Roadmap - A Way To Read Markets | Page 79 | 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

  • #1,561
  • May 13, 2020 5:10am May 13, 2020 5:10am
Attached Image (click to enlarge)
Click to Enlarge Name: UsaTecSb620M1.png Size: 70 KB


Further to yesterday, here's an example of a trade that was taken primarily using trendlines.

I was alerted to a possible long when the trendline joining the highs was broken. At that point, I drew a second trendline joining the lows and entered.

Notice the trade actually went against me for a while, until it eventually found support on the trendline and started rising. Normally I say exit if the channel crosses the SMA to the other side but the trendline kept me in. If I had taken a multi-bullet approach to this trade, you can imagine where I would have added.

I do want to stress that trendlines shouldn't be used as an excuse to avoid taking a loss however. If that bottom trendline had decisively broken, I would be out with a loss.
  • #1,562
  • May 13, 2020 5:21am May 13, 2020 5:21am
Quoting LauraT
{image} Further to yesterday, here's an example of a trade that was taken primarily using trendlines. I was alerted to a possible long when the trendline joining the highs was broken. At that point, I drew a second trendline joining the lows and entered. Notice the trade actually went against me for a while, until it eventually found support on the trendline and started rising. Normally I say exit if the channel crosses the SMA to the other side but the trendline kept me in. If I had taken a multi-bullet approach to this trade, you can imagine where...
Well Laura that is a like in appreciation from me (haha) that is a good post
  • #1,563
  • Edited 7:27am May 13, 2020 7:02am | Edited 7:27am
My first proper trial of the strategy, AudUSd, had targeted 10pips but now I hope I had gunned for more. This is 5 minute chart.
Attached Image (click to enlarge)
Click to Enlarge Name: AudUsd trade.PNG Size: 19 KB
  • #1,564
  • May 13, 2020 7:20am May 13, 2020 7:20am
Quoting Ndabezinhle
My first proper trial of the strategy, had targeted 100pips but now I hope I had gunned for more. This is 5 minute chart. {image}

Which pair...?
Which TF ??
  • #1,565
  • May 13, 2020 7:22am May 13, 2020 7:22am
I use the following indicator to help me scroll across all the 28 pairs across the desired timeframes to locate opportunities. Left and right arrow on keyboard change between time frames, up and down arrows change between pairs. The settings I manually typed in. Hope am adding value, otherwise dont kick me out.
Attached Image (click to enlarge)
Click to Enlarge Name: settings.PNG Size: 96 KB
Attached File(s)
File Type: mq4 TimePair_Change (1).mq4   15 KB | 380 downloads
  • #1,566
  • May 13, 2020 7:26am May 13, 2020 7:26am
Quoting sj9bp20
{quote} Which pair...? Which TF ??

AudUsd, and has since climbed 26,5 pips from my take profit.
  • #1,567
  • May 13, 2020 8:01am May 13, 2020 8:01am
Dear teacher, Laura, complete it if I am lacking.
Best regards.


Attached Image (click to enlarge)
Click to Enlarge Name: aa.PNG Size: 68 KB
Attached Image (click to enlarge)
Click to Enlarge Name: aa1.PNG Size: 75 KB
Attached Image (click to enlarge)
Click to Enlarge Name: aa2.PNG Size: 75 KB
Attached Image (click to enlarge)
Click to Enlarge Name: aa3.PNG Size: 55 KB
  • #1,568
  • May 13, 2020 8:12am May 13, 2020 8:12am
Attached Image (click to enlarge)
Click to Enlarge Name: UsaIndSb620M1.png Size: 40 KB


Dow short. I had been waiting patiently for the channel to break the SMA. When it did, I waited for a retrace and then got short.
  • #1,569
  • May 13, 2020 8:20am May 13, 2020 8:20am
Quoting LauraT
{image} Further to yesterday, here's an example of a trade that was taken primarily using trendlines. I was alerted to a possible long when the trendline joining the highs was broken. At that point, I drew a second trendline joining the lows and entered. Notice the trade actually went against me for a while, until it eventually found support on the trendline and started rising. Normally I say exit if the channel crosses the SMA to the other side but the trendline kept me in. If I had taken a multi-bullet approach to this trade, you can imagine where...
Chart interpreted through Hurst Tools
Attached Image (click to enlarge)
Click to Enlarge Name: LAURA T HURST.jpg Size: 63 KB
  • #1,570
  • May 13, 2020 8:22am May 13, 2020 8:22am
Attached Image (click to enlarge)
Click to Enlarge Name: LCrudeSb620M1.png Size: 57 KB


One thing I forgot to mention about trendlines.

When a supporting trendline is broken (especially one that has had 3 touches) it sometimes pays not to immediately discard it. What was once support becomes resistance, as per this example.
  • #1,571
  • May 13, 2020 8:27am May 13, 2020 8:27am
Hi all, here was a successful trade on AU this morning. Waited for channel to cross 200SMA to the upside and entered on bar to re-enter the channel. Finally took TP at ADR high.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 278 KB
  • #1,572
  • May 13, 2020 8:33am May 13, 2020 8:33am
Hi Laura,

Thank you very much for sharing your knowledge, I am trying to apply on demo. I was wondering is there anything else we should know when it comes to higher time frames, do you think a volume/volatility indicator would be useful in your strategy.


PS. my profit trades below.
Attached Image (click to enlarge)
Click to Enlarge Name: 2020-05-13 15.27.56.png Size: 42 KB
  • #1,573
  • May 13, 2020 8:46am May 13, 2020 8:46am
Quoting ptrades
Hi Laura, Thank you very much for sharing your knowledge, I am trying to apply on demo. I was wondering is there anything else we should know when it comes to higher time frames, do you think a volume/volatility indicator would be useful in your strategy. PS. my profit trades below. {image}
Well done with your trades

No, I don't consider anything extra is required.
  • #1,574
  • May 13, 2020 8:55am May 13, 2020 8:55am
Laura's Trendlines Helping out so much!
Attached Image (click to enlarge)
Click to Enlarge Name: .US30.sM5b1.png Size: 60 KB
  • #1,575
  • May 13, 2020 9:57am May 13, 2020 9:57am
Nas100 off to a good start long up towards 200.
Notice previous Low and Open lines.
Attached Image (click to enlarge)
Click to Enlarge Name: Nas13Maypm.png Size: 436 KB
every Saint has a past. Every Sinner has a Future
  • #1,576
  • May 13, 2020 10:16am May 13, 2020 10:16am
To end the day -here is a trade I missed because I was busy stuffing myself with cake and swilling tea.
Seriously - I am happy with the day and will report in again tomorrow.
Attached Image (click to enlarge)
Click to Enlarge Name: MissedNas13may.png Size: 465 KB
every Saint has a past. Every Sinner has a Future
  • #1,577
  • May 13, 2020 11:08am May 13, 2020 11:08am
Quoting LauraT
{quote} Welcome to the thread. Thanks for reading it all I'm afraid I don't want to recommend any brokers but there are a few broker ranking lists available online you might want to check.
Hi Laura, which broker(s) do you use in the UK?. I traded with GKFX in the past using a spread-betting account as this type of account is tax-free. Do you also use spread-betting accounts?
  • #1,578
  • May 13, 2020 1:50pm May 13, 2020 1:50pm
Attached Image (click to enlarge)
Click to Enlarge Name: UsaTecSb620M1.png Size: 55 KB


Thought I'd show you a terrible first entry. Fortunately it was a pre-planned multi-bullet entry and the second bullet did the job.

Just a reminder on multi-bullet entries though. They have to be planned in advance. I am not advocating you add to losing trades unless you've planned it out and allocated the appropriate position sizing.
  • #1,579
  • May 13, 2020 2:38pm May 13, 2020 2:38pm
Quoting LauraT
{image} Further to yesterday, here's an example of a trade that was taken primarily using trendlines. I was alerted to a possible long when the trendline joining the highs was broken. At that point, I drew a second trendline joining the lows and entered. Notice the trade actually went against me for a while, until it eventually found support on the trendline and started rising. Normally I say exit if the channel crosses the SMA to the other side but the trendline kept me in. If I had taken a multi-bullet approach to this trade, you can imagine where...
Laura, everything is fine of course, I often use your approach as a filter to my deals, but I don’t want to be obsessive, I would recommend you a TMA 1 M indicator, which I laid out 20 posts back, like a filter .. so that there are no such drawdowns)
  • #1,580
  • May 13, 2020 8:33pm May 13, 2020 8:33pm
Quoting LauraT
{image} Thought I'd show you a terrible first entry. Fortunately it was a pre-planned multi-bullet entry and the second bullet did the job. Just a reminder on multi-bullet entries though. They have to be planned in advance. I am not advocating you add to losing trades unless you've planned it out and allocated the appropriate position sizing.
HiLaura,
What are the Horizontal Blue and yellow dashed lines supposed to represent pls.
Ben
1 trader viewing now