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Roadmap - A Way To Read Markets

  • #1,021
  • May 1, 2020 7:24am May 1, 2020 7:24am
Attached Image (click to enlarge)
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Decided to go short on this instrument as it seemed to be shaping up to be a day where ADR limits would be broken.

Notice how price went below the ADR Low then went back up to re-test it before continuing down.
  • #1,022
  • Edited 8:54am May 1, 2020 8:27am | Edited 8:54am
Quoting Barraka
{quote} Sure I could do that. But curious, what would you get out of it? Right now you get an update every 1m if you place the DB on that TF. And you can also refresh manually. You're saying you'd like a refresh every tick? The rsi reading won't change that much, as well as the position of the channel vs baseline? Well maybe a tad on the 1m TF, I rarely look at that TF so not sure.
You could make 50 pips in 30.minutes of trading. You need to trade during busy hour for a symbol which.can generate atleast 200.pips ADR of high low or 2000 pips from ticks trading randomly. Dont need RSI or MA for direction guidance. Just have a firm discretionary buy or sell bias in ratio. If you think market will move strongly at least 60 or 70 or 80.pc of time in.your direction, then have a.parameter for.this for selection from 1 percent to 99 per cent of selling or buying. And closeall function with a profit or loss in pips or account percentage or $$amount.

This kind of speedy action can happen only during hot hours triggered by opening hours of market, geo political events and news time. It is possible to make 25 pips in 1 minute if you use ticks only. Not TF 1 minute.

If you have no directional bias and if really want to take help for timing and direction then just use semaphore for 3 months demo trade and analyse the pattern in FF Trading Explorer or myfxbook free analytics page. I will be happy to guide you on how to use analytics to refine your trading. The idea is to identify hot hours and how effective is use of market cycle peak and bottom.identifiers.
Practice makes a person perfect
  • #1,023
  • May 1, 2020 8:44am May 1, 2020 8:44am
Quoting SkyLaser
Two channel trades on SP & Dow. Closed both as have to be away from desk for a while so can't monitor. {image} {image}
What size was your stop on the Dow?
It looks like you got in and suffered a big drawdown before the short went in your favour?
every Saint has a past. Every Sinner has a Future
  • #1,024
  • May 1, 2020 8:55am May 1, 2020 8:55am
Quoting simnz
{quote} You could make 50 pips in 30.minutes of trading. You need to trade during busy hour for a symbol which.can generate atleast 200.pips ADR of high low or 2000 pips from ticks trading randomly. Dont need RSI or MA for direction guidance. Just have a firm discretionary buy or sell bias in ratio. If you think market will move strongly at least 60 or 70 or 80.pc of time in.your direction, then have a.parameter for.this for selection from 1 percent to 99 per cent of selling or buying. And closeall function with a profit or loss in pips or account...
I'm not sure I understand your request then. Especially when you say you don't need RSI or MA for direction guidance. Because that's what my dashboard is about ^^
So what metric would you be looking at on a tick-by-tick basis, on the dashboard? I can probably implement it if I understand it better.
  • #1,025
  • May 1, 2020 9:05am May 1, 2020 9:05am
Quoting turnip15
{quote} What size was your stop on the Dow? It looks like you got in and suffered a big drawdown before the short went in your favour?
It was a valid setup according to the rules, how further away from the sma, how bigger the potential losses... He sticked to the rules.... Trading small enough is key with those setups.... Where some nice trades though
  • #1,026
  • May 1, 2020 9:07am May 1, 2020 9:07am
Quoting Patje
{quote} It was a valid setup according to the rules, how further away from the sma, how bigger the potential losses... He sticked to the rules.... Trading small enough is key with those setups.... Where some nice trades though
I was asking him what the stop size was. I am still learning this approach.
every Saint has a past. Every Sinner has a Future
  • #1,027
  • May 1, 2020 9:09am May 1, 2020 9:09am
Quoting turnip15
{quote} I was asking him what the stop size was. I am still learning this approach.
If the channel crossing the other side of the sma... According to Laura's rules don't know about him... And never more than 1%...
  • #1,028
  • May 1, 2020 9:09am May 1, 2020 9:09am
Quoting MikeHanson
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. {image} {file}
Thanks very much Mike - it's very helpful
  • #1,029
  • May 1, 2020 9:44am May 1, 2020 9:44am
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCADM15.png Size: 41 KB


Showing this trade as it's one where price originally went against me but my stop placement was far enough away to not get hit. Profit target eventually reached when it hit ADR High.

Had I decided in advance to 'multi-bullet' the entries, I would have added at expected support (Yesterday's High or Daily Open Line).

This hopefully demonstrates what I've been saying about calculating your risk in advance and having your stop far enough away to let the trade breathe. For reference, my stop was at 1.7500 initially and later moved to 1.7530.
  • #1,030
  • May 1, 2020 9:54am May 1, 2020 9:54am
Quoting SunnyCoast
{quote} Mate, you just can't help yourself can you. Just leave this thread as it is. If you want to show everyone how George trades then start your own thread. Pure and simple.
my friend, I’ve figured out everything for a long time and I don’t need help. I do not advertise the George trade, I just posted this topic on this thread, like a filter when entering and exiting the trade using the Laura method. Who needs to figure it out)
  • #1,031
  • May 1, 2020 9:55am May 1, 2020 9:55am
Quoting turnip15
{quote} What size was your stop on the Dow? It looks like you got in and suffered a big drawdown before the short went in your favour?
My stop (2%) was quite a ways from price, I would have manually closed had the channel fully crossed the SMA. DD was not that big a deal (for me).
  • #1,032
  • May 1, 2020 10:00am May 1, 2020 10:00am
Dear Laura

after years of trading, I must say that the entry point is not what makes or breaks profitability.
To me it's the exit. Finding the balance of letting price some room to breath and not giving too much back of a already profitable trade.
Sure, you gave us exit guidelines. Thank you for that.
If possible I would love to hear more from you regarding exits.

Thanks again for your time and method! Your method has given me peace of mind regarding entry.
Now looking to find same peace regarding exits... I hope you understand.

Thanks
  • #1,033
  • May 1, 2020 10:02am May 1, 2020 10:02am
Thank you Mike (and Laura) your dashboard for C trader alerted me to this trade - possible reversal at the day's ADR
Attached Image (click to enlarge)
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  • #1,034
  • May 1, 2020 10:15am May 1, 2020 10:15am
Quoting LauraT
{image} Showing this trade as it's one where price originally went against me but my stop placement was far enough away to not get hit. Profit target eventually reached when it hit ADR High. Had I decided in advance to 'multi-bullet' the entries, I would have added at expected support (Yesterday's High or Daily Open Line). This hopefully demonstrates what I've been saying about calculating your risk in advance and having your stop far enough away to let the trade breathe. For reference, my stop was at 1.7500 initially and later moved to 1.7530.
The same GBPCAD trade where I ended up losing, goes to say how 2 different people can manage their trades differently with different outcomes. My risk was more and the stop was placed accordingly - I guess how we manage the risk defines the exit or at least the stop loss which could give enough room for the trade to breathe. At least that is my opinion.
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  • #1,035
  • May 1, 2020 10:20am May 1, 2020 10:20am
Quoting colbru
Dear Laura after years of trading, I must say that the entry point is not what makes or breaks profitability. To me it's the exit. Finding the balance of letting price some room to breath and not giving too much back of a already profitable trade. Sure, you gave us exit guidelines. Thank you for that. If possible I would love to hear more from you regarding exits. Thanks again for your time and method! Your method has given me peace of mind regarding entry. Now looking to find same peace regarding exits... I hope you understand. Thanks
Hi

Perhaps it's my failing as a teacher, but I'm struggling to understand what more you want me to say about exits? I feel like I've been pretty clear about when I look to take profit and when I look to exit for a loss.

As every trade is different, I can't give you a one-size-fits-all explanation of how to exit your trades. Ultimately that has to be your decision.

If there is something specific in this regard you feel I've not covered at all, or enough, please let me know the specifics and I'll do my best to provide explanation and example.
  • #1,036
  • May 1, 2020 10:26am May 1, 2020 10:26am
Quoting karun
{quote} The same GBPCAD trade where I ended up losing, goes to say how 2 different people can manage their trades differently with different outcomes. My risk was more and the stop was placed accordingly - I guess how we manage the risk defines the exit or at least the stop loss which could give enough room for the trade to breathe. At least that is my opinion. {image}
Absolutely.

One of my key weapons in the market is my risk model, designed to ensure I'm trading small size relative to my account size.

I understand it's not possible for everyone to follow the same risk model and to have the luxury of an emergency stop that is far enough away from price action to not get in the way.
  • #1,037
  • May 1, 2020 10:34am May 1, 2020 10:34am
Quoting jan.forex
Hi Laura, have you got the mq4 file for TrendStrength-RSI-MT4? Or know where I possibly could get it?
This indicator was originally provided by FF member fxbarwise here (and then the updated MTF version here). Perhaps you could try asking him.
  • #1,038
  • May 1, 2020 10:46am May 1, 2020 10:46am
Hi Laura
Have to join the grateful choir. Just dipped my toe, following your guidelines.
Look:
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  • #1,039
  • May 1, 2020 10:51am May 1, 2020 10:51am
Quoting finnsol
Hi Laura Have to join the grateful choir. Just dipped my toe, following your guidelines. Look: {image}
Well done
  • #1,040
  • May 1, 2020 11:32am May 1, 2020 11:32am
not everything was correct, but runs in plus
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