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Roadmap - A Way To Read Markets

  • #1,161
  • May 4, 2020 5:31am May 4, 2020 5:31am
Quoting SuperPip
{quote} Dear Laura! Thank you for sharing this wonderful trading approach! I started second week to trade it. Can you explain how often you are watching to charts if you are trading M5-M15 timeframe? Are you attached to them all the day or just in regular bases? If you enter to trade how you manage your expectations for taking profit? How long you last the trade to be wrong? For example I have here short on USDJPY. What you think about taking profit/loss? {image} With thanks, SP
Why did you enter short?
What would you do after that spike down?

SEE POST 1151, by Laura, above.
every Saint has a past. Every Sinner has a Future
  • #1,162
  • May 4, 2020 5:37am May 4, 2020 5:37am
Quoting turnip15
{quote} Got that wrong It crossed the road and went long again Now it is at 200ema - should be interesting ? {image}
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Looks like a channel failure forming around SMA now. Bias still short (CompRSI).
  • #1,163
  • May 4, 2020 5:40am May 4, 2020 5:40am
Quoting LauraT
{quote} {image} Looks like a channel failure forming around SMA now. Bias still short (CompRSI).
got another one today with your help!
now on brent oil... waiting for the result
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  • #1,164
  • May 4, 2020 6:01am May 4, 2020 6:01am
Quoting LauraT
{quote} {image} Looks like a channel failure forming around SMA now. Bias still short (CompRSI).
The last red arrow (right) -is that the entry ?
That big green bar forming worries me - perhaps it will roll over please

EDIT : Did I miss an earlier entry short a few bars left where price crossed to top of channel ?
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every Saint has a past. Every Sinner has a Future
  • #1,165
  • May 4, 2020 6:04am May 4, 2020 6:04am
Just realised, I normally finish UK session at 10:30am - I blame Laura
every Saint has a past. Every Sinner has a Future
  • #1,166
  • May 4, 2020 6:34am May 4, 2020 6:34am
Quoting turnip15
{quote} The last red arrow (right) -is that the entry ? That big green bar forming worries me - perhaps it will roll over please EDIT : Did I miss an earlier entry short a few bars left where price crossed to top of channel ? {image}
If I had been scalping that market I'd have entered at the first arrow on my chart below. Exit would have been on the 'orphan' bar that was fully outside the channel (second arrow).

As you'll see, the channel is currently indecisive but most likely about to turn bullish. CompRSISelect also trying to get above 55 (bullish).

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  • #1,167
  • May 4, 2020 6:38am May 4, 2020 6:38am
Quoting LauraT
{quote} If I had been scalping that market I'd have entered at the first arrow on my chart below. Exit would have been on the 'orphan' bar that was fully outside the channel (second arrow). As you'll see, the channel is currently indecisive but most likely about to turn bullish. CompRSISelect also trying to get above 55 (bullish). {image}
Yes -agree with that. Good opportunity for a few points with that short.
every Saint has a past. Every Sinner has a Future
  • #1,168
  • May 4, 2020 7:03am May 4, 2020 7:03am
Although the day started off with the RSI in positive mood, I was a little cautious as price could not break my Daily open with any conviction
ps
Still observing and learning
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  • #1,169
  • May 4, 2020 7:08am May 4, 2020 7:08am
M1 Oil again
I missed the whole move but caught the spike at the end
Cheers
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  • #1,170
  • May 4, 2020 7:14am May 4, 2020 7:14am
Quoting Nikl
M1 Oil again I missed the whole move but caught the spike at the end Cheers {image}
Nice I'm still in via the 5m.
  • #1,171
  • May 4, 2020 7:19am May 4, 2020 7:19am
Quoting LauraT
{quote} Nice I'm still in via the 5m.
I'm back in on that little pull back... watching closely...
  • #1,172
  • May 4, 2020 7:31am May 4, 2020 7:31am
Quoting Nikl
{quote} I'm back in on that little pull back... watching closely...
I couldn't hold on any longer!
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  • #1,173
  • May 4, 2020 7:44am May 4, 2020 7:44am
Hi Laura,

I came across your thread yesterday and have caught up on it now. Thanks for sharing your experience and knowledge here for free and also taking the time to go thorugh the setups.
What appeals to most is the simplicity and cleanness of your approach. Not much fuss on how to look for setups and where to enter the trades. Looking 200 SMA for the trend and then using the channel to enter the trades. I have replicated the indicators on my charts. I have few questions.

1. The 200 SMA gives the indication short or long bias and you enter the trades depending on where the price is within the channel( at the top or bottom of the channel).
In a hypothetical scenario or as in DOW an hour back-- Looking at the 1 minute and 5 minute charts, price was below the 200 SMA and as the price hits the top of the channel, do u take the short? my question is - how do you time the short- Do you take the short when the top of the channel is nearer to 200 SMA ?
But at the same time, if you were to zoom out to 1 hour chart at that point, I noted that the price was still below the 200 SMA and at the top of the channel but the price was well away from the 200 SMA( below 200 SMA.) So although it looks ideal set up on the 1-5 minute, it is far from ideal in the 1 hour set up.
Would you take this trade or leave it as the 1 hour setup isnt ideal.

2. Once you have taken a trade, how do you set your SLs. As in above example , do you set your SLs above the 200 SMA or few ponts above the top of channel?

3. How do set your exit points? Do you look previous day's low, Daily open line and supports that u look to exit or do you look for other indicators?

4. how long have you been trading this system and how much success does this give? I know from your replies you have told us that you look mainly at DOW and oil charts. Does this system also work well for forex pairs?

Once again , thank you for your time and effort.
  • #1,174
  • May 4, 2020 7:45am May 4, 2020 7:45am
Quoting OAPDave
Although the day started off with the RSI in positive mood, I was a little cautious as price could not break my Daily open with any conviction ps Still observing and learning {image}
Up date
ps
I am a great trader at the weekends
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  • #1,175
  • May 4, 2020 7:45am May 4, 2020 7:45am
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I want to share this trade for a couple of reasons.

Firstly, the result is disappointing. I was hoping for an assault on ADR High but in the end I had to settle for just 8 or 9 pips. I closed it after price had closed below the channel for the first time in a while.

Secondly, I want to use it to remind you all of the importance of being flexible in your trade management and in setting your targets. Price has actually fallen further since I exited and I'm comfortable I made the right decision.

I may well get back into this instrument to again target ADR High but, for now, the opportunity has gone.

Point being, stay nimble and don't sit passively waiting for the market to either hit your TP or SL. Actively manage each trade and take what the market offers, not what you hope it will.
  • #1,176
  • May 4, 2020 8:04am May 4, 2020 8:04am
Quoting LauraT
{image} I want to share this trade for a couple of reasons. Firstly, the result is disappointing. I was hoping for an assault on ADR High but in the end I had to settle for just 8 or 9 pips. I closed it after price had closed below the channel for the first time in a while. Secondly, I want to use it to remind you all of the importance of being flexible in your trade management and in setting your targets. Price has actually fallen further since I exited and I'm comfortable I made the right decision. I may well get back into this instrument to again...
I agree Laura. I greedily went for a 3rd entry ( yellow circle) but closed it quickly after price reversed, instead of waiting for my SL to be hit.
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  • #1,177
  • May 4, 2020 8:13am May 4, 2020 8:13am
Quoting LauraT
{image} .... Actively manage each trade and take what the market offers, not what you hope it will.
That's Mark Douglas right there. Read Trading in the Zone guys!
  • #1,178
  • May 4, 2020 8:36am May 4, 2020 8:36am
Thanks, @LauraT this, is a great system. I subscribed a couple of days ago and I am trying to absorb as much as possible.

I am facing one issue with a template can anyone in this help me to correct this?

I can't see the numbers clearly, especially on the top left and MTF dashboard.

This is how my template looks like :
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I also opened a short trade, marked by Yellow,

Is this a correct entry and also what will the stop loss and Take profit for this?

I will be highly grateful for any inputs.

Thanks.
  • #1,179
  • May 4, 2020 8:57am May 4, 2020 8:57am
Quoting iksh
Hi Laura, I came across your thread yesterday and have caught up on it now. Thanks for sharing your experience and knowledge here for free and also taking the time to go thorugh the setups. What appeals to most is the simplicity and cleanness of your approach. Not much fuss on how to look for setups and where to enter the trades. Looking 200 SMA for the trend and then using the channel to enter the trades. I have replicated the indicators on my charts. I have few questions. 1. The 200 SMA gives the indication short or long bias and you enter the...
See post 1175.

If you read her posts and others here, you would see many forex pairs. You have to put in some work yourself. Put up some charts with your reasoning behind any decision or opinion you make, for others to critique so we all learn together.
But much, if not all, you have asked has been answered in previous posts. It will probably take several readings and chart postings to get a feel for this approach.
every Saint has a past. Every Sinner has a Future
  • #1,180
  • May 4, 2020 8:59am May 4, 2020 8:59am
Nice easy trade...on USCrude

All the confluences were inline, waited patiently for the pull back and entered once the price moved back into the channel. PA is still strong but 40pips im happy with, not to be greedy.....
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