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  • #2,141
  • May 28, 2020 2:10pm May 28, 2020 2:10pm
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}
Mr T (!) Can see the logic, but losing the link to Roadmap on some of these recent charts - or is that just me ?
  • #2,142
  • May 28, 2020 2:42pm May 28, 2020 2:42pm
I cant thank you enough Laura for doing this, There is just so much fluff out there that its refreshing and encouraging to find your content. Its the real deal and am thankful.
Took my 1st trade using this method today, was a short on dow on 5 mtf. Channel crossed 200sma, and price was at the upper boundary (entry is the black line). I placed my stop just slightly above the 200sma and got stopped out just before the move down. Still learning this and working on mastering the setup as well as understanding pa. Would you have done things differently here?
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  • #2,143
  • May 28, 2020 2:57pm May 28, 2020 2:57pm
Quoting caadeske
I cant thank you enough Laura for doing this, There is just so much fluff out there that its refreshing and encouraging to find your content. Its the real deal and am thankful. Took my 1st trade using this method today, was a short on dow on 5 mtf. Channel crossed 200sma, and price was at the upper boundary (entry is the black line). I placed my stop just slightly above the 200sma and got stopped out just before the move down. Still learning this and working on mastering the setup as well as understanding pa. Would you have done things differently...
Hi - welcome

If you are trading the fresh cross of the channel, best to let the market prove you wrong by the channel crossing back to the other side. I wouldn't therefore have such a tight stop as you are inviting a loss.

Hope this helps.
  • #2,144
  • May 28, 2020 4:25pm May 28, 2020 4:25pm
Quoting LauraT
{quote} Hi - welcome If you are trading the fresh cross of the channel, best to let the market prove you wrong by the channel crossing back to the other side. I wouldn't therefore have such a tight stop as you are inviting a loss. Hope this helps.
Thanks and yes that helps Laura. In terms of Entry, I entered the position at the upper bands of the channel, Was that the ideal entry based on the methodology? Am asking since I have noticed that sometimes, the upper and lower bands are touched several times. Is it wise to wait for the candle to close for example, below the upper bands for a short entry? In this case, the next candle closed above and right at the SMA. Forgive my question but is there anything else I should have been watching? for better I mean. Thanks Much.
  • #2,145
  • May 28, 2020 5:30pm May 28, 2020 5:30pm
Quoting caadeske
{quote} Thanks and yes that helps Laura. In terms of Entry, I entered the position at the upper bands of the channel, Was that the ideal entry based on the methodology? Am asking since I have noticed that sometimes, the upper and lower bands are touched several times. Is it wise to wait for the candle to close for example, below the upper bands for a short entry? In this case, the next candle closed above and right at the SMA. Forgive my question but is there anything else I should have been watching? for better I mean. Thanks Much.
Hi caadeske

If you want to enter a trade as soon as both bands of the ema channel cross the sma then you will need to wait for the candle to close as before this a band of the channel could sill remain on the other side of the sma. Ideally the price should be closer to the upper band of the ema channel when going short and closer to the lower band if going long. However the main point is to ensure the price is within the channel.

The only other thing I'd note from your chart is the RSI. Preferable values vary from one trader to the next but if going short you want this to be at least <50. I prefer <45 and many would use values lower still e.g. <40. For long trades at least >50. Again some will use >55 or >60. Your chart shows an RSI value of 62 and I imagine it was slightly higher when you took the trade. From Laura's Roadmap strategy this would not give the green light for opening a short position. Your compositeRSI indicator reading is 23. It should be the same as the value shown on your chart unless you have adjusted the settings?! Laura has posted compositeRSI values that she is using for trading 1min Oil charts and some others on a 1min TF. Apologies if you are aware of this and have set yours with these same 1min charts in mind. Just double check you're using the correct RSI for validating your trade.

Hope this helps,
James
  • #2,146
  • May 28, 2020 5:41pm May 28, 2020 5:41pm
Quoting Wightoil
{quote} Mr T (!) Can see the logic, but losing the link to Roadmap on some of these recent charts - or is that just me ?
Probably just you.
every Saint has a past. Every Sinner has a Future
  • #2,147
  • May 28, 2020 5:52pm May 28, 2020 5:52pm
Quoting bgy2jd
{quote} Hi caadeske If you want to enter a trade as soon as both bands of the ema channel cross the sma then you will need to wait for the candle to close as before this a band of the channel could sill remain on the other side of the sma. Ideally the price should be closer to the upper band of the ema channel when going short and closer to the lower band if going long. However the main point is to ensure the price is within the channel. The only other thing I'd note from your chart is the RSI. Preferable values vary from one trader to the next...
Hi James,
Thanks for this and yes I had adjusted the compositeRSI values to the 1min chart but switched to the 5min for the trade. I see what you mean, my RSI values were high for the short setup. Another question if you may, when trading the indices using the strategy, how do you account for news leading to spikes? Does looking at htf help? My apologies for the many questions, am just working on understanding all nuances to the strategy and getting consistent in my application and trading. Thanks for your help.
  • #2,148
  • May 28, 2020 7:01pm May 28, 2020 7:01pm
Quoting caadeske
{quote} Hi James, Thanks for this and yes I had adjusted the compositeRSI values to the 1min chart but switched to the 5min for the trade. I see what you mean, my RSI values were high for the short setup. Another question if you may, when trading the indices using the strategy, how do you account for news leading to spikes? Does looking at htf help? My apologies for the many questions, am just working on understanding all nuances to the strategy and getting consistent in my application and trading. Thanks for your help.
Hey, no problem!

In terms of expected news that may impact price I keep an eye on the calendar on here and avoid being in any trades around the time it is released. Even when I know news is due e.g GDP etc, I can't say I'm ever confident enough in predicting which way the market will move so I just play safe.

For other news that comes out regarding indices I just hope that any resulting spikes are in my favour I tend to trade on the lower TFs - 5min, 15min and so it's more likely that I'd get stopped out with a serious spike than if I was on a higher TF. If you were trading a daily TF you'd have more chance of reacting and exiting a trade but in the grand scheme of things it's not something I give too much consideration too. I just hope that my stop loss gets filled should the price shoot in the wrong direction.

Of course, this is just my opinion and rightly or wrongly, the approach I take. I've no doubt there are plenty of traders who are much keener on keeping a close eye on any news that could affect their trade and I can't argue against this. There's always a tab or two open on my monitor of news channels but I know I'm not as aware as others when it comes to this. Maybe once my eye is more trained and quicker at taking in chart information I'll have more time for incoming news.

James
  • #2,149
  • May 29, 2020 12:32am May 29, 2020 12:32am
My 2nd trade with this method, sticking to basics for now....channel failures and crosses. Any input is welcomed.
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"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #2,150
  • May 29, 2020 1:21am May 29, 2020 1:21am
I took aususd trade for 10 pips as trendline failed was aiming for yesterdays high but that didn't happen.
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MTF PA with indicators = a winning team
  • #2,151
  • May 29, 2020 2:24am May 29, 2020 2:24am
Hi All
AUDUSD M5 current trade
Cheers
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  • #2,152
  • May 29, 2020 2:38am May 29, 2020 2:38am
Quoting notyetthere
I took aususd trade for 10 pips as trendline failed was aiming for yesterdays high but that didn't happen. {image}
Just realised I've taken the same trade!
  • #2,153
  • May 29, 2020 3:36am May 29, 2020 3:36am
Hi, Good morning.
Still struggling here. Laura, you taught met how to better make use of the trendlines. Maybe I'm a next stage of developement (hopefully).
How to avoid getting trapped in endless drawing new trendlines?
Please look at my picture.

In the meantime price is back at my BreakEven point and testing SMA200 ones more.... but still...

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Best Regards,
Ben
  • #2,154
  • May 29, 2020 3:47am May 29, 2020 3:47am
Quoting campco
Hi, Good morning. Still struggling here. Laura, you taught met how to better make use of the trendlines. Maybe I'm a next stage of developement (hopefully). How to avoid getting trapped in endless drawing new trendlines? Please look at my picture. In the meantime price is back at my BreakEven point and testing SMA200 ones more.... but still... {image} Best Regards, Ben
Hi

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1. I definitely would not trade EU on 1m timeframe.

2. Price is stuck in a range.

Either move up to the 5m timeframe or choose higher ADR pairs if you want to trade 1m.

Try to find clear directions that are obvious to the naked eye. Although I advocate the use of trendlines, you should be able to immediately spot whether momentum is bullish, bearish or ranging. If you look at a chart and it's not obvious, skip it and find another instrument to trade.

Hope this helps.
  • #2,155
  • May 29, 2020 3:54am May 29, 2020 3:54am
Quoting LauraT
{quote} Hi {image} 1. I definitely would not trade EU on 1m timeframe. 2. Price is stuck in a range. Either move up to the 5m timeframe or choose higher ADR pairs if you want to trade 1m. Try to find clear directions that are obvious to the naked eye. Although I advocate the use of trendlines, you should be able to immediately spot whether momentum is bullish, bearish or ranging. If you look at a chart and it's not obvious, skip it and find another instrument to trade. Hope this helps.
Thanks again Laura, great advise!!!
It all sounds familiar but it hasn't sunk in enough. Applying this is my next job in the learning process...

Best Regards,
Ben
  • #2,156
  • May 29, 2020 4:10am May 29, 2020 4:10am
Not a bad start. Blue lines is where I zoomed out for supports etc before looking for trades using ma200 etc.
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every Saint has a past. Every Sinner has a Future
  • #2,157
  • May 29, 2020 4:53am May 29, 2020 4:53am
Better job staying focused on the trades I am in this morning, than yesterday (see post 2123 for reference)
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  • #2,158
  • May 29, 2020 5:02am May 29, 2020 5:02am
Quoting turnip15
Not a bad start. Blue lines is where I zoomed out for supports etc before looking for trades using ma200 etc. {image}
That smiley face is a perfection Roadmap setup entry..
I have printed it out and place into my binder. Always great to have a book of great examples.
Thanks for sharing.
  • #2,159
  • May 29, 2020 5:30am May 29, 2020 5:30am
They say ::: the longer the base, the higher the rise.
I did not get to catch this trade.....
Hope some of you did
[attach]Eurgbp1.png;3649883[/attach]
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  • #2,160
  • May 29, 2020 6:34am May 29, 2020 6:34am
Not trading but looking at oil chart. Marked up 'Zoomed' out support etc lines and watched price after 8 am. You can put in your own trend and speed lines. Laura's advice to zoom out and mark in interesting levels seems to be simple yet effective. It's looking left; something one also does as the price continues , noting each new low/high and price reaction to them.

Sandwich time in the garden for now.
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every Saint has a past. Every Sinner has a Future
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