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Roadmap - A Way To Read Markets

  • #2,181
  • Jun 1, 2020 11:30am Jun 1, 2020 11:30am
I feel I have done enough posting and commenting on Laura's thread. The lurkers, in addition to the regular posters who put up charts for discussion here, might also consider posting and having a dialogue with Laura and others regarding this approach.
Laura's approach is an excellent way to approach trading for those willing to put in the time, effort, practice and some contribution to discussions.
Since I am increasingly busy trading, amongst other activities, I find it more and more difficult to find time to mark up charts etc and contribute here. But I may pop in now and again to annoy people.
every Saint has a past. Every Sinner has a Future
  • #2,182
  • Jun 1, 2020 11:33am Jun 1, 2020 11:33am
Trades from earlier today - Chart #1 and #2 are GBPJPY.

Chart #1 - Screen shot when the entry was made, along with notes.
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Chart #2 - After Exit, the TP targets were changed based on PA at those point in times, Original plan was for 2 partial exits as marked in Chart #1.
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Oil - Short was not exactly per the rule

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  • #2,183
  • Jun 1, 2020 1:44pm Jun 1, 2020 1:44pm
Quoting Simply-Me
{quote} Hi Sky. may I ask you to post rest of indicators you use on your template?They looks interesting,thanks
They are all on page 1, post #2, except for Info Plus which is available on mql5 market (it's free) > https://www.mql5.com/en/market/product/21611
  • #2,184
  • Jun 1, 2020 2:17pm Jun 1, 2020 2:17pm
Oil long just closed out.

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Had hoped to close at previous day's high but didn't like the price action when it started stalling near there.
  • #2,185
  • Jun 1, 2020 2:28pm Jun 1, 2020 2:28pm
Quoting LauraT
Oil long just closed out. {image} Had hoped to close at previous day's high but didn't like the price action when it started stalling near there.
I'm assuming since you have access to both indices and forex pairs and it looks like you almost always stick with indices, this strategy must work best with indices? Do they trend better?
  • #2,186
  • Jun 1, 2020 2:35pm Jun 1, 2020 2:35pm
Quoting bojack34
{quote} I'm assuming since you have access to both indices and forex pairs and it looks like you almost always stick with indices, this strategy must work best with indices? Do they trend better?
I wouldn't necessarily say CFDs are better. If I had to trade just currencies with this methodology I could.

My personal preference for indices/oil/gold is related to the speed of the move more than the smoothness of it. It often feels like a lot of work for a few pips when I trade currencies, in comparison to how it feels trading the CFDs. I guess I've just got used to the speed.
  • #2,187
  • Jun 1, 2020 2:57pm Jun 1, 2020 2:57pm
Hi guys and gals,

First of all big thank you to Laura, you have managed to lay out one of the best explained threads on FF imho. Everything has been addressed and nothing has been unanswered. Very clean charts and clear rules to follow. Anyone who put so much work to produce this kind of work and presents it for free must be commended.

Found this thread just yesterday and while still reading today, I placed few trades to get the learning going.
Ended up slightly down for the day, but I call it a win because I had to get out of the hole after few initial loses.
So I thought I post some charts.
Rookie trades, bad and good but that's the best way to learn I'd say.
Comments on charts.
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  • #2,188
  • Jun 2, 2020 12:05am Jun 2, 2020 12:05am
Thank you for the clean approach!
  • #2,189
  • Jun 2, 2020 3:11am Jun 2, 2020 3:11am
Laura, I just wanted to lend my voice to those grateful for your generous sharing and careful and measured gudiance. You're reigniting my interest in forex with this practical and accessible method. I've been demoing your method over the last few days and I like it very much. Thank you!
  • #2,190
  • Jun 2, 2020 4:08am Jun 2, 2020 4:08am
Hi Roadmappers!

I'm still in early times with Laura's strategy and am trying to fit the work environnement to my taste.
You can see here Hannover's scanner and a little trade manager I'm trying, just to be sure to have basic's order security in place
I was able to scalp usdchf with small bullets this morning.

But, perhaps, I was a bit shy. Look where the pair is now!
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  • #2,191
  • Jun 2, 2020 4:43am Jun 2, 2020 4:43am
took audusd at 0.6797 and exited at ADR high. This works better for me in FX than indices. You have to be patient though. I look at 8 pairs + XAUUSD on the 5M charts. Really good result s with that so thank you Laura T.
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MTF PA with indicators = a winning team
  • #2,192
  • Jun 2, 2020 5:03am Jun 2, 2020 5:03am
and another runner in gbpusd, took engulfer at ysterday's high and got out after a long run when it broke the trendline
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MTF PA with indicators = a winning team
  • #2,193
  • Jun 2, 2020 5:56am Jun 2, 2020 5:56am
Hi Laura, thank you very much for sharing your roadmap here. I watched like 70 pages of this thread but i was eager to come faster on the last page so i can check what is happening these days (I hope i have not lost to much on these skipped pages). So, i am a person (like many here) who works 8 hours a day and i want to make trading my second income. So i like watching and trading the 4hr timeframe. On this pages i checked more than 90% are trades done in lower timeframes like 15min etc. So my question is how well does this work in the 4hr timeframe ? Also i did a trade in my demo account and maybe you can give me a tip if i was right here ? (XAUUSD)

Thanks in advance.
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  • #2,194
  • Jun 2, 2020 6:11am Jun 2, 2020 6:11am
Quoting tommiho
Hi guys and gals, First of all big thank you to Laura, you have managed to lay out one of the best explained threads on FF imho. Everything has been addressed and nothing has been unanswered. Very clean charts and clear rules to follow. Anyone who put so much work to produce this kind of work and presents it for free must be commended. Found this thread just yesterday and while still reading today, I placed few trades to get the learning going. Ended up slightly down for the day, but I call it a win because I had to get out of the hole after few...
Welcome Thanks for sharing your charts.

I agree, taking trades is a great way to learn (with demo or micro-lots while learning of course).

A few observations to help you along the way. Firstly, I'd suggest ADR trades are left until after you've mastered channel crosses. Crosses are the bread and butter of this methodology and have a statistically higher success rate than ADR trades.

Secondly, try not to anticipate crosses/failures. Wait until you see them happen. Waiting for confirmation might cost you a few pips but it'll save you a lot of pain in the long run.

Finally, beware of buying into bearish momentum and selling into bullish momentum. You might not have reached my posts on trendlines yet but they will help enormously with this.

Good luck!
  • #2,195
  • Jun 2, 2020 6:12am Jun 2, 2020 6:12am
Quoting notyetthere
took audusd at 0.6797 and exited at ADR high. This works better for me in FX than indices. You have to be patient though. I look at 8 pairs + XAUUSD on the 5M charts. Really good result s with that so thank you Laura T. {image}
Great to read you are having positive results - well done

I agree, FX requires more patience. Maybe I've grown less patient the older I get haha.
  • #2,196
  • Jun 2, 2020 6:17am Jun 2, 2020 6:17am
Quoting irvinboy
Hi Laura, thank you very much for sharing your roadmap here. I watched like 70 pages of this thread but i was eager to come faster on the last page so i can check what is happening these days (I hope i have not lost to much on these skipped pages). So, i am a person (like many here) who works 8 hours a day and i want to make trading my second income. So i like watching and trading the 4hr timeframe. On this pages i checked more than 90% are trades done in lower timeframes like 15min etc. So my question is how well does this work in the 4hr timeframe...
Hi - welcome

You are right, I primarily trade shorter timeframes as I trade full-time. However, it is possible to apply the same principles and have success. Your entry looks fine.

The thing to remember when trading longer timeframes is that you must numerate your stop loss and take profit figures accordingly. I know it's stating the obvious but some people don't take it into account and place stops far too tight.

Good luck!
  • #2,197
  • Jun 2, 2020 6:25am Jun 2, 2020 6:25am
Dow long entry from yesterday, entry was taken from a HTF, not ideal, closed following 1min chart today
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  • #2,198
  • Jun 2, 2020 6:51am Jun 2, 2020 6:51am
Someone asked me about daily charts, and specifically USDCAD, and I know many people have been querying the longer timeframes. So, I'll post a chart here with some quick analysis in the hope it helps.

Attached Image (click to enlarge)
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First thing to note is the green arrow to the left of the chart. This was the ideal time to buy. I keep reminding people that stops will have to be much larger on the higher timeframes and this is a good example of that.

Entry would be at 1.3283. Price went as low as 1.3201. So anything less than a 100 pip stop and you'd either be stopped out or sweating.

Price then shot up to a high of 1.4667. A gain of circa 1400 pips. Great! Except would you be able to hold it all the way up there? Trading longer timeframes requires sitting through a lot of retracement price action. The ride up was actually pretty smooth by normal standards but, on just one day, price dropped from 1.3994 to 1.3781. That's over 200 pips wiped off your in-trade profit. Could you psychologically handle that?

Skip forward to the present day and I was asked if USDCAD could become a future buy. It could, but I'm not hopeful. As you'll see from the two trendlines, price is still contained within a downtrend and has actually broken the floor of the rising trendline. For it to become a buy, we'd have to have a major shift in momentum (H4 and H1 timeframes both red on SMA200 MTF dashboard). And we'd have to see it break that downward trendline. That's quite a big ask at this point.
  • #2,199
  • Jun 2, 2020 7:03am Jun 2, 2020 7:03am
Quoting LauraT
{quote} Hi - welcome You are right, I primarily trade shorter timeframes as I trade full-time. However, it is possible to apply the same principles and have success. Your entry looks fine. The thing to remember when trading longer timeframes is that you must numerate your stop loss and take profit figures accordingly. I know it's stating the obvious but some people don't take it into account and place stops far too tight. Good luck!
Thanks Laura, i also took a trade on USDJPY in the hourly timeframe.

I think i have atleast to trade the hourly timeframe since more activity happens and these patterns occur more often.
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  • #2,200
  • Jun 2, 2020 7:19am Jun 2, 2020 7:19am
Quoting karun
Trades from earlier today - Chart #1 and #2 are GBPJPY. Chart #1 - Screen shot when the entry was made, along with notes. {image} Chart #2 - After Exit, the TP targets were changed based on PA at those point in times, Original plan was for 2 partial exits as marked in Chart #1. {image} Oil - Short was not exactly per the rule {image}
Hi Karun, from hindsight and not to be negative, it looks in chart#1, like the red Support line you drew, is realy a good level to let the emas tell you whether to trade or not, even better then, in this case, the sma200 was.

regards,
Ben
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