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Roadmap - A Way To Read Markets

  • #201
  • Apr 21, 2020 6:18am Apr 21, 2020 6:18am
Yes nice thread

GBPJPY has been wonderful this morning European session

Simply a matter of waiting for pullback to get in short - Doesn't happen every day unfortunately!
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  • #202
  • Apr 21, 2020 6:27am Apr 21, 2020 6:27am
GBPAUD short
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  • #203
  • Apr 21, 2020 6:28am Apr 21, 2020 6:28am
And monitoring GBPNZD
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  • #204
  • Apr 21, 2020 6:39am Apr 21, 2020 6:39am
GBPNZD entryshort
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  • #205
  • Apr 21, 2020 6:40am Apr 21, 2020 6:40am
First trade this morning
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  • #206
  • Apr 21, 2020 6:48am Apr 21, 2020 6:48am
Channel Failure.
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  • #207
  • Apr 21, 2020 6:53am Apr 21, 2020 6:53am
Laura I want to add my thanks to voices of other for your kindness is sharing your methodology with us. I took this trade live on the USDMXN today.
Rick
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  • #208
  • Apr 21, 2020 7:08am Apr 21, 2020 7:08am
Quoting rickster
Laura I want to add my thanks to voices of other for your kindness is sharing your methodology with us. I took this trade live on the USDMXN today. Rick {image}
Hi Rick,

Thanks for your kind words

Just to be picky, and I know it's not always possible, try to get into longs at the bottom of the channel (or close to) where possible. It'll give you a few more pips.
  • #209
  • Apr 21, 2020 7:08am Apr 21, 2020 7:08am
Quick Scalp on OIL.

LauraT, Thanks for sharing, hope we can all contribute in a positive way, I appreciate any input on the charts i posted.
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  • #210
  • Edited 7:47am Apr 21, 2020 7:11am | Edited 7:47am
Quoting daywalker654
GBPNZD entryshort{image}
Entered short too. Seen 25 pips;stop is at b/e now
UPDATE: Stop was taken. In a way I'm glad, I wasn't very much persuaded by a short at that point looking at PA
  • #211
  • Apr 21, 2020 7:31am Apr 21, 2020 7:31am
Quoting Robsflow
Quick Scalp on OIL. LauraT, Thanks for sharing, hope we can all contribute in a positive way, I appreciate any input on the charts i posted. {image}
Still in? I'm in at pretty much the exact same spot.
  • #212
  • Apr 21, 2020 7:34am Apr 21, 2020 7:34am
This is my second trade today, live for +75 pips on the USDMXN it does have large spreads but nice moves in the NY session which is when I trade.
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  • #213
  • Apr 21, 2020 7:47am Apr 21, 2020 7:47am
[quote=LauraT;12890226]{quote} Still in? I'm in at pretty much the exact same spot.[/quote
Got out with a profit and re-entered at the SMA touch.
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  • #214
  • Apr 21, 2020 7:50am Apr 21, 2020 7:50am
It's need little tweaking and can be made into EA
  • #215
  • Apr 21, 2020 8:24am Apr 21, 2020 8:24am
fine gold trade , thanks Laura
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  • #216
  • Apr 21, 2020 8:33am Apr 21, 2020 8:33am
Quoting ingo3344
fine gold trade , thanks Laura {image}
Although it worked out, be careful with trades like this.

It had already 'locked' ADR and was quite a distance from the SMA.

Have you managed to get the RSI tool to show up? If not, try adjusting the X axis

Hope this helps.
  • #217
  • Apr 21, 2020 8:45am Apr 21, 2020 8:45am
Hi Laura

Thanks for a interesting thread. System seems simple with uncluttered charts. I tend to not trade on lower timeframes as I'm unable to eyeball charts all day due to work. How effective have you found this system on higher timeframes?

Also if the channel breaks upwards/downward with the price touching bottom/top of the channel but the MTF RSI is under 50/over50 with the short term trend showing red/green. Does that mean it's not a valid set-up?

Thank you in advance for your reply.

Subscribed to thread, looking forward to trying this out.

Kind Regards
  • #218
  • Apr 21, 2020 8:50am Apr 21, 2020 8:50am
thanks, it worked, how is it with the tp and sl again? and i hadn't seen the note with the atr, you learn from experience
  • #219
  • Apr 21, 2020 8:53am Apr 21, 2020 8:53am
Quoting optitrader
Hi Laura Thanks for a interesting thread. System seems simple with uncluttered charts. I tend to not trade on lower timeframes as I'm unable to eyeball charts all day due to work. How effective have you found this system on higher timeframes? Also if the channel breaks upwards/downward with the price touching bottom/top of the channel but the MTF RSI is under 50/over50 with the short term trend showing red/green. Does that mean it's not a valid set-up? Thank you in advance for your reply. Subscribed to thread, looking forward to trying this out....
Hi - thanks for the kind words

The strategy (although I haven't revealed all of it yet so stay tuned) is effective on longer timeframes. I myself have 4H and Daily based trades running.

To answer what I think was your question - I advise people to begin with trades where the MTF Dashboard and Composite RSI agree with the direction. So, if going long on the 4H chart, you'd want at least 2 of the MTF Dashboard timeframes from H1 to W1 to be green and for the Composite RSI to be above 50.

It is possible of course to counter-trend trade using this methodology but I would recommend first learning it via trend trading.

Hope this helps.
  • #220
  • Apr 21, 2020 8:59am Apr 21, 2020 8:59am
Quoting ingo3344
thanks, it worked, how is it with the tp and sl again? and i hadn't seen the note with the atr, you learn from experience
I haven't covered money management yet but very short answer is that each trade is different and I recommend using disaster stops and managing the trade manually once open.

The way I look at it, I enter the market with a hypothesis and I get out when it proves me wrong. So you need to think in those terms and consider before entering "how will I know I'm wrong" - which then tells you when you'll be cutting your losses. Take profit areas depend on the price action and the wishes of the individual. Some might prefer shooting for a logical take profit area (support/daily open line/previous day low etc) whereas some prefer to bank after a certain pip value or monetary value is reached. Unfortunately there cannot be a one size fits all approach.

Hope this helps.
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