Roadmap - A Way To Read Markets | Page 14 | 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

  • #261
  • Apr 22, 2020 2:49am Apr 22, 2020 2:49am
Quoting whitesta
Hi all, Is this short on Usd/Jpy valid. Regards {image}
Nice template, looks familiar
  • #262
  • Apr 22, 2020 2:51am Apr 22, 2020 2:51am
Thanks all.

Regards
  • #263
  • Apr 22, 2020 2:53am Apr 22, 2020 2:53am
Quoting Patje
{quote} Nice template, looks familiar
Hi Patge,

The TMA is from George's thread. Quite helpful and gives confirmation regarding turning points.

Regards
Dennis
  • #264
  • Apr 22, 2020 2:59am Apr 22, 2020 2:59am
Quoting mario777
{quote} i dont see any entries and exits there only charts how can we learn from it? where did you enter? its just easy to post pics thou.
I took those trades immediately I screenshot those charts, using instant order.
All are long trades, except GF that is short
  • #265
  • Apr 22, 2020 3:03am Apr 22, 2020 3:03am
Quoting LauraT
{quote} Absolutely
good job!
I'm trying the strategy on multiple timeframes, crossing the chart with the price action.
I have questions to ask:

  1. When the EMA is far from the SMA and is lateral, should I discard?
  2. when both EMAs cross the SMA, with the confirmation of the higher timeframes, can it be considered a valid signal?
  3. when the EMA is in Bull / Bear and far from SMA, with the confirmation of the higher timeframes, can it be considered a valid signal?

  • #266
  • Apr 22, 2020 3:09am Apr 22, 2020 3:09am
Quoting sartFX
{quote} good job! I'm trying the strategy on multiple timeframes, crossing the chart with the price action. I have questions to ask: When the EMA is far from the SMA and is lateral, should I discard? when both EMAs cross the SMA, with the confirmation of the higher timeframes, can it be considered a valid signal? when the EMA is in Bull / Bear and far from SMA, with the confirmation of the higher timeframes, can it be considered a valid signal?
1. Definitely
2. Both EMAs crossing the SMA is the definition of a channel trade. Yes, you should take those opportunities as long as you are trading in accordance with the Composite RSI bias.
3. On balance, I'd try to avoid signals where the EMAs are far from the SMA. The tricky part is defining what is 'too far' and what isn't. I'd recommend trusting your judgement on that.

Hope this helps.
  • #267
  • Apr 22, 2020 3:17am Apr 22, 2020 3:17am
Posting from my phone, I took ACad, AChf, AUsd, NChf, and Gold all long some minutes after 5am GMT in a minute time frame.

But my major challenge is when to exit the trades.

Since over 90 percent of the dashboard supported the trades, including the RSI number, how long am I supposed to leave the the open.

On taken partial profit, in practical form, how is it done or what tool or tools can I use

I will post the charts later when I get home
  • #268
  • Apr 22, 2020 3:23am Apr 22, 2020 3:23am
Took GN on a retrace of the ema. The failure entry would have been better but I wasn't at the PC. I was hoping for a retest of the daily low but when it made a triple bottom on a level that was rejected a few times before I bailed with 16 pips. Better trades on the way hopefully
Attached Image (click to enlarge)
Click to Enlarge Name: GN2020-04-22_09-21-11.jpg Size: 211 KB
  • #269
  • Apr 22, 2020 3:25am Apr 22, 2020 3:25am
Quoting Ican2020
Posting from my phone, I took ACad, AChf, AUsd, NChf, and Gold all long some minutes after 5am GMT in a minute time frame. But my major challenge is when to exit the trades. Since over 90 percent of the dashboard supported the trades, including the RSI number, how long am I supposed to leave the the open. On taken partial profit, in practical form, how is it done or what tool or tools can I use I will post the charts later when I get home
I'm not being flippant when I say this but you are supposed to keep them open until you decide to close them Unfortunately there is no magic formula to this, you must define your risk in advance, have a rough idea of where you envisage price going (using tools such as previous day low/high, ADR low/high, daily open line, support/resistance) and then manage the trade manually from there. Being flexible and taking what the market offers.

To be more specific, you mentioned AU. Price recently travelled up to the previous day high. That would be a logical place to look to take profits.

If you are using MT4, you can take partial profits by clicking the X on the right hand side of your open trade to close but then changing the amount to a lower one than your original opening amount.

Hope this helps.
  • #270
  • Apr 22, 2020 3:28am Apr 22, 2020 3:28am
Quoting Hammertop
Took GN on a retrace of the ema. The failure entry would have been better but I wasn't at the PC. I was hoping for a retest of the daily low but when it made a triple bottom on a level that was rejected a few times before I bailed with 16 pips. Better trades on the way hopefully {image}
Good thinking - you can always re-enter when the conditions are right
  • #271
  • Apr 22, 2020 3:33am Apr 22, 2020 3:33am
EURCHF possible buy set-up forming?
  • #272
  • Apr 22, 2020 3:35am Apr 22, 2020 3:35am
Quoting LauraT
{quote} I'm not being flippant when I say this but you are supposed to keep them open until you decide to close them Unfortunately there is no magic formula to this, you must define your risk in advance, have a rough idea of where you envisage price going (using tools such as previous day low/high, ADR low/high, daily open line, support/resistance) and then manage the trade manually from there. Being flexible and taking what the market offers. To be more specific, you mentioned AU. Price recently travelled up to the previous day high. That...
When I click the X on my open trades in MT4 it closes them immediately. Is there some settings I need to adjust?
  • #273
  • Apr 22, 2020 3:35am Apr 22, 2020 3:35am
Quick Gold Trade. That was fast. Straight to Daily HI. Days Open acted as Support.
* There was a channel failure but Days open was quite close so waited for the normal entry.
Regards
Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSDM5.png Size: 44 KB
  • #274
  • Apr 22, 2020 3:38am Apr 22, 2020 3:38am
Quoting jan.forex
{quote} When I click the X on my open trades in MT4 it closes them immediately. Is there some settings I need to adjust?
Ah, I forgot to mention, you should disable one-click-trading.
  • #275
  • Apr 22, 2020 3:39am Apr 22, 2020 3:39am
Quoting whitesta
Quick Gold Trade. That was fast. Straight to Daily HI. Days Open acted as Support. Regards {image}
Nice Great use of the horizontal lines.
  • #276
  • Apr 22, 2020 3:42am Apr 22, 2020 3:42am
Hi, believe I've found a trade on GBPCAD. Just confirming is this valid?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad.png Size: 114 KB
  • #277
  • Apr 22, 2020 3:44am Apr 22, 2020 3:44am
Quoting james.trades
Hi, believe I've found a trade on GBPCAD. Just confirming is this valid? {image}
It is
  • #278
  • Apr 22, 2020 3:45am Apr 22, 2020 3:45am
Got in EJ. Again not the best entry. I would need to work on those more I suppose.
Attached Image (click to enlarge)
Click to Enlarge Name: EJ2020-04-22_09-38-57.jpg Size: 259 KB
  • #279
  • Apr 22, 2020 3:48am Apr 22, 2020 3:48am
Quoting Hammertop
Got in EJ. Again not the best entry. I would need to work on those more I suppose. {image}
That's quite an aggressive entry. It could end up being a channel failure but could just as easily result in the channel going fully above SMA.
  • #280
  • Apr 22, 2020 3:59am Apr 22, 2020 3:59am
Usd/Jpy looks like a channel failure now??

Regards
Dennis
4 traders viewing now