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Roadmap - A Way To Read Markets

Looks like a channel failure trade on USDJPY M15? Nice RSI also.

EDIT - Sorry Dennis just seen your post before beat me to it haha.
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Quoting whitesta
Usd/Jpy looks like a channel failure now?? Regards Dennis

It defenitely does
What you do is a reflection of you....what I do is a reflection of me.
Just a heads up - appears the channels of a number AUD pairs (AUDCAD, AUDCHF, AUDJPY, AUDUSD) are about to break through to the upside on the 15/30 minute chart. RSI looks good also.
Quoting james.trades
Just a heads up - appears the channels of a number AUD pairs (AUDCAD, AUDCHF, AUDJPY, AUDUSD) are about to break through to the upside on the 15/30 minute chart. RSI looks good also.
AU is currently at yesterday's high though, so might be worth waiting to make sure that isn't going to be a barrier.
Quoting LauraT
{quote} AU is currently at yesterday's high though, so might be worth waiting to make sure that isn't going to be a barrier.
Yeah just noticed that, cheers again Laura.
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Hi Laura

With this it appears that the daily high is acting as a support. So would you be looking at buying if price touches the bottom channel?
Quoting optitrader
{image} Hi Laura With this it appears that the daily high is acting as a support. So would you be looking at buying if price touches the bottom channel?
Hi,

With AU up at yesterday's high, I'm holding off from triggering any Aussie trades for now. Well spotted on the support though, definitely worth keeping an eye on. Only other slight negative is how far away from the SMA it is.
Closed GBPCAD -29 pips. Appeared to spike against me, oh well.
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Quoting whitesta
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 {image}
Textbook trade buddy, well done!
Quoting james.trades
Closed GBPCAD -29 pips. Appeared to spike against me, oh well. {image} {image}
Unfortunately there are days when the Composite RSI flips around near the 50 level and those can make for some messy trades. You did nothing wrong, it just didn't work out.

In an ideal world, we'd seek out the opportunities where the RSI bias was clearer (above 60 and below 40) but some days they can be harder to find.
Quoting LauraT
{quote} 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.
Yes, I closed with a loss. I have to learn and stop chasing entries
sorry probably a stupid question but I hope someone can enlighten me. Do you guys only enter the trade once the current bar is closed or do you enter the trade as soon as the price hits the channel.

Kind regards
this is an example below which i have seen happen often where if you waited for the candle to close you miss out on a good entry. the circles show 3 bars that touched or were very close to the top channel before the price dropped. The channel is really good as acting as support/resistance and price rejects the area often.

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yes, its better to close your trade if you dont trust it, but gbp/cad is dawn till 1.733398 about 138 pips more dawn , only that the sl may not be suitable to you.
bakare
Quoting optitrader
sorry probably a stupid question but I hope someone can enlighten me. Do you guys only enter the trade once the current bar is closed or do you enter the trade as soon as the price hits the channel. Kind regards
No need to wait for bar close.
This is why I was cautioning against Aussie longs. Yesterday's High is acting as tough resistance and price has now backed away from it.

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Dax short that worked out fine. But main reason to post this is that it started off as a losing long trade (the channel failure).

Lesson being, don't be late in admitting you are wrong. Take your loss. There is no shame in then changing your opinion and trading in the opposite direction.

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Quoting LauraT
Dax short that worked out fine. But main reason to post this is that it started off as a losing long trade (the channel failure). Lesson being, don't be late in admitting you are wrong. Take your loss. There is no shame in then changing your opinion and trading in the opposite direction. {image}
Have you only traded DAX today Laura?
Quoting james.trades
{quote} Have you only traded DAX today Laura?
I'm in a couple of trades at the moment. I have mainly been focusing on indices today as currencies have been messy.
AUDUSD H1
Possible cross
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