Hi Laura
I'd be very grateful for some advice on my trade on the below chart. I have been concentrating on channel crosses and failures, ensuring entries, RSI values and MTF indicator satisfy your original rules and have been very pleased with the progress I have made (many thanks for this). I'm aware of the higher risk of ADR trades but felt a decent setup presented itself to scalp a few pips.
Reasons for my trade were that my first TL was broken to the downside following a steep uptrend through the ADR high, the price had moved a fair distance from the SMA and the day's range was already 30% above the ADR, and so I felt a retrace to the ADR high would be a reasonable target (hence only looking to scalp a few pips). I took partial profit once ADR high was hit (second arrow) as felt it may become support and then left the rest to run and exited once my second TL was broken (third arrow).
Although it was a successful trade, would you say it was a good trade and one you would consider viable given my reasoning or is this not the kind of approach you would recommend? I am aware the RSI and MTF indicators do not align with your typical Roadmap guidelines but suspected with the nature of such a trade it would be rare they do?!
Thanks for all your input,
James
I'd be very grateful for some advice on my trade on the below chart. I have been concentrating on channel crosses and failures, ensuring entries, RSI values and MTF indicator satisfy your original rules and have been very pleased with the progress I have made (many thanks for this). I'm aware of the higher risk of ADR trades but felt a decent setup presented itself to scalp a few pips.
Reasons for my trade were that my first TL was broken to the downside following a steep uptrend through the ADR high, the price had moved a fair distance from the SMA and the day's range was already 30% above the ADR, and so I felt a retrace to the ADR high would be a reasonable target (hence only looking to scalp a few pips). I took partial profit once ADR high was hit (second arrow) as felt it may become support and then left the rest to run and exited once my second TL was broken (third arrow).
Although it was a successful trade, would you say it was a good trade and one you would consider viable given my reasoning or is this not the kind of approach you would recommend? I am aware the RSI and MTF indicators do not align with your typical Roadmap guidelines but suspected with the nature of such a trade it would be rare they do?!
Thanks for all your input,
James
