Roadmap - A Way To Read Markets | Page 51 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Software tools for LauraT's Roadmap 169 replies

Forex Brokerage Roadmap 4 replies

Best way to read all of someone's posts? 3 replies

Simple way to read chart 11 replies

Attachments: Roadmap - A Way To Read Markets
Exit Attachments

Roadmap - A Way To Read Markets

  • #1,001
  • May 1, 2020 3:24am May 1, 2020 3:24am
Well EURAUD already reached it's ADR, but not sure if that's going to slow down the impressive bull momentum since yesterday. RSI still quite strong at 65ish. And on M5, very few candles closing below channel.
That would be in case of a reversal play of course.

Attached Image (click to enlarge)
Click to Enlarge Name: EA.PNG Size: 43 KB
  • #1,002
  • May 1, 2020 3:32am May 1, 2020 3:32am
Quoting jan.forex
{quote} No problem. I've made an indicator/EA that sends me your channel cross signals only via a VPS to my mobile and was hoping to use the TrendStrength indicator. I'll keep using CompRSISelect as it's good as well. Thanks
This is how its calculated, I was pointed to the equation by Laura and others a few days ago.
Inserted Code
RSI_TREND=
((iRSI(NULL,PERIOD_H4,2,PRICE_CLOSE,0)+
iRSI(NULL,PERIOD_H4,9,PRICE_CLOSE,0)+
iRSI(NULL,PERIOD_D1,2,PRICE_CLOSE,0)+  
iRSI(NULL,PERIOD_D1,9,PRICE_CLOSE,0)+
iRSI(NULL,PERIOD_W1,2,PRICE_CLOSE,0)+  
iRSI(NULL,PERIOD_W1,9,PRICE_CLOSE,0))/6);
  • #1,003
  • May 1, 2020 3:36am May 1, 2020 3:36am
Quoting Barraka
{quote} Why would you want to use specifically the TrendStrength indi? I mean the CompRSI one displays exactly the same value as TrendStrength, so it should have absolutely no impact on your ea?
Just personal preference between the two and yes the values are the same and working as it should
  • #1,004
  • May 1, 2020 4:06am May 1, 2020 4:06am
Update To Hanover's Dashboard

In case anyone missed it, hanover has now added alerts functions to his dashboard. Details and download here:
https://www.forexfactory.com/showthread.php?t=994835
  • #1,005
  • May 1, 2020 4:12am May 1, 2020 4:12am
UJ Short M5
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 170 KB
  • #1,006
  • May 1, 2020 4:16am May 1, 2020 4:16am
Quoting jado911
UJ Short M5 {image}
Well done. Good use of scaling out
  • #1,007
  • May 1, 2020 4:21am May 1, 2020 4:21am
Keeping an eye on EURJPY.
Pn M5, SMA is in between the channel. We may have a channel failure, as RSI is above 60 and there's somewhat of a short term support level around 117.13 , there's already been a few bounces. But given the impulse move yesterday, I'd be willing to go for a channel cross if price goes below that level.

Attached Image (click to enlarge)
Click to Enlarge Name: EJ.PNG Size: 47 KB
  • #1,008
  • May 1, 2020 4:21am May 1, 2020 4:21am
Quoting LauraT
{quote} Well done. Good use of scaling out
Hi Laura, thanks for your sharing !!
I don't understand why I don't see RSI on the chart.
Could you help me?
Attached Image (click to enlarge)
Click to Enlarge Name: 2020-05-01 11_19_41-Window.png Size: 65 KB
  • #1,009
  • May 1, 2020 4:28am May 1, 2020 4:28am
Quoting FrancescoDTM
{quote} Hi Laura, thanks for your sharing !! I don't understand why I don't see RSI on the chart. Could you help me? {image}
Hi - try reducing the X Axis number in the indicator settings
  • #1,010
  • May 1, 2020 4:28am May 1, 2020 4:28am
Quoting FrancescoDTM
{quote} Hi Laura, thanks for your sharing !! I don't understand why I don't see RSI on the chart. Could you help me? {image}
Hello FrancescoDTM,

Just seen your post asking the same question I did and have now fixed the problem.
It was entirely my fault as I had removed the tick box from the indicator settings under "show in data window"

See attached screenshot's and hope this helps.

Best, DT
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2020-05-01 at 10.24.17.png Size: 21 KB
Attached Image
  • #1,011
  • May 1, 2020 4:34am May 1, 2020 4:34am
Attached Image (click to enlarge)
Click to Enlarge Name: LCrudeSb620M1.png Size: 40 KB


Setups like this are worth watching out for.

Price moved up but had SMA and daily open line as resistance.
  • #1,012
  • May 1, 2020 4:53am May 1, 2020 4:53am
UERUSD long, but a smaller position
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 184 KB
  • #1,013
  • May 1, 2020 5:03am May 1, 2020 5:03am
Quoting jado911
UERUSD long, but a smaller position {image}
That one is working out fine

Be careful with entering just below Yesterday's High in general though, price will often turn around there.
  • #1,014
  • May 1, 2020 5:26am May 1, 2020 5:26am
@LauraT@Doubletop

Thanks, I solved it.
  • #1,015
  • May 1, 2020 5:33am May 1, 2020 5:33am
For cTrader users.

Here is a set of indicators to help cTrader users apply Roadmap. The zip file contains several indicators (most with documentation) and a couple of templates that I used for setting up the workspace shown. There is a readme.txt included in the package.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 820 KB
Attached File(s)
File Type: zip cTrader-Roadmap.zip   3.4 MB | 893 downloads
  • #1,016
  • May 1, 2020 6:00am May 1, 2020 6:00am
Quoting LauraT
For anyone having issues using the RSI tool, I have attached an alternative. Settings are 240,1440,10080,0,500 - that will give you a historical picture of the RSI value but the current value is also visible in the indicator window. Hope this helps. Laura {file}
Help would like to download this ^
  • #1,017
  • May 1, 2020 6:09am May 1, 2020 6:09am
The only two trades I've taken that bounced back on the pivot lines. I've moved from M5 to M15 and it's less demanding on my eyes and time to spot a good setup and not get faked out, I've also added the M5 200 SMA on the charts. And I'm trading in the direction of the M5 SMA on the M15 chart.

Before:
Attached Image (click to enlarge)
Click to Enlarge Name: 2020-05-01 08_39_09-Window.png Size: 76 KB
Attached Image (click to enlarge)
Click to Enlarge Name: 2020-05-01 08_39_20-20232601_ ICMarkets-Demo02 - Demo Account - [NZDUSD,M15].png Size: 88 KB

After:
Attached Image (click to enlarge)
Click to Enlarge Name: 2020-05-01 13_07_27-Window.png Size: 79 KB
Attached Image (click to enlarge)
Click to Enlarge Name: 2020-05-01 13_07_37-Window.png Size: 86 KB


But mainly almost all pairs are moving in the direction of the trend from yesterday.
Anything above the line is an uptrend, below the line is a downtrend.
  • #1,018
  • May 1, 2020 6:16am May 1, 2020 6:16am
Quoting Degolep
The only two trades I've taken that bounced back on the pivot lines. I've moved from M5 to M15 and it's less demanding on my eyes and time to spot a good setup and not get faked out, I've also added the M5 200 SMA on the charts. And I'm trading in the direction of the M5 SMA on the M15 chart. Before: {image}{image} After: {image}{image} But mainly almost all pairs are moving in the direction of the trend from yesterday.
Nice results I'm a big fan of 15m timeframe.
  • #1,019
  • May 1, 2020 6:54am May 1, 2020 6:54am
Is there any way someone could code the TrendStrength - RSI-MTF.ex4 so that it would change color to RED when under value of 49.99 and green when value over 50.01? Not sure if it's possible since we have only the .ex4 file only.

Or 45/55 value, LauraT?
Anything above the line is an uptrend, below the line is a downtrend.
  • #1,020
  • May 1, 2020 7:22am May 1, 2020 7:22am
Hi all
Looks like everyone's getting the hang of it now. Some good trades and set ups being shared.
Thanks LauraT for sharing your Roadmap set up, it compliments my current trading perfectly!
Another cheeky oil scalp before bedtime. I like to use the Williams %R (set to 60 for M1) for my Bias indicator,
Value above -50 : Long only
Value below -50 : Short only
If price is above 200SMA and value crosses -50 from above to below, look to exit any longs and vice versa for shorts.
Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: XTIUSDM1.png Size: 61 KB
4 traders viewing now