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  • #861
  • Apr 29, 2020 3:49am Apr 29, 2020 3:49am
Quoting LauraT
{quote} 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.
Perfect, thank you
  • #862
  • Apr 29, 2020 3:59am Apr 29, 2020 3:59am
Hi Laura, thank you for your sharing your experience, thoughts and system with us. I have tested it with GJ just now with good results. Once again, thank you.
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Knowing is not enough, we must apply. Willing is not enough, we must do.
  • #863
  • Apr 29, 2020 4:19am Apr 29, 2020 4:19am
Hi Everyone,

What do you think to use with Renko Charts?

It is porwerfull !!

What do you think master @LauraT ?
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  • #864
  • Apr 29, 2020 4:22am Apr 29, 2020 4:22am
if that is not clear, ask! This theme will complement Laura's excellent market map.
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  • #865
  • Apr 29, 2020 4:27am Apr 29, 2020 4:27am
Quoting LuizSchiavi
Hi Everyone, What do you think to use with Renko Charts? It is porwerfull !! What do you think master @LauraT ? {image} {image}
Hi

It's fine to use Renko if that's your preference. I know other traders like them. Personally I'll stick to my boring bar charts, old habits die hard!
  • #866
  • Apr 29, 2020 4:39am Apr 29, 2020 4:39am
A potential long setup on AUDUSD M5. RSI is strong at 70, price approaching 200MA, with confluence at previous day's high.
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  • #867
  • Apr 29, 2020 4:57am Apr 29, 2020 4:57am
Possible setup soon on EURJPY, just need the channel to drop below 200SMA and wait for the candle confirmation.
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  • #868
  • Apr 29, 2020 4:57am Apr 29, 2020 4:57am
Quoting Barraka
A potential long setup on AUDUSD M5. RSI is strong at 70, price approaching 200MA, with confluence at previous day's high. {image}
nice that you provide your hints before the fact, not just afterwards...!
I never lose - either I win or I learn...
  • #869
  • Apr 29, 2020 5:02am Apr 29, 2020 5:02am
Quoting LuizSchiavi
Hi Everyone, What do you think to use with Renko Charts? It is porwerfull !! What do you think master @LauraT ? {image} {image}
Use it too sometimes when I am bored with timecharts.... It also works quite nice with it...
  • #870
  • Apr 29, 2020 5:14am Apr 29, 2020 5:14am
Quoting Barraka
A potential long setup on AUDUSD M5. RSI is strong at 70, price approaching 200MA, with confluence at previous day's high. {image}
Why are the set up long? Isn't that 8 MA Channel pointing down. Looks like a short to me.
  • #871
  • Apr 29, 2020 5:18am Apr 29, 2020 5:18am
Laura, is the slope of the 200 important. Would you have taken this long as the channel crossed? I notice that both the 15m and 1hr were below the SMA so if we do a MTF analysis perhaps a long was risky.
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  • #872
  • Apr 29, 2020 5:27am Apr 29, 2020 5:27am
Quoting andys0506
Laura, is the slope of the 200 important. Would you have taken this long as the channel crossed? I notice that both the 15m and 1hr were below the SMA so if we do a MTF analysis perhaps a long was risky. {image}
The CompositeRSI was below 40 so it was actually a case of waiting for the short entry instead of long.

I notice you have RSI 9 on your chart but that won't give the same readings as the RSI tools I've provided in posts 1 and 2.
  • #873
  • Apr 29, 2020 5:49am Apr 29, 2020 5:49am
Laura, what is your view on this chart analysis,

I have been watching this chart and for the pass hour the price has been dropping down to the 200sma though the MTF are all pointing up GREEN for longs and RSI above 50. This could have been a trap? if entered.
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  • #874
  • Apr 29, 2020 5:50am Apr 29, 2020 5:50am
Quoting Hetal.Mehta
{quote} Why are the set up long? Isn't that 8 MA Channel pointing down. Looks like a short to me.
Have your read the rules on the first page? It explains the setups & what you're looking for. In this case, the MTF dashboard shows that both higher TFs channels are above the 200SMA, that's a first bullish sign. Second, the RSI reading was above 70, so strong bull pressure.
In this setup I'm essentially waiting for channel to test the SMA, which it is currently doing, and either fail or bounce.
  • #875
  • Apr 29, 2020 5:58am Apr 29, 2020 5:58am
Quoting Barraka
{quote} Have your read the rules on the first page? It explains the setups & what you're looking for. In this case, the MTF dashboard shows that both higher TFs channels are above the 200SMA, that's a first bullish sign. Second, the RSI reading was above 70, so strong bull pressure. In this setup I'm essentially waiting for channel to test the SMA, which it is currently doing, and either fail or bounce.
Sure I did read the guidelines on page 1. RSI is 70 but I always thought that number means it is in overbought status. But to each our own. We look at same indicator with different perspective... nothing wrong with that. Good luck with trading.
  • #876
  • Apr 29, 2020 6:00am Apr 29, 2020 6:00am
Quoting LauraT
{quote} The CompositeRSI was below 40 so it was actually a case of waiting for the short entry instead of long. I notice you have RSI 9 on your chart but that won't give the same readings as the RSI tools I've provided in posts 1 and 2.
Thanks Laura, can you explain briefly what those 2 indicators show.
  • #877
  • Apr 29, 2020 6:02am Apr 29, 2020 6:02am
Quoting rtradern
Laura, what is your view on this chart analysis, I have been watching this chart and for the pass hour the price has been dropping down to the 200sma though the MTF are all pointing up GREEN for longs and RSI above 50. This could have been a trap? if entered. {image}
Price got a bit too far away from the SMA and the bulls weren't very convincing (based on RSI) - essentially EU has been going nowhere this week, just moving away from SMA and then back to it.

The fact that other Euro pairs are bearish right now would make me dubious as to whether this could turn into a bounce from here, but of course it's possible.
  • #878
  • Apr 29, 2020 6:03am Apr 29, 2020 6:03am
Quoting Unmotivated
Hi Laura, thank you for your sharing your experience, thoughts and system with us. I have tested it with GJ just now with good results. Once again, thank you. {image}
That's great, all you need is the right pair on the day when it's ready to move

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  • #879
  • Apr 29, 2020 6:05am Apr 29, 2020 6:05am
Quoting Hetal.Mehta
{quote} Sure I did read the guidelines on page 1. RSI is 70 but I always thought that number means it is in overbought status. But to each our own. We look at same indicator with different perspective... nothing wrong with that. Good luck with trading.
Try not to think in terms of overbought and oversold with the CompositeRSI. Readings will stay above 70 or below 30 for extended periods of time and there is a lot of money to be made during those periods.
  • #880
  • Apr 29, 2020 6:07am Apr 29, 2020 6:07am
Quoting andys0506
{quote} Thanks Laura, can you explain briefly what those 2 indicators show.
Composite RSI is:

RSI2 + RSI9 values for 4H, Daily, Weekly timeframes then divided by 6 to give the average.
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