Roadmap - A Way To Read Markets | Page 107 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Software tools for LauraT's Roadmap 169 replies

Forex Brokerage Roadmap 4 replies

Best way to read all of someone's posts? 3 replies

Simple way to read chart 11 replies

Attachments: Roadmap - A Way To Read Markets
Exit Attachments

Roadmap - A Way To Read Markets

  • #2,121
  • May 28, 2020 2:11am May 28, 2020 2:11am
Nasdaq not too bad for a few nibbles. back for US open. Sun is shining and me and wifey going for a walk.
Attached Image (click to enlarge)
Click to Enlarge Name: Naz1008.png Size: 452 KB
every Saint has a past. Every Sinner has a Future
  • #2,122
  • May 28, 2020 2:46am May 28, 2020 2:46am
Quoting LauraT
{quote} Your downward trendline was the key. You were buying into bearish momentum.
OK. Thanks Laura. Very helpful.

Best regards,
Ben
  • #2,123
  • May 28, 2020 3:14am May 28, 2020 3:14am
Quoting Degolep
{quote} Thank you. Not optimal but another solution. Because the Composite RSI (1).ex4 doesn't work good, the values are not correct. What we need is the idea I proposed here https://www.forexfactory.com/showthr...6#post12946826
Is it possible to set this indicator t manual and take picture on trade entry as i just want to review my entries even better if autotriggered on trade execution
  • #2,124
  • May 28, 2020 4:23am May 28, 2020 4:23am
Hi all some of my trades today:
Earlier SHORT on AU: Taken on channel cross from M1. TP taken at TL.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 276 KB
  • #2,125
  • May 28, 2020 4:25am May 28, 2020 4:25am
This time on DOW - both SHORTS on TL breaks for downside movement;
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 193 KB
  • #2,126
  • May 28, 2020 4:36am May 28, 2020 4:36am
Quoting turnip15
Nasdaq not too bad for a few nibbles. back for US open. Sun is shining and me and wifey going for a walk. {image}
Do you remember what Laura said about 'Zooming Out' - Looking Left.
And then you use 'trend' and 'Speed' Lines ( Not shown here)
Makes life easier.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NazZoomOut.png Size: 597 KB
Click to Enlarge Name: NazZoomIn.png Size: 496 KB
every Saint has a past. Every Sinner has a Future
  • #2,127
  • May 28, 2020 4:42am May 28, 2020 4:42am
And it's that time of day. Back later.
Attached Image
every Saint has a past. Every Sinner has a Future
  • #2,128
  • May 28, 2020 4:51am May 28, 2020 4:51am
Well, decided to go to bed early and wake up early to trade the Europe Market time.
Mostly chop with not many good setups for me.
But I am attaching a trade I mis-managed, by being too focused on other charts, that were
not showing anything.
fortunately did not become a loser.......but.....sorta feels like it
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf7.png Size: 108 KB
  • #2,129
  • May 28, 2020 5:01am May 28, 2020 5:01am
Quoting rtradern
Hi all some of my trades today: Earlier SHORT on AU: Taken on channel cross from M1. TP taken at TL. {image}
Can you share your reasoning for taking this trade? I see > 50 Composite RSI and 3 out of 4 greens in the bottom-left meter, so I don't understand...

Thanks!
  • #2,130
  • Edited 5:55am May 28, 2020 5:11am | Edited 5:55am
Another try; I waited till emas were above SMA200 and down trendline.
All in place I think.
In the meantime M1 and M5 turned red.......and price went below the downtrendline....

Finally I took the trades out with a loss, when in M1 I saw the EMAs were crossing below SMA200.

Attached Image (click to enlarge)
Click to Enlarge Name: 2020-05-28_1405.png Size: 74 KB


Please comment..

Best Regards,
Ben
  • #2,131
  • May 28, 2020 7:57am May 28, 2020 7:57am
One loser and latest on verge of being stopped out - I want to keep a few pips to make a trade worthwhile if possible at this stage of my session

Edit: stop to 9490 - simply because price is wandering and I want to keep a few pips for my effort.

( Lot of lurkers today )
Attached Image (click to enlarge)
Click to Enlarge Name: NasPM1554.png Size: 516 KB
every Saint has a past. Every Sinner has a Future
  • #2,132
  • May 28, 2020 8:05am May 28, 2020 8:05am
Quoting turnip15
One loser and latest on verge of being stopped out - I want to keep a few pips to make a trade worthwhile if possible at this stage of my session Edit: stop to 9490 - simply because price is wandering and I want to keep a few pips for my effort. ( Lot of lurkers today ) {image}
Stopped out
every Saint has a past. Every Sinner has a Future
  • #2,133
  • May 28, 2020 8:10am May 28, 2020 8:10am
Pinky box wait
Attached Image (click to enlarge)
Click to Enlarge Name: Naz1609.png Size: 545 KB
every Saint has a past. Every Sinner has a Future
  • #2,134
  • Edited 10:57am May 28, 2020 8:32am | Edited 10:57am
There is a reason I love wedge breakouts in FX......
Attached Image (click to enlarge)
Click to Enlarge Name: audusd12.png Size: 150 KB

ADDED EDIT NOTE: I Don't want to confuse the thread. so decided to add this note after posting.
The roadmap method gave me the trade.
The Wedge gave added evidence to trade it. I tried to use wedges alone in the past and was burned a many
time with false breakouts.....
  • #2,135
  • May 28, 2020 8:40am May 28, 2020 8:40am
Hi Laura, superb topic and knowledge... one doubt, that comprsi indicator recalculates o repaint? Thanks!!
  • #2,136
  • Edited 10:53am May 28, 2020 8:57am | Edited 10:53am
Quoting campco
Another try; I waited till emas were above SMA200 and down trendline. All in place I think. In the meantime M1 and M5 turned red.......and price went below the downtrendline.... Finally I took the trades out with a loss, when in M1 I saw the EMAs were crossing below SMA200. {image} Please comment.. Best Regards, Ben
Hi Ben

I think your setup followed the roadmap outline. Possibly your stop may have been too close. If you were using the break of your TL as an exit then this will reduce any loss but also give you little room for error in terms of price moving in your favour.

If you placed your trade on the 5 min chart, it would currently still be valid had you used a channel cross as your early exit plan if things turned against you:

Attached Image (click to enlarge)
Click to Enlarge Name: SPX500M5.png Size: 78 KB


Obviously a lot of this comes down to your attitude towards risk; finding the balance between the risk you're comfortable taking and giving your trades enough opportunity to play out as you hope.

I would also be wary of managing your trade on the 1 min TF if you placed it on the 5 min chart. I like using different TFs to get S/R lines setup and getting an idea of trends etc but have found more success when sticking to the TF I placed my trade when managing them after entry. You will find more channel crosses and failures in a 1 min TF compared with a 5 min TF (over a given time period e.g two hours) and so will likely see more indications to exit or take profit. Again this may reduce your losses but will also cut short many winning trades. Often sitting on your hands is the key to profiting from a trade and looking at a 1 min chart after trading in the 5 min can make that even more difficult.

I'm by no means an expert but hope this helps.
James.
  • #2,137
  • May 28, 2020 9:10am May 28, 2020 9:10am
Quoting Beren
Hi Laura, superb topic and knowledge... one doubt, that comprsi indicator recalculates o repaint? Thanks!!
Hi

It has to recalculate as it is based on higher timeframes. If this is a problem, it can be discarded. It was only meant as an experimental idea for 1m trades.

The real time values it produces are correct. The history is not.
  • #2,138
  • May 28, 2020 10:31am May 28, 2020 10:31am
Quoting LauraT
{quote} Hi It has to recalculate as it is based on higher timeframes. If this is a problem, it can be discarded. It was only meant as an experimental idea for 1m trades. The real time values it produces are correct. The history is not.
is it not really part of the original strategy for Forex Pairs M5 or higher? If not, I will remove mine from the template. I don't trade indices nor the M1 charts.
  • #2,139
  • May 28, 2020 10:35am May 28, 2020 10:35am
Quoting bojack34
{quote} is it not really part of the original strategy for Forex Pairs M5 or higher? If not, I will remove mine from the template. I don't trade indices nor the M1 charts.
Nah, the TrendStrengthRSI gives you the same real-time figure so you don't need both.
  • #2,140
  • May 28, 2020 11:16am May 28, 2020 11:16am
Quoting LauraT
{quote} Nah, the TrendStrengthRSI gives you the same real-time figure so you don't need both.
Txs Laura. This was my mistake. I was thinking it was the TrendStrengthRSI that they were talking about. I have the TrendSTrengthRSI, MTF Dashboard, ADR Marker, Yesterday H/L and Daily Open as the only inidicators on my charts. I will manually add TL's.
6 traders viewing now