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Roadmap - A Way To Read Markets

  • #841
  • Apr 28, 2020 12:33pm Apr 28, 2020 12:33pm
Hello everyone thanks for nice strategy Laura T. i try this learn, 8 years lost money..
  • #842
  • Apr 28, 2020 12:53pm Apr 28, 2020 12:53pm
LauraT, the first start for trading use one pair to learn? please advice.
  • #843
  • Apr 28, 2020 1:17pm Apr 28, 2020 1:17pm
Quoting LauraT
{quote} I don't think your money management was the issue here. I think the issue was bad luck. The setup was fine and, if you look at the 15m chart below, you'll see it was just bad luck that you had chosen a timeframe where the channel was going from one side of SMA to the other. {image} P.S - it did just hit Yesterday's High
Thanks for the reassurance. You win some, you lose some! I appreciate your input.
  • #844
  • Apr 28, 2020 1:19pm Apr 28, 2020 1:19pm
Great info and a generous mind to share your knowledge. Thank you and I'm looking forward to learn more
  • #845
  • Apr 28, 2020 1:24pm Apr 28, 2020 1:24pm
Quoting Freeturbo
LauraT, the first start for trading use one pair to learn? please advice.
One pair might be a little extreme as there won't always be a setup. Perhaps choose 3 or 4 markets to begin with and cycle between the charts looking for opportunities
  • #846
  • Apr 28, 2020 1:46pm Apr 28, 2020 1:46pm
Quoting LauraT
{quote} One pair might be a little extreme as there won't always be a setup. Perhaps choose 3 or 4 markets to begin with and cycle between the charts looking for opportunities
Thanks.
  • #847
  • Apr 28, 2020 2:53pm Apr 28, 2020 2:53pm
LauraT,

Many many Thanks for a very simple and easy trading strategy. You have done a great work by sharing your trading methodology and helping so
many of the ForexTraders who aspire to earn consistently but somehow end up loosing money in trading or paying for get quick rich indicators, EA robots.

Really appreciate all your efforts for being a guide to so many persons who wish to make a living trading forex markets.

Thanks once again

Regards
  • #848
  • Apr 28, 2020 4:16pm Apr 28, 2020 4:16pm
Quoting leafarct
from what I see, within the technique we are studying and experimenting with, we have a good entry in DOW and SP500. {image}
I didn’t act at the right time and failed to raise a good profit when I identified sales entries ...
Let us be green
  • #849
  • Apr 28, 2020 4:36pm Apr 28, 2020 4:36pm
Quoting ingo3344
hello, I was short here earlier, all indis were on short, unfortunately it did not work once {image}
Attached Image(s) (click to enlarge)
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  • #850
  • Edited 5:55pm Apr 28, 2020 5:35pm | Edited 5:55pm
Hi Mik,

I dont know where you entered on the first 2 images but on the last one which you circled its very choppy price behaviour. On top of that it is not a Channel failure as the bands never touched or partially crossed the 200SMA. RSI is 45 ( look for 40 or below) for shorts and Dashboard ( bit less important) is showing M1 and M5 green.
So taking all this into account I wouldnt have entered this trade. As Laura said, have a look at M15 to see the "bigger" picture or better, sit on your hands..
There will be a lot of opportunities
  • #851
  • Apr 28, 2020 8:16pm Apr 28, 2020 8:16pm
This was one of my short trade which I took earlier today on EURGBP - was trying multiple entries or multiple bullet entries . When I planned for the entry the SMA was closer to the channel and price was around the daily open, so decided to split my entries.
Entry 1 - The price was rejected few times earlier above the daily open, so when the price got rejected again, entered the 1st portion.
Entry 2 - Similar to Entry1, this time it was the rejection at the SMA. Had the price did not go to SMA probably would have added 2nd portion later or wouldn't have entered.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 65 KB


Exit - Ideally should have exited marked "X" was waiting to see if the price will go down, when it looked like direction might be changing got out of both for +2 each. Otherwise could have been at least +10 on each.
This made me realize as much as entry is important, also need to know when to exit.
  • #852
  • Apr 29, 2020 1:04am Apr 29, 2020 1:04am
Attached Image (click to enlarge)
Click to Enlarge Name: LCrudeSb620M1.png Size: 36 KB


First trade for today. Entry around Yesterday's High and exit around daily open line.
  • #853
  • Apr 29, 2020 1:56am Apr 29, 2020 1:56am
Quoting Piscis
Hi Mik, I dont know where you entered on the first 2 images but on the last one which you circled its very choppy price behaviour. On top of that it is not a Channel failure as the bands never touched or partially crossed the 200SMA. RSI is 45 ( look for 40 or below) for shorts and Dashboard ( bit less important) is showing M1 and M5 green. So taking all this into account I wouldnt have entered this trade. As Laura said, have a look at M15 to see the "bigger" picture or better, sit on your hands.. There will be a lot of opportunities
Hello! This is not my deal, the 3rd image is not mine, it was the answer to the question "ingo3344" why there was an early entry ... I do not trade on EG, look up the post
Here is Laura's answer)
Attached Image (click to enlarge)
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  • #854
  • Edited 3:07am Apr 29, 2020 2:32am | Edited 3:07am
This is mine)
Attached Image(s) (click to enlarge)
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  • #855
  • Apr 29, 2020 3:11am Apr 29, 2020 3:11am
Quoting mik2012
This is mine) {image} {image} {image}
Hi Mik2012, Could you share the thought process of this trade. You got it done really well.

Regards
  • #856
  • Apr 29, 2020 3:16am Apr 29, 2020 3:16am
Hi Laura, you've said before that you may often exit trades partially to let runners run. Do you hold positions overnight? If so, how do you manage the trades, do you rely on your emergency stop or do you tighten it?
  • #857
  • Apr 29, 2020 3:26am Apr 29, 2020 3:26am
Hi Laura, just curiuos, would you still enter the market if the trend is on sideways such as the screenshot there even the requirement (MTF, RSI, SMA, touched the channel, or did I miss anything else?) was met for the strategy?
Attached Image(s) (click to enlarge)
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  • #858
  • Apr 29, 2020 3:30am Apr 29, 2020 3:30am
Quoting andys0506
Hi Laura, you've said before that you may often exit trades partially to let runners run. Do you hold positions overnight? If so, how do you manage the trades, do you rely on your emergency stop or do you tighten it?
Hi

I always set out with the aim of being flat at end of day but the one exception is a trade that has developed into a runner.

If I am significantly in profit I will move my stop closer to reduce my risk. The key is to not move it so close that it'll take you out on an insignificant retrace.

Here's a chart example. Let's say I had caught the long move on this pair. I've marked in cross hairs roughly where I'd have placed my stop on the Friday night and the Monday night.

Hope this helps.

Attached Image (click to enlarge)
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  • #859
  • Apr 29, 2020 3:40am Apr 29, 2020 3:40am
Good Morning Laura, hope you are well and keeping safe. On average, how many trades a day would you say you make and roughly speaking how many of them are profitable? (Just trying to get an idea for R:R, frequency etc) Thanks W
  • #860
  • Apr 29, 2020 3:44am Apr 29, 2020 3:44am
Quoting Wellington
Good Morning Laura, hope you are well and keeping safe. On average, how many trades a day would you say you make and roughly speaking how many of them are profitable? (Just trying to get an idea for R:R, frequency etc) Thanks W
Good morning

Roughly 20 trades per day with approximately 15 profitable. It obviously varies from week to week, but that's likely a fair idea of the average.

I wouldn't put pressure on yourself to have those many entries or reach a certain win rate while you are learning though. I've been trading this way for years so I can get in and out of the market at quite a pace.
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