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Software tools for LauraT's Roadmap 167 replies

Forex Brokerage Roadmap 4 replies

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Simple way to read chart 11 replies

Attachments: Roadmap - A Way To Read Markets
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Roadmap - A Way To Read Markets

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
1. I have used ADR with a setting of 20 and see that often is the exact range, personal preference, try and see what you see

2. If you want 5 daily candles per week, then the generally accepted daily open is 5 pm New York, nothing to do with GMT

Cheers
Maximize wins, minimize loss, stay in the game as long as you can
Quoting LauraT
{image} It took a bit of patience to sit on my hands but Dow finally delivered. Exited just below Yesterday's Low.
Dear LauraT, am sorry to bother you once again. I have noticed from your chart herein that you have the two RSI indicators running and they both show different readings. Please advise which we should apply in our trading. Thanks for your patience.
Hello, I have a question for those who have already developed in this system , I noticed that some enter into short trades on the M5 when the SMA200 on the M30 is lower than the price, is it correct according to the rules of the system ? If not, which sma200 timeframes should be in compliance if we trade on M5?
And one more question I correctly understood that if we enter the M5 the RSI indicator shows us the state of Affairs on the M15 ?
Quoting LauraT
It took a bit of patience to sit on my hands but Dow finally delivered. Exited just below Yesterday's Low.
Hi Laura,

Nice trade.

However, if I understand correctly, everything else being equal, you'd normally exit a (sell) trade if/when the EMA(8) completely crosses above the SMA(200) (the area I've shaded blue). What overriding factor(s) persuaded you to stay in the trade, in this case? How much further would price have had to move against you, to persuade you to exit?

Many thanks,
David

___________________________

[EDIT] @4xu2, @PhillipmC: Thanks for replying. I think I found the answer partly in post #458 — in terms of the market proving the trader to be 'wrong', the crossover is not necessarily as significant as what I previously thought — although I'd be interested to know what especially prompted Laura to delay her exit in this particular case.

Btw, the red/green indicator at the bottom right of the main chart shows whether price is above or below the SMA(200), it is not calculated from the RSI.
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Quoting hanover
{quote} Hi Laura, Nice trade. However, if I understand correctly, everything else being equal, you'd normally exit a (sell) trade if/when the EMA(8) completely crosses above the SMA(200) (the area I've shaded blue). What overriding factor(s) persuaded you to stay in the trade, in this case? How much further would price have had to move against you, to persuade you to exit? Many thanks, David {image}
From what I can see, as the 8ema rose to the 200ema the composite rsi dropped further under 45. Sometimes we have to just trust our tools whether it be hit or miss. Trade what "Is" ... Not what" IF". Hope that helps
Trade what "Is", not what "If".
Quoting 4xu2
{quote} From what I can see, as the 8ema rose to the 200ema the composite rsi dropped further under 45. Sometimes we have to just trust our tools whether it be hit or miss. Trade what "Is" ... Not what" IF". Hope that helps
Plus i would say the MFT RSI was lit up red for the other time frames. at a guess
Quoting Sasha1978040
Hello, I have a question for those who have already developed in this system , I noticed that some enter into short trades on the M5 when the SMA200 on the M30 is lower than the price, is it correct according to the rules of the system ? If not, which sma200 timeframes should be in compliance if we trade on M5? And one more question I correctly understood that if we enter the M5 the RSI indicator shows us the state of Affairs on the M15 ?

its all in the first post buddy

"In addition to the SMA200 being on our chosen timeframe chart, we also can see at a glance whether price is above or below SMA200 thanks to the multi-timeframe dashboard in the bottom right corner. Green means price is above, red means below. I would advise against ignoring this bias, especially the 4 timeframes most relevant to your trading style. If you trade short timeframes, you particularly want to pay attention to the M1-M30. If you are a longer term trader, pay most attention to the H1-W1 timeframes. As a general rule, you want at least 2 of your relevant timeframes to be green for longs or red for shorts."
Had 4 losses and 4 winners on H4, but it ended positive.
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MTN
Quoting Erebus
{quote} 1. I have used ADR with a setting of 20 and see that often is the exact range, personal preference, try and see what you see 2. If you want 5 daily candles per week, then the generally accepted daily open is 5 pm New York, nothing to do with GMT Cheers
I'm using the ADR with a setting of 20 on my M15 charts but I'm using the ADR with a setting of 14 on my M05 charts for comparison sake.
I use (2) daily open settings: one is set to 5 PM New York time which does compare pretty well with Laura's setting of 0:00 central European assuming central European is GMT+2. My other daily open is set for 8 GMT or the London Open. Both seem to serve as support & resistance pretty frequently.
Do you guys take into account how far price is away from the 200sma ? say if your trading the 5min and price is a long way from the 200 30m - 1H ?
I usually am a man of longer timeframes and find it difficult to trade the smaller timeframes as too much noise for me.
I usually base them on H1 or more .

I took a short on the Dax this morning.
H1 below 200 SMA and just bounced off the top of the channel.
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First trade for me using this system. see how we go..






edit :
spiked out stop to tight
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Quoting hanover
{quote} Hi Laura, Nice trade. However, if I understand correctly, everything else being equal, you'd normally exit a (sell) trade if/when the EMA(8) completely crosses above the SMA(200) (the area I've shaded blue). What overriding factor(s) persuaded you to stay in the trade, in this case? How much further would price have had to move against you, to persuade you to exit? Many thanks, David ___________________________ [EDIT] @4xu2, @PhillipmC: Thanks for replying. I think I found the answer partly in post...
Hi David,

For 1m indices/oil I primarily use the special CompRSISelect settings. Although the channel did rise above the SMA, CompRSISelect stayed bearish so I sat on my hands a while.

If this had gone above 55, I'd have taken a loss.
Quoting PhillipmC
Do you guys take into account how far price is away from the 200sma ? say if your trading the 5min and price is a long way from the 200 30m - 1H ?
It is a factor, yes. I personally prefer not to enter when momentum is already stretched.

However, you will catch some very nice continuation trades when the channel is a reasonable distance from SMA. Like everything with the Roadmap, it's really a case of trying out different scenarios and deciding which elements work for you.
One idea to trade safe !!!??

USDCAD M5

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USDJPY M5

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KISS&V :Keep it simple safe & visual
Quoting Sohocool
One idea to trade safe !!!?? USDCAD M5 {image} USDJPY M5 {image}
It's an interesting idea but see chart below. The Gann Hi Lo would have you chopped to death in that period, whereas the channel would keep you long.

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Quoting Erebus
{quote} 1. I have used ADR with a setting of 20 and see that often is the exact range, personal preference, try and see what you see 2. If you want 5 daily candles per week, then the generally accepted daily open is 5 pm New York, nothing to do with GMT Cheers

I have used 20 for a long time and find it very reliable but thought I would ask the question.

I noticed on the charts this last week the European daily open has been more accurate in getting price to turn than the NY 5pm open. That's why I thought Laura was using it.
It makes sense to be using a European daily open during the Europe session but then again it comes down to what works for you

Cheers
hi traders, has or is anyone experienceing issues with the TrendStrength - RSI-MFT indicator where it keeps disappearing from the chart when you flip timeframes? i have to click on indicators, edit and ok each time to get it back. Even reloading the template does help..... Any ideas? any help much appreciated,
Trade taken and closed +42pips. Decided to Take profit at M5 200SMA. Looks like a Channel cross forming. Will wait and reenter short if provails.
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A trade I took after bias switched to long and price got above daily open line.
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