Roadmap - A Way To Read Markets | Page 149 | 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

  • #2,961
  • Sep 8, 2020 4:20pm Sep 8, 2020 4:20pm
Quoting LauraT
{quote} Hi I think you were too hasty to get out. Do you have an idea of why? I accept it was a candle closing outwith the boundaries of the channel but the market structure was such that this shouldn't have been a red flag. Try to be aware of what the market is doing in terms of highs and lows. In this case, it was to be expected that the market would aim to form a lower high before dropping further. As long as the previous high wasn't taken out, the downtrend was intact. Hope this helps.
Hi Laura

Thank you for your feedback.

I will be making great efforts to be more aware of the big picture, and to avoid knee jerk reactions to PA.
My future analysis will take greater account of Higher/Lower Highs & Lows etc and endeavour to avoid panicking.

Very cross with myself for having missed a great opportunity.

Best wishes
  • #2,962
  • Sep 8, 2020 5:07pm Sep 8, 2020 5:07pm
Quoting turnip15
{quote} 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
Hi Turnip

Thank you for your comments. I have responded to the JP1's helpful post 2935.

I am taking the message to stay calm (don't panic Mr Mainwaring) and PLAN exit strategies around chart struture not just PA knee jerk reactions

Good luck with your Tradestation project. I shall be very disappointed if it keeps you from this thread too much. I had not considered trading indices before and find your contributions entertaining and thought provoking. Not many traders seem to trade them which makes your posts all the more important

Best wishes
  • #2,963
  • Edited Sep 9, 2020 12:46am Sep 8, 2020 8:16pm | Edited Sep 9, 2020 12:46am
No trading for me Monday but woke up extra early today to take 3 trades and finally managed to mark up the charts throughout the work day. For the most part in the past I have not scaled in. However during some back testing I noticed something that everybody else probably already knew and what i've only read over and over again before applying it consistently. What I experienced was a 23% increase over my initial profits during 2 months of backtesting if I were to place 1/2 of my position on the 1st setup and the 2nd 1/2 on a second setup. It seems when I am proved wrong it is usually before a second entry ever becomes available. Which allows me to save 1/2 of my position and enter again on another setup. On the other hand it can be quite frustrating to see a trade run straight away to your target with only half a position. Hence why I have been so ignorant.

Some one asked about locating pairs. In the past I have used MADash, Roadmap Dashboard, Pair Strength Analyzer indicator, CSM indicator. In the end I have a separate installation of MT4 which has all the pairs opened. Over the weekend I scan them looking for who has the highest ADR, Lowest spread and what phase the market is in. I then pick 4-5 pairs to watch during the week and set alerts for areas of interest on other pairs i am not actively monitoring. On my screen i can view 4 weeks of price using the H1

Now off to bed just to wake up in 4-5 hours

I see I may not of been very clear on the % of increase. An example would be if you made 10%. You were able to increase to a total of 12.3%
Attached Image (click to enlarge)
Click to Enlarge Name: EU.jpg Size: 234 KB
Attached Image (click to enlarge)
Click to Enlarge Name: GU.jpg Size: 235 KB
  • #2,964
  • Sep 9, 2020 3:59am Sep 9, 2020 3:59am
Hi All,Im new here to learn and I'm still in progress of reading all the post while I testing it on demo.

Some question here, example of few pair of indices already hit ADR so mean there is no trade opportunity here?so should I just skipped it for today?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 454 KB
Click to Enlarge Name: Screenshot3.png Size: 498 KB
Click to Enlarge Name: Screenshot4.png Size: 488 KB
  • #2,965
  • Sep 9, 2020 4:15am Sep 9, 2020 4:15am
Are the Summer doldrums over
Attached Image (click to enlarge)
Click to Enlarge Name: NasAM1013.png Size: 562 KB
every Saint has a past. Every Sinner has a Future
  • #2,966
  • Sep 9, 2020 5:35am Sep 9, 2020 5:35am
Quoting Pilulae
{quote} Hi Turnip Thank you for your comments. I have responded to the JP1's helpful post 2935. I am taking the message to stay calm (don't panic Mr Mainwaring) and PLAN exit strategies around chart struture not just PA knee jerk reactions Good luck with your Tradestation project. I shall be very disappointed if it keeps you from this thread too much. I had not considered trading indices before and find your contributions entertaining and thought provoking. Not many traders seem to trade them which makes your posts all the more important Best wishes...
I suppose the name of the site gives away the reason for the predilection of many to trade forex, " Forex factory."
But, being a pensioner, I like to sit for two hours or so, in front of the screen. Then leave to do other things that my wife finds for me to do. Indices move quickly, usually; enough to give me a few points. I usually, only trade one thing at a time. I mark up my charts, looking left etc, then wait for price to do its' thing. I sit in front of the bus waiting for it to run me over ( don't chase price). Still learning though.
every Saint has a past. Every Sinner has a Future
  • #2,967
  • Sep 9, 2020 5:37am Sep 9, 2020 5:37am
Quoting iamsovereign
{quote} could you please share the indicator
It's on sale at the Tate. ( Discounted price on weekends).
every Saint has a past. Every Sinner has a Future
  • #2,968
  • Edited 7:35am Sep 9, 2020 5:53am | Edited 7:35am
First demo trade with the system. Any comments or thoughts

Update. S/L hit.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 103 KB
  • #2,969
  • Sep 9, 2020 6:51am Sep 9, 2020 6:51am
Quoting turnip15
{quote} I suppose the name of the site gives away the reason for the predilection of many to trade forex, " Forex factory." But, being a pensioner, I like to sit for two hours or so, in front of the screen. Then leave to do other things that my wife finds for me to do. Indices move quickly, usually; enough to give me a few points. I usually, only trade one thing at a time. I mark up my charts, looking left etc, then wait for price to do its' thing. I sit in front of the bus waiting for it to run me over ( don't chase price). Still learning...
Being some distance past my "Best before date" and I suspect considerably closer to my "Expiry date" the combination of your trading style (two shorter sessions a day) and the volatility of the indices has considerable appeal to this old man.

I like the bus analogy. I find myself chasing those big candles all too often - never caught one yet
  • #2,970
  • Sep 9, 2020 7:06am Sep 9, 2020 7:06am
Just one trade today, only trade mornings, less is more so they say! Gu again, seeing it weak waited for a pull back, trade down to BRN 1.9000 P.s I have another clean screen open on H1 time frame looking at levels and road blocks! Im using Ctrader platform.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_9.jpg Size: 147 KB
  • #2,971
  • Sep 9, 2020 7:21am Sep 9, 2020 7:21am
Quoting Scrambleguy
Just one trade today, only trade mornings, less is more so they say! Gu again, seeing it weak waited for a pull back, trade down to BRN 1.9000 P.s I have another clean screen open on H1 time frame looking at levels and road blocks! Im using Ctrader platform. {image}
Hi ,do you mind to share where is your ideal SL ? behind SMA200 or behind the last structure high?
  • #2,972
  • Edited 8:18am Sep 9, 2020 8:04am | Edited 8:18am
Don't be as stupid as I was when making this kind of a mess..
- 50pips

EDIT:
Also lost - 30pips on gbpusd..
Attached Image (click to enlarge)
Click to Enlarge Name: RED.png Size: 118 KB
  • #2,973
  • Sep 9, 2020 8:08am Sep 9, 2020 8:08am
Quoting Hooman86
First demo trade with the system. Any comments or thoughts Update. S/L hit. {image}
looks a pretty legit entry to me (according to the rules) - just one of those things unfortunately. I cant remember what my strength meter was showing a few hours ago - but dollar has been pretty weak today. That's the only thing i can think of that may have swayed your decision
  • #2,974
  • Sep 9, 2020 8:12am Sep 9, 2020 8:12am
Quoting firewir3
Hi All,Im new here to learn and I'm still in progress of reading all the post while I testing it on demo. Some question here, example of few pair of indices already hit ADR so mean there is no trade opportunity here?so should I just skipped it for today? {image} {image} {image}
as you say you are new, its suggested to stick with the SMA crossover/failure first until you have nailed that down. ADR reversals etc takes a bit more experience, as they dont always reverse - sometimes they will just plough on through if the move is strong enough - look at AJ/NJ today, yen is weak!
  • #2,975
  • Sep 9, 2020 8:24am Sep 9, 2020 8:24am
Quoting Jp1
{quote} looks a pretty legit entry to me (according to the rules) - just one of those things unfortunately. I cant remember what my strength meter was showing a few hours ago - but dollar has been pretty weak today. That's the only thing i can think of that may have swayed your decision
Thanks for the response
  • #2,976
  • Sep 9, 2020 8:28am Sep 9, 2020 8:28am
Quoting firewir3
{quote} Hi ,do you mind to share where is your ideal SL ? behind SMA200 or behind the last structure high?
no probs 1.29662 just above ichimoko cloud on 5 min chart
  • #2,977
  • Sep 9, 2020 12:48pm Sep 9, 2020 12:48pm
Sometimes things are simple. Buy the channel cross and watch the profit accumulate.

I know at least one person who caught this today (not me, I was out today) - hopefully others got in too

Attached Image (click to enlarge)
Click to Enlarge Name: buy.png Size: 43 KB

I've mentioned this already but just to say again - don't worry about ADR High/Low so much with indices. Very different beasts compared to forex pairs and ADR becomes much less of a barrier.
  • #2,978
  • Sep 9, 2020 12:54pm Sep 9, 2020 12:54pm
Quoting LauraT
Sometimes things are simple. Buy the channel cross and watch the profit accumulate. I know at least one person who caught this today (not me, I was out today) - hopefully others got in too {image} I've mentioned this already but just to say again - don't worry about ADR High/Low so much with indices. Very different beasts compared to forex pairs and ADR becomes much less of a barrier.
Indices scare me!
  • #2,979
  • Sep 9, 2020 1:18pm Sep 9, 2020 1:18pm
Quoting LauraT
Sometimes things are simple. Buy the channel cross and watch the profit accumulate. I know at least one person who caught this today (not me, I was out today) - hopefully others got in too {image} I've mentioned this already but just to say again - don't worry about ADR High/Low so much with indices. Very different beasts compared to forex pairs and ADR becomes much less of a barrier.
Off topic, but kinda important.. Why don't you use dark theme in your charts?? I guess spending much time in front of a bright screen can give you some headaches or strain your eyes..
  • #2,980
  • Sep 9, 2020 1:24pm Sep 9, 2020 1:24pm
Quoting Scrambleguy
{quote} Indices scare me!
I can understand that, especially if you are used to forex. I find forex too slow for me now I'm used to indices but very much personal preference.
1 trader viewing now