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Roadmap - A Way To Read Markets

  • #2,941
  • Sep 8, 2020 7:16am Sep 8, 2020 7:16am
CL Scalp
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  • #2,942
  • Sep 8, 2020 7:23am Sep 8, 2020 7:23am
This method can help a lot with daily sentiment on your side as its a scalping method in general i would say. I didnt take one but EU/GBP was another obvious decent choice due to Euro`s none stop bullish momentum lately and recent GBP brexit worries back on the table.
  • #2,943
  • Sep 8, 2020 7:57am Sep 8, 2020 7:57am
slack entry i know, but wasnt at my computer early enough - not massively confident on this one as CAD and AUD are both relatively weak
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  • #2,944
  • Sep 8, 2020 8:37am Sep 8, 2020 8:37am
Quoting Jp1
slack entry i know, but wasnt at my computer early enough - not massively confident on this one as CAD and AUD are both relatively weak {image}
bailed for a couple of pips - weak entry
  • #2,945
  • Sep 8, 2020 9:19am Sep 8, 2020 9:19am
Happy days - confluence -Long off both previous low and open lines.
Edit: Forgot to mention the huge gap down at open.
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every Saint has a past. Every Sinner has a Future
  • #2,946
  • Sep 8, 2020 9:22am Sep 8, 2020 9:22am
I may disappear for a while. I am opening a Futures account with Trade Station ( They offer Trade View charts albeit their own offer good "trade from chart" facilities).
I have to learn a lot of new stuff re Trade Station.
every Saint has a past. Every Sinner has a Future
  • #2,947
  • Sep 8, 2020 9:23am Sep 8, 2020 9:23am
Quoting turnip15
I may disappear for a while. I am opening a Futures account with Trade Station ( They offer Trade View charts albeit their own offer good "trade from chart" facilities). I have to learn a lot of new stuff re Trade Station.
Good luck - we'll be here
  • #2,948
  • Sep 8, 2020 9:25am Sep 8, 2020 9:25am
Quoting Jp1
slack entry i know, but wasnt at my computer early enough - not massively confident on this one as CAD and AUD are both relatively weak {image}
Alarm clock broken again JP
every Saint has a past. Every Sinner has a Future
  • #2,949
  • Sep 8, 2020 9:33am Sep 8, 2020 9:33am
Quoting Pilulae
Ouch! Nasdaq M1 as per annotations {image} then look what happened {image} Lesson - I must learn to believe in my entry, allow plenty of wiggle room and hang in until I am proved wrong. At least I think that is my lesson, please let me know if I have missed anything All comments to help achieve these objectives very welcome Should I be aware of any differences trading Indices vs Forex pairs? Slightly off topic - there are better ways of annotation than just using the Text function of MT4. Any pointers to simple means of doing this would be appreciated...
Post 2935 addresses your problem. Plus look left -you could have drawn a resistance zone from the left plus the 200 which was never threatened by your entry.
Edit: And Post 2951 offers good advice
every Saint has a past. Every Sinner has a Future
  • #2,950
  • Sep 8, 2020 9:34am Sep 8, 2020 9:34am
Quoting vrama
{quote} Agreed Sir!
No -if it was that easy we would all be rich. Just follow from Post one.
every Saint has a past. Every Sinner has a Future
  • #2,951
  • Sep 8, 2020 9:38am Sep 8, 2020 9:38am
because there was the discussion to find the best pair which is trending.

from my experience when there are strong trends, most of the pairs will have strong trends. like today many pairs reached their ADR.

and there are other days there will be also not much movement in most pairs.

when watching 10,20 or 28 pairs not seldom you end up catching nothing because of distraction.

so my conclusion is to concentrate on 1 or 2 pairs and learn them in and out. there will be days with a nice trend, and others with a rangeday. but you will catch the movements with a higher probability.

its just my experience with trading forex...
trading is like dancing, don't think and just listen to the music!
  • #2,952
  • Sep 8, 2020 9:39am Sep 8, 2020 9:39am
Quoting unimak
For Success in FX Trading you need 3 things to be right . 1. identify the trending pair for the day 2. Trading with a 2 Time Frame Trend in Your Favour 3. Time your entries for low sl , preferably try to enter in pullback as the sl will be very less then . unless we get all the 3 right the FX market will you only LOSS. No point trading all those range bound markets etc you will be wasting your time and energy and not get any major profit for your hard work . This system is very good in addressing point 2 and point 3 but with regard to point 1 we...
No - I disagree. Stick to whats outlined from Post one - looking left, channel breaks, levels etc. And a person will quickly discern if price is on the move.
Make trading boring; perform actions whilst semi comatose - if you make more good trades than bad, then you are getting there.
Simple is best -less is more. Lots of practice and patience will benefit any trader at whatever their level of expertise or lack thereof.
Just my humble opinion of course.
every Saint has a past. Every Sinner has a Future
  • #2,953
  • Sep 8, 2020 10:51am Sep 8, 2020 10:51am
Oh Joy
The UK afternoon Nasdaq has done me proud. Makes up for the 'fiddly' days of 'hit' and 'run' for a few pips several times in a session.
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every Saint has a past. Every Sinner has a Future
  • #2,954
  • Sep 8, 2020 10:56am Sep 8, 2020 10:56am
Quoting turnip15
I may disappear for a while. I am opening a Futures account with Trade Station ( They offer Trade View charts albeit their own offer good "trade from chart" facilities). I have to learn a lot of new stuff re Trade Station.
As an aside: I was rather nervous about sending a wire to the USA ( no logical reason) but cheered up when I discovered that the wire is to their UK branch, initially.
Funny, the things that concern one.
every Saint has a past. Every Sinner has a Future
  • #2,955
  • Sep 8, 2020 12:15pm Sep 8, 2020 12:15pm
Quoting LauraT
{quote} We must accept that fact or we will forever be trying to remove the fear of uncertainty. The only cure for that fear is acceptance of risk. When that fear exists, there can be a tendency to want to add more and more to the picture, hoping that it will somehow 'guarantee' success. Invariably it leads to information overload or analysis paralysis. So be wary of that voice that tells us we need more stuff on our charts or we need to do more analysis or find a mathematical formula. They are all quite often signs we are struggling with the acceptance...
Brilliant !!
I printed this out and have it hanging over my trading screen. Acceptance of risk as important as the system itself.
There is no system that is risk free and this is the very essence of how emotional aspect of trading comes into play.
  • #2,956
  • Sep 8, 2020 12:19pm Sep 8, 2020 12:19pm
Quoting LauraT
{quote} Good points. Although I'm not precious about people sticking with the methodology as is, I'd also like to generally caution against trying to remove uncertainty from the equation. When we sign up to aim to be a trader we must, from the very beginning, accept the inherent risk that exists within trading. The risk of losses - yes, but also the risk of not seeing a 'good' return on our time investment. The nature of trading is that we can make a wheelbarrow full of cash for 2 minutes work or we can spend all day at our screen and break even....
......."there can be a tendency to want to add more and more to the picture, hoping that it will somehow 'guarantee' success."


And you have a chart that never indicates a trade but looks picturesque if nailed to the wall or exhibited at the tate Modern
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every Saint has a past. Every Sinner has a Future
  • #2,957
  • Sep 8, 2020 1:43pm Sep 8, 2020 1:43pm
That's a definite long sell!!
  • #2,958
  • Sep 8, 2020 2:36pm Sep 8, 2020 2:36pm
Quoting turnip15
{quote} No - I disagree. Stick to whats outlined from Post one - looking left, channel breaks, levels etc. And a person will quickly discern if price is on the move. Make trading boring; perform actions whilst semi comatose - if you make more good trades than bad, then you are getting there. Simple is best -less is more. Lots of practice and patience will benefit any trader at whatever their level of expertise or lack thereof. Just my humble opinion of course.
Hear, Hear !!
I don't need to know which pairs are going to move today.
Even if I did, there are so many combinations of how that move might be made.
You could know the answer and still have a losing day.
The roadmap system and learning to read price action is all I need to manage trading 13 pairs each day on 5 min charts.
Only 3 pairs/setups triggered from 4:00 to 7:00 my US CDT.
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Classic Pushbase trade on EURAUD today that shows the power of roadmap.
Price over 200sma: Look for going long
1M, 5M, 15M and 30M all Green and RSI composite > 60 at 62 at entry bar.
Looking left and finding S/R that coincides with the base created in the pushbase
viola:
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  • #2,959
  • Sep 8, 2020 2:54pm Sep 8, 2020 2:54pm
Quoting turnip15
{quote} ......."there can be a tendency to want to add more and more to the picture, hoping that it will somehow 'guarantee' success." And you have a chart that never indicates a trade but looks picturesque if nailed to the wall or exhibited at the tate Modern {image}
could you please share the indicator
Live today like theres no tomorrow-- Prioritize like you will die today
  • #2,960
  • Sep 8, 2020 4:05pm Sep 8, 2020 4:05pm
Quoting Jp1
{quote} ur entry looks pretty decent to me. It really only made a double top under the sma 200, so unless ur stop was moved to BE, i think what was suggested on this thread, was at a minimum, wait for price to tell you when you are wrong....it never crossed back above the 200 - so the trade was still valid.....and look at that drop!
Hi Jp

Nothing as scientific as BE sadly. Panic at price action is probably the most honest diagnosis.

Lesson - Stop-exit strategy must be defined at the same time as entry, not on the fly because of some price action

I have recently made it a rule that trades must only be entered on a planned basis . A clear stop strategy must now be part of that plan.

I am trying to forget missed drop!

Thank you for the feedback
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