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Roadmap - A Way To Read Markets

  • #1,861
  • May 20, 2020 9:17am May 20, 2020 9:17am
Quoting TheG-Lover
{quote} the more confidence I have that I can work the roadmap methodology correctly...and do analysis of my scalps(could I have gotten more doing what I would do if sitting at the screen)..and if that points me to an EA....I will have to explore !! right now I am comfortable with the cashflow of just scalping. So not rushing to overcomplicate my simple mind Especially since I am a newbie on the techno platform capabilities, etc... Have always just managed trades myself. Thanks for the suggestion,...
If you're comfortable with your pips then stick with that! Simplicity is better

That said, the minicharts are here: https://www.forexfactory.com/showthread.php?t=198729

They will clutter up your charts though, and the beauty of Laura's Roadmap is the cleanliness of the charts.

Keep posting your trades; I find it helpful to read through your annotations. Thanks!
  • #1,862
  • May 20, 2020 9:17am May 20, 2020 9:17am
Hi LauraT,

Do you trade your strategy on higher timeframes like 15m - 1h, and do you think the m5 is the best timeframe to trade it?
  • #1,863
  • May 20, 2020 9:20am May 20, 2020 9:20am
Quoting LauraT
This is likely going to be the most boring post on FF today, but someone asked me to post a losing trade so here goes: {image} I had drawn the trendline some time earlier and noticed price was retracing back to it, so I waited for the retracement to finish and got long. I exited not too long afterwards when my trendline was broken, for a loss of 2 points. Although it's not very interesting, I guess it does show what I mean about "know in advance what the market has to do to prove you wrong" and "exit when proved wrong". I knew in advance that a...
You see this is why posting losing trades can help. It's great to learn your thought processes and how differently I would have handled it.

For instance, I would have waited to see if price bounces off the 200SMA, instead of just exiting when the trend line is broken. Especially since there is a possibility of a channel failure happening.

Now I have something to think about.
  • #1,864
  • May 20, 2020 9:27am May 20, 2020 9:27am
Quoting bojack34
{quote} Would there ever be a time when you would just adjust your Trendline using that new low, considering that the RSI is still almost 70, and all the important SMA's on the dashboard are all still green?
It's a good question to ask, but I find that it's more a matter of discipline than analysis. It becomes a slippery slope if I keep adjusting my trendlines to take account of new lows or shallower degrees of acceleration.

If I had decided in advance that RSI or the channel or the MTF SMAs were going to make me exit that'd be fine. But, because I had chosen the trendline, I was forced to act when it broke.
  • #1,865
  • May 20, 2020 9:32am May 20, 2020 9:32am
Thanks Laura. You made Price Action very easy with this method.
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  • #1,866
  • May 20, 2020 9:52am May 20, 2020 9:52am
Hi Laura

any comments or corrections you would point out? CADCHF 5 Min chart.

regards
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  • #1,867
  • May 20, 2020 9:58am May 20, 2020 9:58am
Quoting turnip15
{quote} Cor lumme -off somewhere in a hurry Luara has a gem here with 'Road map.' {image}
Stopped out for profit. Sometimes I use pullbacks and sit the stop just underneath and let price do it's thing.
As an aside I wish to say that I will make this my last post because I trade indices whereas most here are interested in forex and no doubt would rather see more about forex, which is understandable.
Laura's work is a fantastic improvement on my old Ichimoku type trades and I thank her for sharing her approach so generously. But, just when you thought it was safe to go out in the dark,I shall continue to lurk and learn. Finally, I wish all you forex dudes well.
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every Saint has a past. Every Sinner has a Future
  • #1,868
  • May 20, 2020 10:07am May 20, 2020 10:07am
Quoting Ndabezinhle
Hi Laura any comments or corrections you would point out? CADCHF 5 Min chart. regards {image}
No, looks fine
  • #1,869
  • May 20, 2020 10:26am May 20, 2020 10:26am
trade of the day OIL in 1min
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  • #1,870
  • May 20, 2020 10:30am May 20, 2020 10:30am
Quoting LauraT
{quote} No, looks fine

thank you
  • #1,871
  • May 20, 2020 10:47am May 20, 2020 10:47am
A couple of good trades from today. Seeking comments from Laura on the AUDUSD, I took the 2nd entry based on the 15min bounce off of MA.
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  • #1,872
  • May 20, 2020 10:54am May 20, 2020 10:54am
Quoting jado911
A couple of good trades from today. Seeking comments from Laura on the AUDUSD, I took the 2nd entry based on the 15min bounce off of MA. {image} {image} {image} {image}
Some nice results there

On the losing AU trade, if you entered on the 15m, you exited too early. The trade was still valid as the channel was still above SMA. Unless you exited based on something else?
  • #1,873
  • May 20, 2020 10:59am May 20, 2020 10:59am
Quoting LauraT
{quote} Some nice results there On the losing AU trade, if you entered on the 15m, you exited too early. The trade was still valid as the channel was still above SMA. Unless you exited based on something else?
Thanks to you
I entered on the 5M and usually have my SL(very tight SL I'm unable to stay up to monitor the trades) just over the width of the channel below the MA.
<-------------I just answered my self lol
  • #1,874
  • May 20, 2020 12:10pm May 20, 2020 12:10pm
Update on trade from entry this morning.
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  • #1,875
  • May 20, 2020 12:33pm May 20, 2020 12:33pm
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Exited this trade when I had a price spike in my favour (as spikes often retrace). Total profit 68 points.

Waited until price broke first trendline and then channel broke SMA before getting short. Added a rough channel later on as I was managing the trade. No reason why I can't get back into the trade again after the retracement has played out.
  • #1,876
  • May 20, 2020 1:02pm May 20, 2020 1:02pm
Quoting LauraT
This is likely going to be the most boring post on FF today........

Not at all! I don't want to take the thread off track by posting my own ideas, but in my experience how a trader handles losses is a crucial part of risk management. Bottom line = $won minus $lost, therefore keeping losses small — but while allowing enough breathing room so that not too many would-have-been winners get cut off prematurely — is a real art. Taking a loss that coulda-woulda-shoulda been a win is effectively a double whammy.

In the example you posted, being "proven wrong by the market" was apparently a break below the trendline. Whereas I understand that in other situations you would wait until the channel has fallen completely below the SMA. I assume that the latter applies when the entry was nearer to the SMA than in the example? Or are there other reasons (like the RSI) that you consider?
  • #1,877
  • May 20, 2020 1:14pm May 20, 2020 1:14pm
Quoting hanover
{quote} Not at all! I don't want to take the thread off track by posting my own ideas, but in my experience how a trader handles losses is a crucial part of risk management. Bottom line = $won minus $lost, therefore keeping losses small — while allowing enough breathing room so that not too many would-have-been winners get cut off prematurely — is a real art. Taking a loss that coulda-woulda-shoulda been a win is effectively a double whammy. In the example you posted, being "proven wrong by the market" was apparently a break below the trendline....
I agree about risk management. Taking losses at the right time is very important.

In this particular trade, I was conscious that the uptrend was already quite mature. I wasn't prepared to give it enough breathing room for the channel to cross SMA. That's why in this instance I used a trendline.
  • #1,878
  • May 20, 2020 1:46pm May 20, 2020 1:46pm
Quoting LauraT
Exited this trade when I had a price spike in my favour (as spikes often retrace). Total profit 68 points. Waited until price broke first trendline and then channel broke SMA before getting short. Added a rough channel later on as I was managing the trade. No reason why I can't get back into the trade again after the retracement has played out.
Hi Laura
Is that the DOW? it looks a bit like my Dow chart but yours have got a really weird name and the values don't quite match so I've been scratching my head lol
Thanks and good trading!
PS my high is 24650 but yours is way lower
used to be undecided but nowadays can't make my mind up
  • #1,879
  • May 20, 2020 2:00pm May 20, 2020 2:00pm
Quoting mrcreosote
{quote} Hi Laura Is that the DOW? it looks a bit like my Dow chart but yours have got a really weird name and the values don't quite match so I've been scratching my head lol Thanks and good trading! PS my high is 24650 but yours is way lower
Hi

It's the futures contract so prices will be different.

Interesting name. I won't offer you a wafer-thin mint!
  • #1,880
  • May 20, 2020 2:46pm May 20, 2020 2:46pm
Quoting LauraT
{quote} Hi It's the futures contract so prices will be different. Interesting name. I won't offer you a wafer-thin mint!
thanks!
haha yes....I'm actually skinny and ride a bike!
can't remember why I chose that name....monty python nevers fails to amuse one!
Actually I do love 'wafer-thin mints' been a while since I've had one
used to be undecided but nowadays can't make my mind up
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