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Roadmap - A Way To Read Markets

  • #2,041
  • May 26, 2020 4:46am May 26, 2020 4:46am
Quoting thegrimreape
{quote} You shouldn't have traded right when it crosses. There must be other confirmation or validation that you could seek and verify on the higher timeframe before a trade is executed. There is a reason why Multi-Timeframe analysis were brought into the picture as a framework for every trader to follow. It's a standard SOP.
TBH I was looking at the higher TFs - that's where the red trend lines came from, also I waited until the price came back into the channel. It would seems in hindsight the issue was more with the exit than the entry.
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  • #2,042
  • May 26, 2020 5:00am May 26, 2020 5:00am
Left a couple running overnight and had 3 wins this morning

I was aiming to exit 50/50 daily low and ADR low, but it hit the Daily Low TP before I got to it

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Same with this one, it then went on to hit the ADR High as well!

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This one I split manually as it just skimmed the ADR High

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Happy with the execution, but the timing sucked and I left a lot on the table. Need to consider how long the trade could take and if I am going to be around to manage it. I will probably move back to higher TF once I have a solid grasp of the system. Wining is a nice bonus though.
  • #2,043
  • May 26, 2020 6:42am May 26, 2020 6:42am
And Oil from 9am to 10 am-ish.
Back for US open later.
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every Saint has a past. Every Sinner has a Future
  • #2,044
  • May 26, 2020 7:39am May 26, 2020 7:39am
Laura - Not trading but browsing price action and came across this. I would like your opinion on the channel/price action shown please. Or ,rather, am I following the basic guidelines for Fail type channels or general 'Roadmap' trading principles?

A bullet point reply will suffice since I am aware of the pressure this thread must make upon your time.Thanks in advance.

(1) The first arrow -green -a full channel cross seems to be shown but trigger candle not activated -(candle High not broken) ?
(2) The second arrow - RED - a full channel cross seems to be shown - triggered a losing short ?
(3) The third arrow - Green long candle -a full channel cross seems to be shown - Trade not triggered(candle High not broken) ?
(4) The Fourth arrow - Red pin type candle -a full channel cross seems to be shown - Nice short triggered by next pin type candle ?
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every Saint has a past. Every Sinner has a Future
  • #2,045
  • May 26, 2020 8:42am May 26, 2020 8:42am
Quoting turnip15
Laura - Not trading but browsing price action and came across this. I would like your opinion on the channel/price action shown please. Or ,rather, am I following the basic guidelines for Fail type channels or general 'Roadmap' trading principles? A bullet point reply will suffice since I am aware of the pressure this thread must make upon your time.Thanks in advance. (1) The first arrow -green -a full channel cross seems to be shown but trigger candle not activated -(candle High not broken) ? (2) The second arrow - RED - a full channel cross seems...
Can I take a go at this?

1. That is a channel cross still in progress in my opinion, you may want to wait for at least 1 more candle to close so that it does not become a channel failure.
2. This is the result of channel failure from #1, and I think this is one of those shorts you end up losing.
3. It is a channel cross in formation, not yet a channel cross. A channel is considered crossed only when both the sides move over to the other side of SMA completely.
4. Is a valid setup and entry or the previous 2 bars as well.
  • #2,046
  • May 26, 2020 9:22am May 26, 2020 9:22am
Off we go Nasdaq..short break of cheese wedge -price is between 200 and open line so caution.
One short done. Now waiting -looks like another cheese wedge forming on 9520 level -lets see if it breaks.
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every Saint has a past. Every Sinner has a Future
  • #2,047
  • Edited 9:49am May 26, 2020 9:34am | Edited 9:49am
Wasn't lucky today. First I got trapped in a GBPAUD trade and got out finally at a little less the BE.
Second I bought NQ100 and finally got spike out to the downside because of non-scheduled news from ECB.
Both I took according to the rules... at the time of entry only the M1 in the dash was red and CompRSI was 66.
Later on I got back in assuming that mostly after spikes the price returns back to where it came from...

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  • #2,048
  • May 26, 2020 10:01am May 26, 2020 10:01am
Wow! What a great few days working my way through this thread... haven't been able to drag myself away from the screen.

Huge thank you to you Laura; so generous of you to share such knowledge and experience. It's very rare to come across someone who is willing to give so much without asking anything in return. I feel extremely lucky to have found this at such an early point in my trading career. Again, thank you so much.

A big thanks to everyone else who has posted too. It is particularly helpful seeing other trader's charts and insights along the way!


Good luck everyone!

James
  • #2,049
  • May 26, 2020 10:05am May 26, 2020 10:05am
Quoting turnip15
Off we go Nasdaq..short break of cheese wedge -price is between 200 and open line so caution. One short done. Now waiting -looks like another cheese wedge forming on 9520 level -lets see if it breaks. {image}
Good Short -Fail Long and Good short so far.
( 9510 and 9520-ish levels worth bearing in mind ?
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every Saint has a past. Every Sinner has a Future
  • #2,050
  • May 26, 2020 10:10am May 26, 2020 10:10am
Quoting karun
{quote} Can I take a go at this? 1. That is a channel cross still in progress in my opinion, you may want to wait for at least 1 more candle to close so that it does not become a channel failure. 2. This is the result of channel failure from #1, and I think this is one of those shorts you end up losing. 3. It is a channel cross in formation, not yet a channel cross. A channel is considered crossed only when both the sides move over to the other side of SMA completely. 4. Is a valid setup and entry or the previous 2 bars as well.
Thanks Karun but I will wait for Laura just to be sure I am within guidelines. Seems a logical reply though.
every Saint has a past. Every Sinner has a Future
  • #2,051
  • May 26, 2020 10:13am May 26, 2020 10:13am
Quoting turnip15
{quote} Good Short -Fail Long and Good short so far. ( 9510 and 9520-ish levels worth bearing in mind ? {image}
Playing short when above the 200, T? Why push your luck when you had easy money on the DAX and UK100 all day long? Just looking for the gap to fill? Just curious.
  • #2,052
  • May 26, 2020 10:14am May 26, 2020 10:14am
That's it for today. Mrs T said something about shopping !

As an aside - ( on the Nasdaq one minute chart, notice how price is drifting towards the approaching 200 moving average). Keep your powder dry any nasdaq hunters out there
every Saint has a past. Every Sinner has a Future
  • #2,053
  • May 26, 2020 10:16am May 26, 2020 10:16am
Quoting campco
Wasn't lucky today. First I got trapped in a GBPAUD trade and got out finally at a little less the BE. Second I bought NQ100 and finally got spike out to the downside because of non-scheduled news from ECB. Both I took according to the rules... at the time of entry only the M1 in the dash was red and CompRSI was 66. Later on I got back in assuming that mostly after spikes the price returns back to where it came from... {image}
I don't think we can do anything about those spikes, just have to manage the size according to the risk to accommodate them. Buy entry on the chart looks invalid as the channel is below the SMA, I guess based on your post - looks like you know that when entering.
  • #2,054
  • May 26, 2020 10:17am May 26, 2020 10:17am
Quoting lemercenaire
{quote} Playing short when above the 200, T? Why push your luck when you had easy money on the DAX and UK100 all day long? Just looking for the gap to fill? Just curious.
Because I am trialling the use of Micro Futures on Nasd.Dow and SP500 FUTURES. CME does not have Micro on Dax and FTSE
every Saint has a past. Every Sinner has a Future
  • #2,055
  • May 26, 2020 10:31am May 26, 2020 10:31am
Quoting turnip15
{quote} Thanks Karun but I will wait for Laura just to be sure I am within guidelines. Seems a logical reply though.
Don't you hate when other people answer you question for the TS? It's the TS strategy so they obviously know the strategy best, yet other people who are also learning the strategy want to chime in and tell you the answer when they really have no clue. Sorry Karun, I'm NOT talking about you, i'm just venting to a friend who sounds like secretly he feels the same way....lol. This happens in every thread on FF. It's human nature. This is 100% why I take notes the way I do. I literally skip EVERY post from anyone who is NOT the TS. I ONLY take notes from the TS. Again, Sorry Karun, this was not meant strictly for you.
  • #2,056
  • May 26, 2020 10:54am May 26, 2020 10:54am
Quoting bojack34
{quote} Don't you hate when other people answer you question for the TS? It's the TS strategy so they obviously know the strategy best, yet other people who are also learning the strategy want to chime in and tell you the answer when they really have no clue. Sorry Karun, I'm NOT talking about you, i'm just venting to a friend who sounds like secretly he feels the same way....lol. This happens in every thread on FF. It's human nature. This is 100% why I take notes the way I do. I literally skip EVERY post from anyone who is NOT the TS. I ONLY take...
I haven't had the time today to focus on the thread so just catching up properly now.

I'd actually encourage people to attempt to help others where they feel they can do so. I'm juggling quite a lot right now in addition to trading full-time so I won't always be able to promptly answer questions.

Clearly if there is misinformation I will aim to correct it.
  • #2,057
  • May 26, 2020 10:59am May 26, 2020 10:59am
Quoting zebwinner
{quote} Hey G-LOVER, How do you use volume indicator to time your entries or Exits, thanks
very little:
1. It has not been highlighted as a consideration to this point from LauraT for this process.
2. I have never had much luck with it being of value in realtime, and my first foray into trading FX my data/charting source did not have volume data available.
To me, it is just another thing that adds more confusion than it removes....but there are those who swear by it for their systems.
  • #2,058
  • May 26, 2020 11:02am May 26, 2020 11:02am
Quoting turnip15
Laura - Not trading but browsing price action and came across this. I would like your opinion on the channel/price action shown please. Or ,rather, am I following the basic guidelines for Fail type channels or general 'Roadmap' trading principles? A bullet point reply will suffice since I am aware of the pressure this thread must make upon your time.Thanks in advance. (1) The first arrow -green -a full channel cross seems to be shown but trigger candle not activated -(candle High not broken) ? (2) The second arrow - RED - a full channel cross seems...
Turnip,

Where the channel meets the SMA, you will get fresh crosses but this is also where you will get the majority of losing trades. You are right, taken in isolation you had three trades that were either not triggered (I like your filter of candle high/low being taken out) or leading to a loss, before it picked a direction and delivered a profit.

Have you tried using Freeman's study for TradingView? I believe he's also added CompRSISelect recently and that would give you an extra tool in addition to simply using channel and SMA. Hopefully you're also using trendlines and previous highs/lows
  • #2,059
  • May 26, 2020 11:21am May 26, 2020 11:21am
Quoting turnip15
{quote} Because I am trialling the use of Micro Futures on Nasd.Dow and SP500 FUTURES. CME does not have Micro on Dax and FTSE
And the short above the 200?
  • #2,060
  • Edited 12:23pm May 26, 2020 11:24am | Edited 12:23pm
Quoting Sohocool
I modified SWD's indicator ,i don't know if it can help someone. You can try it on M1 chart and wait few minutes . This indicator show same value (index =0) in all MTF (Daily,Weekly ). I don't know if we can do backtest with it. {image} {file}
A new idea : we can add moving average as signal on CompRSISelectV2 xx.



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