
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