My trade of day thanks Laura T :-) {image}
- #1,681
- May 15, 2020 10:29am May 15, 2020 10:29am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
- #1,682
- May 15, 2020 10:50am May 15, 2020 10:50am
{quote} Love the analysis and how you are staying pure to Roadmap, not complicating or trying add your own indicators, etc. Based on my own journey, you are just working on your precision....in my journey I became too obsessed with getting "perfect" precision. Your analysis will help with that, but I had to learn that not every chart and every moment is the same. Therefore, the more precise you become the less trades you will get. As an engineer by training, I have had to fight this tendency of my nature. You don't want an engineer "just getting...
However, I understand what you are saying.
- #1,683
- May 15, 2020 10:53am May 15, 2020 10:53am
US Morning trade in AUDUSD. I know a loser is coming, where I get it all wrong or just the fickle fate of the market movements.... But loving it all right now. {image}
- #1,684
- May 15, 2020 11:05am May 15, 2020 11:05am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
Closed 4 oil trades.
This was always intended to be a multi-bullet entry but I didn't originally intend to use more than 2 bullets. As it worked out, I was able to keep adding as price went in my favour.
As you'll see, my entries aren't perfect. And that's ok
Hi Laura, I have been trying your methodology for the past 2 weeks. I had a couple of good trades in the first week but this week has been quite terrible. I am analyzing some of my trades this week. I am hoping i can get advise on how to improve my trades.
8EMA channel cross 200SMA, MTF indicator was all red and RSI composite was approximately 25, so I placed a sell trade at first pull back on 8EMA but got stopped out at stop loss at slightly above the previous candle high above the SMA. Overall, the sell trade seem correct as the price move downwards drastically as seen in Karun's profitable trade.
Is my entry correct? or what other confirmation should I have waited for before entering the trade?
Could my stop loss be too tight? where should be the logical stop loss to be placed?
8EMA channel cross 200SMA, MTF indicator was all red and RSI composite was approximately 25, so I placed a sell trade at first pull back on 8EMA but got stopped out at stop loss at slightly above the previous candle high above the SMA. Overall, the sell trade seem correct as the price move downwards drastically as seen in Karun's profitable trade.
Is my entry correct? or what other confirmation should I have waited for before entering the trade?
Could my stop loss be too tight? where should be the logical stop loss to be placed?
- #1,689
- May 16, 2020 4:05pm May 16, 2020 4:05pm
- Joined Aug 2018 | Status: Trader | 1,458 Posts
Hi Laura, I have been trying your methodology for the past 2 weeks. I had a couple of good trades in the first week but this week has been quite terrible. I am analyzing some of my trades this week. I am hoping i can get advise on how to improve my trades. {image} 8EMA channel cross 200SMA, MTF indicator was all red and RSI composite was approximately 25, so I placed a sell trade at first pull back on 8EMA but got stopped out at stop loss at slightly above the previous candle high above the SMA. Overall, the sell trade seem correct as the price...
Please refer to the image below,another thing,I sell too late.Should been when the channel touched the SMA 200 and on the way down,like mid-channel,however i was expecting lower low to be broken on the downside.Laura correct me where I'm wrong
Thank you again.
- #1,690
- May 16, 2020 4:53pm May 16, 2020 4:53pm
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
Hi Laura, I have been trying your methodology for the past 2 weeks. I had a couple of good trades in the first week but this week has been quite terrible. I am analyzing some of my trades this week. I am hoping i can get advise on how to improve my trades. {image} 8EMA channel cross 200SMA, MTF indicator was all red and RSI composite was approximately 25, so I placed a sell trade at first pull back on 8EMA but got stopped out at stop loss at slightly above the previous candle high above the SMA. Overall, the sell trade seem correct as the price...
Your entry was a little early perhaps but not too bad. Might have been better waiting until the channel failure that followed (when top band of channel went above and then below SMA).
Main issue though is your stop. Far too close to the action. You were stopped out when the trade was still valid, which should never happen. As scsstnt says, stop should really be above the dual resistance of daily open line and previous day's high.
Hope this helps.
- #1,691
- May 16, 2020 6:04pm May 16, 2020 6:04pm
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
{quote} Hi
I am primarily trying to scalp with the strategy and had relatively tight stop loss (using the 200SMA rather than the daily open line or the daily high line). I guess i should have allow the trade more room to breath and be completely proven wrong.
Just found your "Just a Journal" thread as well! On the topic of trade management, the stop loss should have been a "disaster stop loss" which could be at the daily open or daily high line? or should it be even higher? And my trade could have been manually managed before it hits the disaster stop loss and exited if it didnt turn out to be a channel failure (still a valid trade) but a channel cross invalidating the trade? What are the other scenarios/indicators that could invalidate the trade?
- #1,694
- May 16, 2020 11:42pm May 16, 2020 11:42pm
Further Trendlines Example - Anatomy of a Trade I couldn't sleep, so I've updated my journal with a section on the use of trendlines here: https://www.forexfactory.com/showthr...1#post12945001 In it I walk through a hypothetical trade from start to finish, including taking partial profits and adding new positions to the original entry. I appreciate there have been questions around exits and I hope this example might provide a few ideas for people concerning how to manage positions. I discuss 3 types of lines, normal trendlines,...
In my opinion, with your system and support, FF may as well close all the other forums, as they are now redundant.
All you touch and all you see, is all your life will ever be.
- #1,696
- Edited 3:47am May 17, 2020 3:11am | Edited 3:47am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
every Saint has a past. Every Sinner has a Future
- #1,697
- Edited 3:32am May 17, 2020 3:12am | Edited 3:32am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
Further Trendlines Example - Anatomy of a Trade I couldn't sleep, so I've updated my journal with a section on the use of trendlines here: https://www.forexfactory.com/showthr...1#post12945001 In it I walk through a hypothetical trade from start to finish, including taking partial profits and adding new positions to the original entry. I appreciate there have been questions around exits and I hope this example might provide a few ideas for people concerning how to manage positions. I discuss 3 types of lines, normal trendlines,...
every Saint has a past. Every Sinner has a Future
- #1,700
- May 17, 2020 7:05am May 17, 2020 7:05am
- Joined Aug 2018 | Status: Trader | 1,458 Posts
{quote} Thanks Laura and scsstnt! The advice has been very helpful. I am primarily trying to scalp with the strategy and had relatively tight stop loss (using the 200SMA rather than the daily open line or the daily high line). I guess i should have allow the trade more room to breath and be completely proven wrong. Just found your "Just a Journal" thread as well! On the topic of trade management, the stop loss should have been a "disaster stop loss" which could be at the daily open or daily high line? or should it be even higher? And my trade could...
.Have a great trading week ahead and may those lovely pips remain in your pockets forever and ever.
