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  • #1,301
  • May 6, 2020 7:01am May 6, 2020 7:01am
Quoting Nikl
{quote} Hi LauraT I thought I had the daily open line (yellow line) on my chart. Different opening time? probably something I'm doing wrong! Tempted short now but price some distance from SMA so will be watching closely cheers {image}
Out at Daily low
2 nice trades tonight
Thanks again LauraT!
Cheers
Nick
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  • #1,302
  • May 6, 2020 7:03am May 6, 2020 7:03am
Quoting LauraT
{quote} Ah, yes - different broker times. Mine is Central European Time. If you want yours to be the same you can play around with the setting on the indicator
Thanks Laura
Changed it by 2 hours
Cheers
  • #1,303
  • May 6, 2020 7:36am May 6, 2020 7:36am
Just went long on AU M5. I was waiting to see if price would bounce of daily open and SMA
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  • #1,304
  • Edited 8:30am May 6, 2020 8:03am | Edited 8:30am
Hi Everyone

Just on the subject of brokers, I use Global Prime and IC Markets. Does anyone know of a broker that trades Index CFDs down to 0.01 lots?
Most just trade Indices down to 1.00 Lots!

I reside in the UK

Many thanks
Tony
  • #1,305
  • May 6, 2020 8:15am May 6, 2020 8:15am
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Nothing exciting about the trade itself but want to use it to highlight a reminder about how to use Yesterday's Low (or High).

At 1 you'll see that price respected the line but later broke below. At 2 price went back above but immediately closed back below on the next bar. That told me the line was now acting as resistance and I was, eventually, able to get short (I was late in joining the trade actually).

It's important when using Yesterday's High/Low that you see evidence of price supporting or rejecting the line. A chart where price is zig zagging above and below the line actually renders that line useless. Remember, Yesterday's Low starts as support but can later turn into resistance (as per my chart example) and Yesterday's High starts as resistance but can often turn into support.
  • #1,306
  • May 6, 2020 8:33am May 6, 2020 8:33am
Quoting OAPDave
{quote} Do you think it will make targets ? {image}
G,day mate,

Do you mean today, next week or in the next 5 mins, as you put up a 5 min chart it's anybodies guess.--put a time frame on your question, as we can't read yer mind old fella, maybe LT will provide some guidance if you can't work it out.

I got 1.41367 for sometime today, but it's bedtime here so I will trust you to push it up there heh heh heh

  • #1,307
  • May 6, 2020 8:50am May 6, 2020 8:50am
Quoting rtradern
2 live trades im currently in, both SL at breakeven - hoping to hit TP at ADR low. Both entered on all confluences as per Laura's method. {image}
Closed both trades out GBP/USD = 30pip profit and EUR/USD = B/E

In hindsight should have closed both trades at lowest point marked in Yellow, instead of holding out for further downside to ADR which didn't happen, price stalled slightly higher and then pulled back. Still made a profit on the outset by managing the trade. Good learning from these trades as to not chase target, price action is more important and need to learn to pay more attention to points where price stalls and changing direction, used these areas as resistance and take profit.
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  • #1,308
  • May 6, 2020 8:52am May 6, 2020 8:52am
A couple of questions for Laura regarding the template settings

1. why do you 14 as your ADR ratio? Is this figure better than anything else you have tested?
2. why do you use European time as your daily open instead of GMT time?

Thanks
  • #1,309
  • May 6, 2020 8:53am May 6, 2020 8:53am
Quoting btrfx1
{quote} G,day mate, Do you mean today, next week or in the next 5 mins, as you put up a 5 min chart it's anybodies guess.--put a time frame on your question, as we can't read yer mind old fella, maybe LT will provide some guidance if you can't work it out. I got 1.41367 for sometime today, but it's bedtime here so I will trust you to push it up there heh heh heh
Just hit 1 of the targets, but I have replied to you via a P.M to explain why I have deleted my posts
  • #1,310
  • May 6, 2020 9:15am May 6, 2020 9:15am
Quoting shrips
A couple of questions for Laura regarding the template settings 1. why do you 14 as your ADR ratio? Is this figure better than anything else you have tested? 2. why do you use European time as your daily open instead of GMT time? Thanks
The answers are quite boring I'm afraid

1. Trial and error. Tried different settings and saw no improvement.

2. As above. When I loaded the indicator it defaulted to my broker's time. Again, tried some other settings but preferred the default.
  • #1,311
  • May 6, 2020 9:45am May 6, 2020 9:45am
Laura, You only trade off the ADR when they have tured red and locked in ?
  • #1,312
  • May 6, 2020 9:53am May 6, 2020 9:53am
Quoting stu48
Laura, You only trade off the ADR when they have tured red and locked in ?
That's right. But, even then, I am very selective about which ADR retracements I'll take. It's not uncommon for price to pause around ADR and then shoot off in the same direction again.

For anyone learning the methodology I'd advise sticking to the other types of trades.
  • #1,313
  • May 6, 2020 10:12am May 6, 2020 10:12am
A trade on UCad I took today, RSI was in the 60s and the channel crossed over the 200SMA. Price then retraced back into the channel so I entered long TPing just before yesyerday's high.
Price crossing the channel was already above the open line as well as the MA so looked like I was good to go! In hindsight perhaps should've exited further up, but of course, in this game, you never know........

https://charts.mql5.com/24/562/usdca...al-markets.png
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  • #1,314
  • May 6, 2020 10:20am May 6, 2020 10:20am
Dow UK afternoon. One Minute Chart.

No need to annotate this chart.
Yesterdays Low and 200 ma says it all. Thanks Laura.
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every Saint has a past. Every Sinner has a Future
  • #1,315
  • May 6, 2020 10:22am May 6, 2020 10:22am
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Sometimes it's simply a case of entering on a channel cross/channel failure and exiting at a logical area (in this case, daily open line).

You will have trades where there is no logical exit point and in those cases you should consider what will get you out. It could be previous support/resistance, price action, a certain monetary goal or a certain pip goal. Not every trade will reach ADR High/Low so you have to be aware of the potential need to take profit earlier.
  • #1,316
  • May 6, 2020 10:23am May 6, 2020 10:23am
Quoting turnip15
Dow UK afternoon. One Minute Chart. No need to annotate this chart. Yesterdays Low and 200 ma says it all. Thanks Laura. {image}
Spooky at times eh
  • #1,317
  • May 6, 2020 10:24am May 6, 2020 10:24am
Quoting rover99x
Hi Everyone Just on the subject of brokers, I use Global Prime and IC Markets. Does anyone know of a broker that trades Index CFDs down to 0.01 lots? Most just trade Indices down to 1.00 Lots! I reside in the UK Many thanks Tony
Tony you could try Micro Futures via the CME
I use AMP Futures and Trading View ( Thats because I use a Mac and don't want to use workarounds like parallels) - if you have a windows Pc you can use Ninja trader or whatever takes your fancy.

https://www.cmegroup.com/trading/equ...i-futures.html
every Saint has a past. Every Sinner has a Future
  • #1,318
  • May 6, 2020 10:53am May 6, 2020 10:53am
the first was not based on the system, but I pulled sl to the plus
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  • #1,319
  • May 6, 2020 11:05am May 6, 2020 11:05am
Quoting turnip15
{quote} Tony you could try Micro Futures via the CME I use AMP Futures and Trading View ( Thats because I use a Mac and don't want to use workarounds like parallels) - if you have a windows Pc you can use Ninja trader or whatever takes your fancy. https://www.cmegroup.com/trading/equ...i-futures.html
Thank you mate, I'll go and have a look
  • #1,320
  • May 6, 2020 3:08pm May 6, 2020 3:08pm
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It took a bit of patience to sit on my hands but Dow finally delivered. Exited just below Yesterday's Low.
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