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Roadmap - A Way To Read Markets

  • #1,961
  • May 22, 2020 8:22am May 22, 2020 8:22am
Quoting lemercenaire
{quote} Nice. That's how I trade this as well. Good job.
Bravo.
Took me many years of trading to stop hoping the market would do what I wanted versus
trying to see what the market would give me.
When what you see and what it gives are aligned, just a fun time
  • #1,962
  • May 22, 2020 8:28am May 22, 2020 8:28am
Quoting TheG-Lover
Thought it would be fun to try to be as real time as possible with my trading today to just share the approach. All though learning making all the annotations take some time!! Please note: I hope you can see how LauraT's roadmap is still the backbone! I started every morning by zooming out. I trade 5M bars. So I zoom I start with a 1 hour chart (zoom out, look left) to see what price is showing me: (right now looks like I took the "snapshot" this am, too far zoomed on this attached, but will come back after the trade is over and edit a better view...
Thanks for this. Really enjoy your input.

To others, I think this demonstrates beautifully how someone can take a framework (the roadmap) and make it their own, either by applying their previous trading style/knowledge or by adapting elements to suit their personalities and schedules.

The first trader I mentored 1 to 1, for a considerable length of time, now trades very differently to how I do, because he learned my way didn't suit his personality (he's a scalper at heart). And I say bravo to anyone who embraces freedom within the overall framework. The roadmap was deliberately named thus because it's a guideline or signpost. It provides suggestions. It's not a doctrine that has to be followed 100% at all costs.

That said, I think I'd be confident in suggesting you first have to learn the ins and outs diligently before you can begin to make it your own. It's a simple methodology on the surface but the nuances are more than appears at first glance.
  • #1,963
  • May 22, 2020 8:35am May 22, 2020 8:35am
Here's a trade I closed a short while ago but I mainly want to use it to discuss speed lines.

Attached Image (click to enlarge)
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I've deliberately left my old speed lines in place as I want to point out how important it is to keep updating the lines as price action progresses. You'll see from the chart that I added my first speed line at a very shallow angle. Clearly I would never give the trade that much breathing room, but it gave me an indication that some price acceleration would be required.

I later added line number 2. This arguably should have been the line I exited at when broken.

Later still, I added number 3. This is the line that took me out of my long position.

Ultimately, speed lines will have to provide balance between giving a trade breathing room and not giving back too much of your profit. From that perspective it's a bit of trial and error (and experience).

So, don't be afraid to draw a ton of lines on your charts. Keep updating those lines as you go (you can delete the old ones as you add new ones - I just left my old ones on to demonstrate where they were placed and when). Find that happy medium between snatching profits too quickly and giving too much back.
  • #1,964
  • May 22, 2020 8:42am May 22, 2020 8:42am
Quoting LauraT
{quote} Thanks for this. Really enjoy your input. To others, I think this demonstrates beautifully how someone can take a framework (the roadmap) and make it their own, either by applying their previous trading style/knowledge or by adapting elements to suit their personalities and schedules. The first trader I mentored 1 to 1, for a considerable length of time, now trades very differently to how I do, because he learned my way didn't suit his personality (he's a scalper at heart). And I say bravo to anyone who embraces freedom within the overall...
Thanks Laura, will keep them coming!
I highlighted your comment, I think I'd be confident in suggesting you first have to learn the ins and outs diligently before you can begin to make it your own because for me personally I found this critical.
I tried to make this a point in an earlier post to someone, but my written skills need some work to be more succinct.
Early:
My fist several weeks were solely focused on nailing the roadmap methods.
None of the zoom out, look left, trendline, etc. came into play until I had a instantaneous, at a glance, assessment
of what the roadmap was showing.
Today:
After all my "additions" are done to the chart, I then pause mentally and work from the roadmap out.
What does the roadmap say. And what do my "additions" add to what roadmap is telling me.

PS:
So far so good! But not a winner until it is in the bank!!
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  • #1,965
  • May 22, 2020 8:57am May 22, 2020 8:57am
Another Realtime Post with my thoughts at this very moment:

Not a lot of notations on how all those lines got there....just trying to get it
out ASAP...
Will add those if I trade it and repost.

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  • #1,966
  • May 22, 2020 9:18am May 22, 2020 9:18am
DOW scalp with ME, exit at YL, there was a lot more to it but I was oversized and that made me close it at the first shakedown..
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  • #1,967
  • May 22, 2020 9:34am May 22, 2020 9:34am
Realtime Update for NZDUSD trade and current thoughts
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  • #1,968
  • May 22, 2020 9:51am May 22, 2020 9:51am
Realtime update on USDCHF
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Will only continue for the two pairs of USDCHF and NZDUSD...
to not overwhelm this forum.
But active on a couple other charts as well at the moment.
  • #1,969
  • May 22, 2020 9:59am May 22, 2020 9:59am
Quoting TheG-Lover
Realtime update on USDCHF {image} Will only continue for the two pairs of USDCHF and NZDUSD... to not overwhelm this forum. But active on a couple other charts as well at the moment.
Hello TheG-Lover,

I grabbed 11 pips out of this move - just now.

Can you please share your templates and indicators. I loved your chart looks

Regards
Kavneet
  • #1,970
  • May 22, 2020 10:02am May 22, 2020 10:02am
DOW scalp short, after retrace towards the 200ma, with target the left shoulder area
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  • #1,971
  • May 22, 2020 10:06am May 22, 2020 10:06am
Ok, this will be my last post for USDCHF.
Please note I will still be watching it, just stopping the realtime posting.
Could I have been aggressive and got in on the wedge breakout.
Sure, but not my style.
I have no regrets. I tells me I was more right than wrong about the trade.
Key Point: Don't be disappointed when you almost got it right.
would it have been great to get in there with that explosion, sure.
Looks genius now, but in the full spectrum of outcomes for this setup, it was just one of many....
there were many that could have been worse, and had I broken my rules or chased it....
and the outcome was that, I would be suffering a financial loss with emotional disappointment.

I will just sit back and wait for the next train...I got all day...
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  • #1,972
  • May 22, 2020 10:14am May 22, 2020 10:14am
Quoting TheG-Lover
Ok, this will be my last post for USDCHF. Please note I will still be watching it, just stopping the realtime posting. Could I have been aggressive and got in on the wedge breakout. Sure, but not my style. I have no regrets. I tells me I was more right than wrong about the trade. Key Point: Don't be disappointed when you almost got it right. would it have been great to get in there with that explosion, sure. Looks genius now, but in the full spectrum of outcomes for this setup, it was just one of many.... there were many that could have been worse,...
An idea would be to print off your posts and those of Laura's plus any that take your fancy and put them in a folder to refer back to assist future decision making. Especially your post above; you could annotate it later and compare with your decision made at the time.

Have a good weekend all
every Saint has a past. Every Sinner has a Future
  • #1,973
  • May 22, 2020 10:18am May 22, 2020 10:18am
Quoting TheG-Lover
Ok, this will be my last post for USDCHF. Please note I will still be watching it, just stopping the realtime posting. Could I have been aggressive and got in on the wedge breakout. Sure, but not my style. I have no regrets. I tells me I was more right than wrong about the trade. Key Point: Don't be disappointed when you almost got it right. would it have been great to get in there with that explosion, sure. Looks genius now, but in the full spectrum of outcomes for this setup, it was just one of many.... there were many that could have been worse,...
funny, these two pairs have been my winners today:
what brought my attention to them were the clearly defined trends.
i like charts which start left bottom and are now on right top like UCH (for longs) and start left top and are now on right bottom like NU (for shorts)
Attached Image(s) (click to enlarge)
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trading is like dancing, don't think and just listen to the music!
  • #1,974
  • May 22, 2020 10:22am May 22, 2020 10:22am
Attached Image (click to enlarge)
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Here's a short trade I've just closed.

Bearish momentum indicated by the white lines. Entered at dashed line, because I noticed this area had previously acted as resistance. Importantly, there was also confluence of SMA and Daily Open Line close by.

Drew a speedline (green), which initially I was relaxed about altering as the trade progressed. However, when the higher low was printed (blue line) I was definite about exiting when the speedline was broken. Exited according to my rules with 55 points.
  • #1,975
  • May 22, 2020 10:36am May 22, 2020 10:36am
Quoting birdland
{quote} funny, these two pairs have been my winners today: what brought my attention to them were the clearly defined trends. i like charts which start left bottom and are now on right top like UCH (for longs) and start left top and are now on right bottom like NU (for shorts) {image} {image}
Congrats on your winners!
Yes, the beauty of this process....multiple views, multiple starting trading times, giving different intel.
But love your momentum based approach and clean charts...
  • #1,976
  • May 22, 2020 10:39am May 22, 2020 10:39am
Quoting LauraT
{image} Here's a short trade I've just closed. Bearish momentum indicated by the white lines. Entered at dashed line, because I noticed this area had previously acted as resistance. Importantly, there was also confluence of SMA and Daily Open Line close by. Drew a speedline (green), which initially I was relaxed about altering as the trade progressed. However, when the higher low was printed (blue line) I was definite about exiting when the speedline was broken. Exited according to my rules with 55 points.
Hi Laura,
Interesting way we follow a trade, you like the speed lines, I like the previous HH's and HL's off the significant low---as it turned out exit value was approx the same.
  • #1,977
  • May 22, 2020 10:59am May 22, 2020 10:59am
NZDUSD update.
I am not a fan of the US afternoon session on Fridays.
Especially going into a US holiday on Monday.
So I have a bit different trade mindset around lunchtime.
Take your money off the table when you can.
Sold 1/2 and moved stop to just above the wedgebottom test
Will not hold this over the weekend.
Attached Image (click to enlarge)
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  • #1,978
  • May 22, 2020 11:05am May 22, 2020 11:05am
Hey Laura, thank you for this thread. I like the simplicity of things, and have been finding mixed success putting it into action. My biggest question and hurdle trading it so far is defining trade exits, from both the stop loss and take profit perspective. Focusing on trades that go against you - how do you decide when to cut losses and get out? Do you have defined rules (i.e. when the channel breaks the SMA... etc.)?

For example, in the EURCAD chart below, is a trade I took long when the channel crossed the SMA (indicated by the vertical red line), and retraced back to channel. It went against me, but I wasn't sure when to get out. Generally, I'll place a stop below the support/resistance (indicated by the red horizontal line in the attached chart), but knowing when and how to get out has been my biggest challenge. Thanks for any input.
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  • #1,979
  • May 22, 2020 11:23am May 22, 2020 11:23am
Quoting traderchris4
Hey Laura, thank you for this thread. I like the simplicity of things, and have been finding mixed success putting it into action. My biggest question and hurdle trading it so far is defining trade exits, from both the stop loss and take profit perspective. Focusing on trades that go against you - how do you decide when to cut losses and get out? Do you have defined rules (i.e. when the channel breaks the SMA... etc.)? For example, in the EURCAD chart below, is a trade I took long when the channel crossed the SMA (indicated by the vertical red line),...
Hi

There's information within the thread, and in my journal, concerning exits and the use of trendlines.

In your EC example, the time to exit is when you are proved wrong. In this case, it was when the channel crossed back below the SMA.
  • #1,980
  • May 22, 2020 11:23am May 22, 2020 11:23am
Trade today on EURGBP:
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