Roadmap - A Way To Read Markets

Quoting ukmartin

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Glad to see everyone is having success with LauraT I've had a tough couple of days and seem to have lost my mojo a bit some winners and some losers. Looking forward to a new week and better success

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Quoting pakeha

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Laura Congrats on the thread. When using the daily timeframe, do you substitute the ADR, Daily Open and Daily Hi/Lo with something else? Thanks

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Quoting LauraT

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{quote} Hi - thanks No, on the daily I wouldn't add anything to replace those tools. It's a bit different trading that timeframe as you are only taking the two basic setups (channel failure and channel entry). I've attached a chart that shows both. Bear in mind, the gains and losses will be large compared to shorter timeframes. {image}

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Quoting pakeha

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{quote} Laura Yes, I understand the Channel entry/failure concepts. My question was more about the daily hi/lo acting as S/R, which is not useful when trading the daily timeframe. Would you suggest using a weekly or monthly hi/lo as an example? Thanks

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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 Marcelomtn

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{quote} Would you also use this as a signal to entry or exit alongside channel entry and channel failure?

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Quoting Patje

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{quote} Indeed you could use it for both trades, I personally use it mostly with a channel failure.... With a channel trade I prefer such entry s with a fresh cross not too far from the 200sma....

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Quoting Marcelomtn

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{quote} So, could we apply the 3 techniques in the HTF? Thanks

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Quoting LauraT

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Hi everyone I've been asked a lot about trade management and wanted to let you know I intend to start a journal either today or tomorrow to cover this topic and others. I already have much of the content written but I'm tweaking and adding as time allows. The initial 3 sections of the journal will be: Trade Types Trader Psychology Trade Management I have written it in a similar way to how I write my trading plan and I therefore hope it might serve two purposes. It gives you an insight into my beliefs and methodologies but it also demonstrates...

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Quoting Jazz1964

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That's already a great journal Laura. I so much agree with you that Mark's teachings are of big importance. Your summery is excellent and to the point. Thank you. Regarding your multiple-bullet entry, I am curious for an exemple chart. I bet we'll see that when it becomes relevant. I am used to trade with 2 or 3 positions too, now and then, but I am not sure if it is what you do. Adding to losers is not what I do though. Thank you Laura, sure a great job what you do.

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Quoting Marcelomtn

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This one i had more guts to follow my initial plan to exit near adr low close to the consolidation zone, however nothing is perfect, i had a trade just at the tip of the channel and closed it without looking at sma dashboard and rsi (This would have given me courage to hold the position) {image}

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