Roadmap - A Way To Read Markets

Quoting ingo3344

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ATR plus sma {image}

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Quoting SidneyMagal

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If a pair takes out the ADR in one direction, its not too far from the 200ema, and still matches criteria, is it safe to say its going to keep running or should we avoid trading pairs that have run that far? Quite a lot of what id been looking at seems to have taken out the ADR already

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Quoting SidneyMagal

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If a pair takes out the ADR in one direction, its not too far from the 200ema, and still matches criteria, is it safe to say its going to keep running or should we avoid trading pairs that have run that far? Quite a lot of what id been looking at seems to have taken out the ADR already

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Quoting LauraT

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{quote} Hi there - thanks for the kind words Those are valid entry points, yes. Trades like that aren't invalidated until the channel fully crosses the SMA, so your stop loss at the SMA would be a bit tight. I wouldn't advise trading EURGBP on 1m timeframe though. The ADR is far too low to make it viable. Getting out of the trade has to come down to your own judgement, based on what you want to achieve from the trade. Either exiting at a logical horizontal line or aiming for a certain number of pips or monetary gain. I will be writing about...

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Quoting jackwei94

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{quote} I see... Thank for the advice.. Hehe.. Learnt one more lesson on the Adr value. By the way, does the mt4 mobile able to implement similar indicators such as the Adr and trendstrengh and MTF?

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Quoting LauraT

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{image} A little tip for you. Notice the bars I've highlighted in orange. These are the first bars that close on the opposite of the channel compared to recent previous bars. The first one signals an up move and the second one signals a down move. This can be useful for trade management as it can be an early warning that direction is changing. Hope this helps.

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Quoting LauraT

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{quote} It happens. Couple of things though, firstly try to get slightly better entry prices than you did. On those higher timeframes, managing to get in a little further up the channel can make a big difference. Secondly, as you identified, the trade is still valid despite you being stopped out. It would require the channel to fully get above the SMA to invalidate your trade. Trading longer timeframes will allow for bigger gains than are likely on the lower timeframes but the losses will be bigger too. I think I'm correct in recalling that your...

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Quoting LauraT

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{image} A little tip for you. Notice the bars I've highlighted in orange. These are the first bars that close on the opposite of the channel compared to recent previous bars. The first one signals an up move and the second one signals a down move. This can be useful for trade management as it can be an early warning that direction is changing. Hope this helps.

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Quoting LauraT

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{image} I know people find losing trades useful to see too, so here's one Yesterday I showed some examples of winning trades with poor entries. This is an entry I was fine with but it turned out to be a loser. Just goes to show, we should not measure how well we executed a trade based on the final outcome. With losses in general, embrace them, accept them, they happen. The quicker you can move on to finding the next opportunity the better. That's not to say we don't learn from our trades though. I always carry out a daily review of my entries...

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Quoting FlyingCat

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{quote} Thanks, your feedback is greatly appreciated.... 130 pip gain is unfortunately gone by now (USD/CAD brought me today a -125 pip loser ). Luckily this is DEMO and these are goods learnings, two lessons for now: A) Setting the stop too short => start using a panic SL instead B) Chasing price too much => might need to test the alert EA to get entries based on opportunities OR increase monitoring frequency Going to incorporate those lessons in my trading, will come back stronger! {image}

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Quoting LauraT

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{quote} Hi, As with your previous trade, the issues are the same two. Your trade is still valid as channel is still above SMA but your entry wasn't great. Tighter entries (closer to SMA) will help you, as will being realistic about stop placement if trading a 4H chart. Or, perhaps try looking at a 1H chart as an experiment. Try a 'set and forget' trade based on that timeframe and see how it feels. Good luck

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Quoting FlyingCat

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{quote} Do you take this signal also to step out of a trade when you are not in profit (or do you solely focus on the EMA channel to cross the SMA to prove you wrong)? Thanks for the tip!

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Quoting LauraT

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{image} A little tip for you. Notice the bars I've highlighted in orange. These are the first bars that close on the opposite of the channel compared to recent previous bars. The first one signals an up move and the second one signals a down move. This can be useful for trade management as it can be an early warning that direction is changing. Hope this helps.

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Quoting LauraT

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{quote} It can also be used to make a price-action based exit, yes. It really depends on the individual trade. I always start with the question "where will price have to go to prove me wrong" - on some trades that will involve the channel crossing the SMA, on some it will be related to ADR or yesterday's high/low and on others it will be price closing on wrong side of channel as per example. Sorry, I know that was an 'it depends' type of answer but... it does depend

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Quoting Marcelomtn

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{quote} So if price crossed the yesterday's high and comes.back to it, suppose you wait for a rejection and them make a channel buy. Would be the case where yesterday's high could prove you wrong if price closes below it/ or channel.goes below it? Thanks

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