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  • #2,081
  • May 27, 2020 3:16am May 27, 2020 3:16am
Quoting rtxm
Hi all, would like to share 2 successful trades that i had made yesterday. AUDUSD M15, CompRSI was above 70, relevant MTF all in green, entered the trade at the first retracement to the lower of the 8EMA at 0.6562. Entry not perfect, caught it in the middle of the channel rather than bottom. The trade moved passed the most recent unbroken high at 0.6615 and i considered closing the trade there, however as CompRSI and MTF was still showing positive signs, I decided to manually monitor the trade and I closed the trade at 0.06639 when the price closed...
Hi - well done

How you manage trades overnight (if at all) has to be a personal decision but here are some options:

1. Take partial profit and move your stop up to let the rest run.
2. Move your stop up on the whole position to secure a certain profit.
3. Close out completely and take your profits.
4. Let it all run while you sleep.

Clearly 4 is not a sensible option but the other 3 all could be. As I said, personal preference in the end.
  • #2,082
  • May 27, 2020 3:29am May 27, 2020 3:29am
Quoting josi
{quote} This is not a criticism but just an observation: AND: You don't need me to tell you this: All your short entries worked out but made less profit than long entries would have produced (mean-reversion trading). This is a flaw in your roadmap that - sooner or later - should be fixed. Your approach is convincing and - as you can see in your thread - extremely popular, and rightly so. That is: as long as the trades away from SMA200 are concerned. The ones back to the SMA200 (mean-reversion trading) are tackled by less convincing methods (ADR,...
You're right, I have tried various mean reversion elements in the past but haven't found one I'm satisfied with. What specifically did you have in mind?

I found that mean reversion doesn't work in the way that you suggest often enough. Although you would expect price to want to return to the SMA200 when it strays too far, often the SMA200 will go to meet price instead.

I'm not dogmatic about my approach and I'm open to suggestions as to how to enhance what exists. The only thing I would say is that I know this approach makes money consistently when applied correctly over a period of time. Any enhancement would have to also pass that test.

I am currently looking at bands for another purpose (helping traders decide when the channel is too far from the SMA to justify an entry) and I'll therefore also keep in mind your feedback concerning mean reversion when applying them. I'm not convinced a shorter MA is the answer but happy for you to expand further on your idea.
  • #2,083
  • May 27, 2020 3:56am May 27, 2020 3:56am
gold long micro swing ,in 1min, entry at the retrace towards the 200sma, exit at previous swing high area
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  • #2,084
  • May 27, 2020 4:24am May 27, 2020 4:24am
Just thought I would drop this in. Albeit not a brilliant chart to tradeI found the simple lines and levels stopped major damage. Not marked in but I lost two initial trades early on but things worked out later. A few pennies in the bank but survived with a meagre profit. Now I could trade dax or whatever but I am trialling Futures ( Micro Futures) so I am limited to Dow, Nasdaq, SP500 which are really afternoon ( US) open time trades. But even so, it seems okay so far.

To the critics - Laura's approach is price driven with minimal additional props to aid trading. Keep it Simple principle. Another is, 'if it ain't broke, don't fix it.'
As this thread gets longer the danger increases that people will add bits until the chart looks like a Picasso and just as useful for trading.
Kudos to Laura for being brave enough and good enough to share her trading.

Ps. After 10am and Nasdaq is drifting so will stop now. Back for US open later.
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every Saint has a past. Every Sinner has a Future
  • #2,085
  • May 27, 2020 4:37am May 27, 2020 4:37am
Not traded by me but any DAX trader out there is smiling now
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every Saint has a past. Every Sinner has a Future
  • #2,086
  • May 27, 2020 4:38am May 27, 2020 4:38am
Hi all and i hope you are all safe and well, this is my 1st trade and it is a failed sma cross on usd /cad can someone clarify if it is indeed a correct trade - I have set TP and SL at the ADR high and low at the time and will monitor the trade if it goes against me .

I wanted to clarify if the failed sma cross has to have both bands to go (in this case) up and then retrace back below sma 200 line.

Reasons for trade -
1) A jump back in to the continuation of existing trend
2) Confirmation of weakness across multiple time frames (4h,1h,30min,15,min,5min and 1min all rsi sell indicated)
3) Still good scope for a decent trade with juice in the tank for adr low

I also wanted to ask if on partial take profits if anyone is using say a fib extension or abc extension tool or calculation

Anyway input welcome
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  • #2,087
  • May 27, 2020 5:02am May 27, 2020 5:02am
Quoting censura
Hi all and i hope you are all safe and well, this is my 1st trade and it is a failed sma cross on usd /cad can someone clarify if it is indeed a correct trade - I have set TP and SL at the ADR high and low at the time and will monitor the trade if it goes against me . I wanted to clarify if the failed sma cross has to have both bands to go (in this case) up and then retrace back below sma 200 line. Reasons for trade - 1) A jump back in to the continuation of existing trend 2) Confirmation of weakness across multiple time frames (4h,1h,30min,15,min,5min...
Hi

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The channel failure occurred at the first orange rectangle. A channel failure is where the channel partly goes above/below the SMA but then goes back below/above it fully.

At the second orange rectangle I've marked Yesterday's Low. That would have been a good place to take partial profit as price was likely to pause there. The rest of the position could be left to run with a stop moved closer to price action.

Hope this helps.
  • #2,088
  • May 27, 2020 5:11am May 27, 2020 5:11am
Any MT5 indicators for this especially the comp RSI?
In It To Win
  • #2,089
  • May 27, 2020 5:12am May 27, 2020 5:12am
Hello dear Traders..!
I hope you all are trading in Green. So, stay green.
Here, is a one trade, I took today. It was really awesome to found TrendLine/Triangle break and EMA Channel Failure entry at a point.
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The TP is placed at the target of triangle, but I'm looking to close it partially as there is weakness in down trend (may be a retracement)

Thanks
Regards
Ahmad Hassan
  • #2,090
  • May 27, 2020 5:21am May 27, 2020 5:21am
Quoting LauraT
{quote} You're right, I have tried various mean reversion elements in the past but haven't found one I'm satisfied with. What specifically did you have in mind? I found that mean reversion doesn't work in the way that you suggest often enough. Although you would expect price to want to return to the SMA200 when it strays too far, often the SMA200 will go to meet price instead. I'm not dogmatic about my approach and I'm open to suggestions as to how to enhance what exists. The only thing I would say is that I know this approach makes money consistently...
You are quite right with all you say.
And I like your thread precisely because of your clear-sighted and at the same time thoughtful approach.
I am not saying that this is an answer (but it maybe a starting point for mean reversioin - in combination with lower TF RSI)
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  • #2,091
  • May 27, 2020 5:25am May 27, 2020 5:25am
Quoting LauraT
{quote} Hi {image} The channel failure occurred at the first orange rectangle. A channel failure is where the channel partly goes above/below the SMA but then goes back below/above it fully. At the second orange rectangle I've marked Yesterday's Low. That would have been a good place to take partial profit as price was likely to pause there. The rest of the position could be left to run with a stop moved closer to price action. Hope this helps.
Yes i read the failed cross as you indicated but wasn't clear is the 2nd bump up had both lines below the sma line so waited for the next retrace (obviously a chnace of missing out entirely but was playing safe)
  • #2,092
  • May 27, 2020 5:38am May 27, 2020 5:38am
Hi,

Would this setum in NAS100 be already a valid sell, after upper band 'kissing' the SMA200, or does it need to go back to SMA200 first...

And apart from compRSI (it fooled me constantly yesterday....)


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Thanks,
Ben
  • #2,093
  • May 27, 2020 5:44am May 27, 2020 5:44am
Quoting LauraT
{quote} Hi - well done How you manage trades overnight (if at all) has to be a personal decision but here are some options: 1. Take partial profit and move your stop up to let the rest run. 2. Move your stop up on the whole position to secure a certain profit. 3. Close out completely and take your profits. 4. Let it all run while you sleep. Clearly 4 is not a sensible option but the other 3 all could be. As I said, personal preference in the end.
Laura
So I have never held positions overnight....until last night. So thought I would share a trade I started in Asia session, that I let run while I was asleep.
While it worked out in this case, I must confess that I did not sleep well wondering about the trade (even though minimal risk after moving stop).
Habit of watching/checking in frequently on trades is hard to break!
So I am up early trading today....which is working out well so far, but will I be a good trader today pr suffer due to lack of good sleep?
I agree it was not sensible....
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  • #2,094
  • May 27, 2020 5:44am May 27, 2020 5:44am
Quoting turnip15
Just thought I would drop this in. Albeit not a brilliant chart to tradeI found the simple lines and levels stopped major damage. Not marked in but I lost two initial trades early on but things worked out later. A few pennies in the bank but survived with a meagre profit. Now I could trade dax or whatever but I am trialling Futures ( Micro Futures) so I am limited to Dow, Nasdaq, SP500 which are really afternoon ( US) open time trades. But even so, it seems okay so far. To the critics - Laura's approach is price driven with minimal additional props...
What a difference a 5 minute view makes ( or zoom right out on 1 minute) zooming out as per Laura on earlier post.

Edit: one might have marked in areas and set alarm and cleared off to trade the Dax
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every Saint has a past. Every Sinner has a Future
  • #2,095
  • May 27, 2020 5:46am May 27, 2020 5:46am
Quoting campco
Hi, Would this setum in NAS100 be already a valid sell, after upper band 'kissing' the SMA200, or does it need to go back to SMA200 first... And apart from compRSI (it fooled me constantly yesterday....) {image} Thanks, Ben
A kiss is valid. But remember your trendlines to indicate when bullish momentum is extinguished.
  • #2,096
  • May 27, 2020 5:52am May 27, 2020 5:52am
Quoting TheG-Lover
{quote} Laura So I have never held positions overnight....until last night. So thought I would share a trade I started in Asia session, that I let run while I was asleep. While it worked out in this case, I must confess that I did not sleep well wondering about the trade (even though minimal risk after moving stop). Habit of watching/checking in frequently on trades is hard to break! So I am up early trading today....which is working out well so far, but will I be a good trader today pr suffer due to lack of good sleep? I agree it was not sensible.......
Interesting that you didn't sleep well. I think that tells you everything

I've just closed out some long trades on indices that I held overnight but they were opened on longer term charts with different targets in mind. I don't necessarily have an issue with trades being left overnight to develop, especially when taken with a longer term perspective, but I much prefer actively managing my shorter term trades.

Hope your poor sleep doesn't impede you too much today.
  • #2,097
  • May 27, 2020 5:55am May 27, 2020 5:55am
Attempting a GPBUSD long after channel cross to ADR high with yesterday's high as partial TP.
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  • #2,098
  • May 27, 2020 6:02am May 27, 2020 6:02am
Quoting TheG-Lover
{quote} Laura So I have never held positions overnight....until last night. So thought I would share a trade I started in Asia session, that I let run while I was asleep. While it worked out in this case, I must confess that I did not sleep well wondering about the trade (even though minimal risk after moving stop). Habit of watching/checking in frequently on trades is hard to break! So I am up early trading today....which is working out well so far, but will I be a good trader today pr suffer due to lack of good sleep? I agree it was not sensible.......
when you slept not well because of a position helding overnigt, then you know it was a too big position. i would cut it to the level you are comfortable with IF you want to hold overnight.
trading is like dancing, don't think and just listen to the music!
  • #2,099
  • May 27, 2020 6:04am May 27, 2020 6:04am
Quoting LauraT
{quote} Interesting that you didn't sleep well. I think that tells you everything I've just closed out some long trades on indices that I held overnight but they were opened on longer term charts with different targets in mind. I don't necessarily have an issue with trades being left overnight to develop, especially when taken with a longer term perspective, but I much prefer actively managing my shorter term trades. Hope your poor sleep doesn't impede you too much today.
will probably hurt me more at my day job
But being up and trading early has started off well...as attached...
All based at their backbone from the roadmap methods
PS: made 146 pips yesterday, roadmap was powerful in the trending moves that happened.
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  • #2,100
  • May 27, 2020 6:43am May 27, 2020 6:43am
Quoting censura
Hi all and i hope you are all safe and well, this is my 1st trade and it is a failed sma cross on usd /cad can someone clarify if it is indeed a correct trade - I have set TP and SL at the ADR high and low at the time and will monitor the trade if it goes against me . I wanted to clarify if the failed sma cross has to have both bands to go (in this case) up and then retrace back below sma 200 line. Reasons for trade - 1) A jump back in to the continuation of existing trend 2) Confirmation of weakness across multiple time frames (4h,1h,30min,15,min,5min...
One thing I didn't see in your list of reasons to take this short trade is the fact that price came up and touched the Daily Open Line. This line had served at support and then acted as turncoat resistance. Good trade.
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