{quote} 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..
Roadmap - A Way To Read Markets
- #2,981
- Sep 9, 2020 1:25pm Sep 9, 2020 1:25pm
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
{quote} 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.
smaller lots bigger stops, bigger targets!
- #2,983
- Sep 9, 2020 1:38pm Sep 9, 2020 1:38pm
{quote} Funnily enough, I find darker colourschemes cause me more problems than bright ones. I guess i'm just weird
P/L = -80pips in a day..
- #2,984
- Sep 9, 2020 3:10pm Sep 9, 2020 3:10pm
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
- #2,986
- Sep 9, 2020 4:59pm Sep 9, 2020 4:59pm
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
{quote} I guess it's all part of a learning curve.. Here are 2 pairs I screwed up on.. Can't explain my trades atm, since I was in bed when i read your post, and rose to get on pc so I could post the screens for you.. Will post again in a few hours, and will then answer whatever you may ask me (why I entered etc).. I apologize in advance and thank you for wanting to help!! Here are pics {image} {image}
EU - You are trying to anticipate rather than going with the flow. Candles are closing above the channel, the impetus is with the bulls. When candles aren't closing beneath the channel, there is no bearish momentum. If you look at the chart I've posted, you'll see I've drawn a green line. That is a line in the sand. It's the most recent high. Once that is broken, it's game over for the bears. You should exit when you are proven wrong, to minimise your losses. Never wait for a stop loss to be hit if you know you are wrong.
Also, if you want to scale into a position (which is fine), aim to add your bullets more strategically. The first two bullets look rushed and are too close together and the third bullet is fighting a losing battle (due to reasons given above).
GU - Same idea but more pronounced. Again I've added a green line as a line in the sand. The previous high was taken out. The bears had already lost.
Now that I've said why it was wrong to enter where you did, it might be helpful if I provide a couple of examples of good entry points so I'll choose a couple of charts at random and explain why the entry was high probability.
Please ignore the fact that it was close to ADR High as I simply want to show what good market structure looks like. In the above, I've marked where I'd get long. Notice the different market conditions compared to where you are trying to enter. I've drawn a trendline to indicate the market is printing higher lows. The highs are also getting progressively higher. The bars are printing above the channel. See the difference? I'm not having to fight against anything as momentum is on my side.
A short example above now. Notice the trendlines I've drawn. At the shaded entry point, the market has broken the previous low and broken the compression pattern. Candles are printing below the channel. Again, there is nothing for me to fight against. Momentum is with me.
I hope these examples help. Trading with the roadmap successfully should feel effortless if you remember to ensure that momentum is on your side. I appreciate you sharing examples of when things go wrong as it provides great learning to others reading this thread. Please do stick with it and it will start to click into place for you
- #2,987
- Sep 9, 2020 9:12pm Sep 9, 2020 9:12pm
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
- #2,988
- Sep 9, 2020 10:01pm Sep 9, 2020 10:01pm
Double Channel approach It's been a while but I've added a new journal entry, explaining an addition you can make to assist with trade management. You can find it here: https://www.forexfactory.com/thread/...just-a-journal Please keep any comments or queries in this thread as I try to keep the journal as an uncluttered space where posts can be easily found.
All you touch and all you see, is all your life will ever be.
- #2,989
- Sep 9, 2020 10:14pm Sep 9, 2020 10:14pm
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
{quote} Thank you. What are you doing up at this time in the morning?
My insomnia is raging lately.
- #2,990
- Sep 9, 2020 11:01pm Sep 9, 2020 11:01pm
Hello Laura, really like you idea of channels was already using the 200mas as chn , but added the 55 and removed the 8 (just to unclutter the chart trust someone will find this usefull cheers SP I am also doing screen recording trying to understand my thought patttern re chart at the time
- #2,992
- Sep 9, 2020 11:30pm Sep 9, 2020 11:30pm
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
{image}
Keep in mind RSI is above 50 and M15 + M30 are both green on the SMA dashboard.
- #2,993
- Sep 10, 2020 12:04am Sep 10, 2020 12:04am
{quote} Seems just as likely to go up as down. {image} Keep in mind RSI is above 50 and M15 + M30 are both green on the SMA dashboard.
Thanks Laura!
Miss read the RSI...
All things are difficult before they are easy.
- #2,994
- Edited 3:20am Sep 10, 2020 2:32am | Edited 3:20am
Hallo Laura, I have a question about your last Journal entry... 
What in this specifical case would have kept you long in the trade after that big spike down .... and would not have been the red shaded area a short entry opportunity?
What in this specifical case would have kept you long in the trade after that big spike down .... and would not have been the red shaded area a short entry opportunity?
- #2,997
- Sep 10, 2020 7:41am Sep 10, 2020 7:41am
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
Laura , just to clarify with you how about daily open line , previous day hi/lo is it important for indices or just ADR only?Thank you
