Roadmap - A Way To Read Markets | Page 132 | 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

  • #2,621
  • Jul 8, 2020 10:53am Jul 8, 2020 10:53am
Hi!

Gold helped me to make me some (real) $ today!

I was also involved in WTI ( good) and us30 (bad)
Here are my results.



Good stuff was with xauusd in 2 times

Attached Image
Attached Image (click to enlarge)
Click to Enlarge Name: Image2.png Size: 197 KB
  • #2,622
  • Jul 8, 2020 9:06pm Jul 8, 2020 9:06pm
Two trades today.

1st trade was on the USDCAD. Spotted possible short on H1 and H4. Went down to M5 for entry. At this time I am still partially in. 1st image H4 and second image M5
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD 4H.jpg Size: 458 KB

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD 5M.jpg Size: 467 KB


2nd trade for EURJPY was spotted on the 5M when checking in on my USDCAD trade. Once again I did not notice a trend line. If i had seen the Trend line earlier I would not of entered unless I would of been able to monitor trade. As usual always looking forward to input from others on either trade.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY 5M.jpg Size: 482 KB

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY 1H.jpg Size: 539 KB
  • #2,623
  • Jul 8, 2020 9:46pm Jul 8, 2020 9:46pm
Quoting emergentfeat
{quote} Hey ChubbyWookie, I would suggest that maybe this trade was not great because not only is there the trendline that you pointed out, but also there is the significant resistance line at around 121.444. In my non-roadmap discretionary trading experience, price does tend to bounce off of these levels (presumably because traders are taking profit at the previous highs). Oftentimes price doesn't end of reversing at resistance, but the bounce can be enough to take out any reasonable stop. So, I would try to avoid entering near support/resistance...

emergentfeat
Thank you so much for the response! I can see the light. Interestingly enough all these years I have not been looking at price the way you have. Which probably explains my not so great track record. However lately I have been playing with using available orders from retail traders to help me understand better. Attached a picture showing the orders which I believe pretty much sums up what you said. Again Thank you for taking the time to respond and very much appreciated.
Attached Image (click to enlarge)
Click to Enlarge Name: emergentfeat H1.jpg Size: 450 KB

Attached Image (click to enlarge)
Click to Enlarge Name: emergentfeat M5.jpg Size: 410 KB
  • #2,624
  • Jul 9, 2020 12:33am Jul 9, 2020 12:33am
Quoting ChubbyWookie
{quote} emergentfeat Thank you so much for the response! I can see the light. Interestingly enough all these years I have not been looking at price the way you have. Which probably explains my not so great track record. However lately I have been playing with using available orders from retail traders to help me understand better. Attached a picture showing the orders which I believe pretty much sums up what you said. Again Thank you for taking the time to respond and very much appreciated. {image} {image}
No worries, glad this helped! If you're interested, Mark Douglas (the trading psychology author that Laura follows) explains some of the underlying psychology to do with these key price levels here (starting around 23:38). Indeed, the trendline/support/resistance bouncing phenomenon is really prevalent. In addition to shorter-term support/resistance lines, I find that it also helps to switch to higher timeframes and draw in the support/resistance lines from many days, or even months, back. Price will often still stall at those old levels.

That's interesting with the available orders from retail traders . Out of curiosity, where do you get that data?

Just to provide my two cents about your trades in post 2622, the first one obviously looks really nice. With the second one on EURJPY, I think you are right to draw the trendline showing that price is reversing/bouncing at that stage. But even without the trendline, perhaps caution is warranted because price had just spiked up. As Laura has mentioned before, after a big spike up, often price will reverse suddenly back down in a parabolic fashion.

The other concern might be that price is quite far from the SMA. Honestly, I'm a little bit unclear how Laura assesses whether price is too far from the SMA. My guess would be that if momentum is really strong, you can accept price being further from the SMA.
  • #2,625
  • Jul 9, 2020 3:32am Jul 9, 2020 3:32am
I have had to set up my charts on a new VPS using this template : https://cdn-assets.faireconomy.media...attach/tpl.gif !!!!!!!!!RoadMapv2.tpl .

Unfortunately RSI2/RSI9 does not update any more and is showing the same value for any pair at any time. Can anyone help me with that? Thanks a lot in advance and green pips to you all.
  • #2,626
  • Jul 9, 2020 4:03am Jul 9, 2020 4:03am
..sorry by template I only meant !!!!!!!!RoadMapv2.tpl
  • #2,627
  • Jul 9, 2020 5:15am Jul 9, 2020 5:15am
here be the Dax for the UK slot.
Didn't like the thrashing about after the gap up, so had to wait for calmer water. Waited too long ( cos I am a chicken at times) but after seeing price bounce off 12590 area twice I was interested but - again -hesitated until price had moved up some past 12630 area and open line -then got long on cross of open line with that candle as stop. Nice bounce off previous high and short on lower low. Long on pullback ( Pin) to open line. and out around 12660 ( consolidation bit around Prev. High) And short from that area ofter decisive down red candle. Stopped at 10.30 ( notice price looking to go up as 200ma approaches
Attached Image (click to enlarge)
Click to Enlarge Name: DAX1104.png Size: 551 KB
every Saint has a past. Every Sinner has a Future
  • #2,628
  • Jul 9, 2020 11:16am Jul 9, 2020 11:16am
It's been a while since I posted on this thread, was busy with work and trading - Also I kind of moving more towards futures on indices and experimenting currency futures. Hopefully will be able to post more frequently in the coming days.
  • #2,629
  • Jul 9, 2020 11:17am Jul 9, 2020 11:17am
Quoting ssumanaj
{quote} Hi Laura. Great thread. Thank you for sharing with us. On what u replied to the post,i thought that is a channel trade. Cant see how it's a channel failure. Kindly help me understand
My 2 cents - It is a channel trade, I think the original poster categorized it as channel failure because the price kept failing at the SMA, instead of a channel cross over, irrespective of the categorization, I think that was a good entry.
  • #2,630
  • Jul 9, 2020 1:14pm Jul 9, 2020 1:14pm
Regular Channel Cross on Dow futures, exit was when the speed line was broken.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 169 KB
  • #2,631
  • Edited 10:54pm Jul 9, 2020 10:22pm | Edited 10:54pm
Quoting emergentfeat
{quote} No worries, glad this helped! If you're interested, Mark Douglas (the trading psychology author that Laura follows) explains some of the underlying psychology to do with these key price levels here(starting around 23:38).
Wowsers! Mind=Blown and so simple. Thoroughly enjoyed his video. Will have to watch the others soon and or check out his book/s.

Quoting emergentfeat
{quote}That's interesting with the available orders from retail traders . Out of curiosity, where do you get that data?
I have been using FXSSI order book MT4 or FXSSI DOM snapshot. I do not use their paid services and nor do I use it for trading. I have only been using it to look back at my trades over the week to potentially help better understand the market movement.

Quoting emergentfeat
{quote}Just to provide my two cents about your trades in post 2622, the first one obviously looks really nice. With the second one on EURJPY, I think you are right to draw the trendline showing that price is reversing/bouncing at that stage. But even without the trendline, perhaps caution is warranted because price had just spiked up. As Laura has mentioned before, after a big spike up, often price will reverse suddenly back down in a parabolic fashion. The first trade...
The first trade I had no idea it would move so quickly. But I now have a inkling of why and will review the order books over the weekend. I Ended up closing around 1.34995 and going long at the same time. However that was not based off the road map and more so based on the psychology which coincidentally seemed to be what Mark Douglas was talking about in the video. For the second trade I would have to agree with your statement. I believe I was more focused on the fact Price must hit ADR, we're so close and it will be a quick, short and profitable trade. I may have been blinded.

Quoting emergentfeat
{quote}The other concern might be that price is quite far from the SMA. Honestly, I'm a little bit unclear how Laura assesses whether price is too far from the SMA. My guess would be that if momentum is really strong, you can accept price being further from the SMA
LauraT has touched the topic once or twice. From the few post I recall it doesn't seem to be a set number or distance as much as personal preference and experience. I did recognize the distance from the SMA but remember thinking we're so close to the ADR, we have so much momentum, price should push up. But then again price will need to retrace or consolidate eventually. One of the issues I face mentally is how little time I actually get to look at the market. So if i see a potential entry even if it's not the greatest i tend to take it in fear of missing out and knowing i may not be back anytime soon. Which is obviously not a good idea. Again Mark seems to cover the passive trader mentality quite well.

Thanks again for information emergentfeat

Speaking of LuaraT hope you and your family are doing well
Best wishes,
ChubbyWookie
  • #2,632
  • Jul 10, 2020 2:49am Jul 10, 2020 2:49am
good trades, I don't know?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 10-Jul-20 10-48-09.png Size: 52 KB
Click to Enlarge Name: 10-Jul-20 10-47-42.png Size: 56 KB
  • #2,633
  • Jul 10, 2020 3:57am Jul 10, 2020 3:57am
Nasdaq played by the lines and Laura's look left projections ( not all put in)
Attached Image (click to enlarge)
Click to Enlarge Name: Nasdaq0955.png Size: 500 KB
every Saint has a past. Every Sinner has a Future
  • #2,634
  • Jul 10, 2020 6:31am Jul 10, 2020 6:31am
Quoting turnip15
Nasdaq played by the lines and Laura's look left projections ( not all put in) {image}
Update at finish of morning 11am
one loser
Attached Image (click to enlarge)
Click to Enlarge Name: Nasdaq1229.png Size: 542 KB
every Saint has a past. Every Sinner has a Future
  • #2,635
  • Jul 10, 2020 7:04am Jul 10, 2020 7:04am
Quoting turnip15
{quote} Update at finish of morning 11am one loser {image}
excuse me, your short trades are not align with the rules in this thread, aren't they?
and the lose trade, stop loss should be 10680, according to lauraT.

and you didn't use RSI. In tradingview, it's possible to code a script for composite RSI.
  • #2,636
  • Jul 10, 2020 7:33am Jul 10, 2020 7:33am
Quoting ChubbyWookie
{quote} Wowsers! Mind=Blown and so simple. Thoroughly enjoyed his video. Will have to watch the others soon and or check out his book/s.
Yeah, Mark Douglas is great. I found his trading psychology stuff (which Laura often quotes) to be really helpful, particularly the bits where he talks about thinking in terms of probabilities and "series of trades" rather than single trades.

Quoting ChubbyWookie
Quoting emergentfeat
{quote}The other concern might be that price is quite far from the SMA. Honestly, I'm a little bit unclear how Laura assesses whether price is too far from the SMA. My guess would be that if momentum is really strong, you can accept price being further from the SMA
LauraT has touched the topic once or twice. From the few post I recall it doesn't seem to be a set number or distance as much as personal preference and experience. I did recognize the...
I found a post by Laura where she says:
Quote
I'm experimenting with distance from SMA200 as a function of ADR. In this case, I have bands placed at 50% of ADR, although I'm also experimenting with 33% as a more conservative setting.

You can do the same by going into your SMA200 settings and adding Levels (e.g. 116 -116) or you can use an MA Bands indicator, of which there seem to be a lot around.

Will update more on this when I have more data but, so far, 33% seems to be a good conservative setting and 50% seems to be a good aggressive setting.

So, there's that. To me, I'm still a little bit spooked about entering really far away from the SMA, but maybe with more experience with this system, it will become more intuitive. What I still don't get, however, is where the stoploss is placed if you are entering far from the SMA. From my understanding, the official guideline is that the stop should be placed an arbitrarily far distance away from price on the opposite side of the SMA. If price is already very far from the SMA, however, following the guideline would lead to a ridiculously large stop. So, I guess the stop should also be moved to the trade-side of the SMA, based on perhaps a key support/resistance level? If anyone knows the answer to this, please let me know.

Quoting ChubbyWookie
Thanks again for information emergentfeat
My pleasure to have this discussion with you! You seem super enthusiastic about this whole thing, which is cool.
  • #2,637
  • Jul 10, 2020 10:02am Jul 10, 2020 10:02am
Quoting dbsdsun
{quote} excuse me, your short trades are not align with the rules in this thread, aren't they? and the lose trade, stop loss should be 10680, according to lauraT. and you didn't use RSI. In tradingview, it's possible to code a script for composite RSI.
No- they are not. I do not follow rules but I allow them to guide me. I do not use the RSI but that is my personal decision. Laura has provided a great approach to trading but slavishly following them will not make you a profitable trader. You have to look at many charts and practice. You will find some things gel with your personality whilst other things don't. So I take bits that interest me and construct my own approach. I trade price not systems and I gratefully acknowledge Laura's approach to same and have adopted and adapted her approach. Her thread is one of the BEST on Forex factory and her contribution priceless.
every Saint has a past. Every Sinner has a Future
  • #2,638
  • Jul 10, 2020 10:04am Jul 10, 2020 10:04am
Quoting emergentfeat
{quote} Yeah, Mark Douglas is great. I found his trading psychology stuff (which Laura often quotes) to be really helpful, particularly the bits where he talks about thinking in terms of probabilities and "series of trades" rather than single trades. {quote} I found a post by Laura where she says: {quote} So, there's that. To me, I'm still a little bit spooked about entering really far away from the SMA, but maybe with more experience with this system, it will become...
Unless you have a pain threshold that kicks in first
every Saint has a past. Every Sinner has a Future
  • #2,639
  • Jul 10, 2020 10:16am Jul 10, 2020 10:16am
Quoting emergentfeat
{quote} Yeah, Mark Douglas is great. I found his trading psychology stuff (which Laura often quotes) to be really helpful, particularly the bits where he talks about thinking in terms of probabilities and "series of trades" rather than single trades. {quote} I found a post by Laura where she says: {quote} So, there's that. To me, I'm still a little bit spooked about entering really far away from the SMA, but maybe with more experience with this system, it will become...
Personally, I prefer entering closer to the SMA or at least in the vicinity of key levels like Daily Open or Yesterday High / Low etc., If the trend is really strong I might join little far away from SMA - but that is an exception. Example would be

Quoting ficibald
good trades, I don't know? {image} {image}
USDCHF the trend looks strong on the chart, but personally I would have entered on retest of Yesterday High
  • #2,640
  • Jul 10, 2020 10:22am Jul 10, 2020 10:22am
Trades for today so far, I still have problems with my exits - sometimes winning trade becomes losing trade like the 1st trade in GU and some times it end up in BE like the 1st trade in DOW.

Charts look different because these are futures charts, For currencies I monitor PA on both futures and Oanda MT4 for direction

GU - Notes on the chart
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 175 KB


Dow - Trade #1, should had been +100 points, instead became BE.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 162 KB


Dow - Trade #2, This was a costly mistake - although the trade was profitable overall, missed out on cashing the full potential due to simple mistake / oversight. Considering the entry price was at the bottom of ascending TL on H4 and the descending TL/SMA on H4 is at 25900/25830 area it had a potential of easy 400-500 points.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 132 KB
8 traders viewing now