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  • #3,021
  • Sep 11, 2020 4:33am Sep 11, 2020 4:33am
Quoting piotrekk2000
Hello{image} This is my DAX entry, can you tell me what I did wrong?
I looked at the chart,I cannot see any time frame you were assessing, I duplicated your chart on my platform with 1 min 5 min and 30 min charts.

Approx 2 Hrs ago the price came down to touch the 200 MA (5 min Chart) according to one of Laura's rules a retouch of that 200 line was a nice long entry which netted approx 80 pips, even looking left at previous highs gave good signals for the long side trade.

Can you share what rule/rules you used to get into that trade---I am sure Laura would suggest that a "THOUGHT IT WOULD REVERSE" is not one of her rules--of course in hindsight it's easy to see and comment, but that's not helpful, my comment is when you see strong move like that in small time frames you can almost guarantee a significant pullback.

JP1 post 3018 above is really good advice, write down your rules for entering and exiting the trade and stick with it,

Good luck, also mistakes are the price of your education.
  • #3,022
  • Sep 11, 2020 4:34am Sep 11, 2020 4:34am
Quoting piotrekk2000
{quote} Thank you very much for your comments are very helpful And I have one more entrance What did I do wrong here? {image}
well there is a very high RSI reading, and the vast majority of MAs are green - but other than that, not too much wrong in terms of channel under sma, pullback etc. Although, probably the main thing is, i cant see any logic to ur stop placement. I would be putting it at least the other side of the 200 to be safe. It starting to move down now, so u would still be in the trade
  • #3,023
  • Sep 11, 2020 4:45am Sep 11, 2020 4:45am
Quoting piotrekk2000
{quote} Thank you very much for your comments are very helpful And I have one more entrance What did I do wrong here? {image}
What are you trying to do here buddy, are you trying to go Long or Short.
Where is the 200SMA in relation to current price
Beginners need to adhere to Laura's basic rules.
What is the larger time frame saying to you.

Lets see your thoughts
  • #3,024
  • Sep 11, 2020 5:09am Sep 11, 2020 5:09am
Quoting btrfx1
{quote} I looked at the chart,I cannot see any time frame you were assessing, I duplicated your chart on my platform with 1 min 5 min and 30 min charts. Approx 2 Hrs ago the price came down to touch the 200 MA (5 min Chart) according to one of Laura's rules a retouch of that 200 line was a nice long entry which netted approx 80 pips, even looking left at previous highs gave good signals for the long side trade. Can you share what rule/rules you used to get into that trade---I am sure Laura would suggest that a "THOUGHT IT WOULD REVERSE" is not one...
this is the M1 dax graph
The entry was like this:
after taking the price below the SMA 200, there was then a correction to the 2nd channel, which was recently described by Laura
return to the canal and entrance

I decided to throw in a few of my failed entries, because maybe you can help and understand what I am doing wrong
  • #3,025
  • Sep 11, 2020 5:24am Sep 11, 2020 5:24am
Quoting piotrekk2000
{quote} Thank you very much for your comments are very helpful And I have one more entrance What did I do wrong here? {image}
You should have waited for pullback trendline to be broken. Also as Jp1 said RSI ant MTF MAs was not very good, but for m1 trading they are not used very much. SL is too small too, as Laura teaches it should be in other side of 200 SMA. Actually I failed on M1 GJ and DAX/DOW trading, for me forex m5 seems more suitable. For some reason from London open till USA open markets are more ranging. Just some food for though. You can see in pictures attached how different trading sessions played out in my trading on m1.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: ny open.png Size: 28 KB
Click to Enlarge Name: against small trendline.png Size: 245 KB
  • #3,026
  • Sep 11, 2020 5:53am Sep 11, 2020 5:53am
Quoting firewir3
{quote} Laura ,may i know what you wanted to gauge by using the true trend indicator ? I know its use to monitor on the crossing of 200 sma is it important?
Hi

It's not vital, no. It just gives me a quick visual of where price has been in relation to SMA200.
  • #3,027
  • Sep 11, 2020 5:57am Sep 11, 2020 5:57am
Quoting za1jcas
{quote} You should have waited for pullback trendline to be broken. Also as Jp1 said RSI ant MTF MAs was not very good, but for m1 trading they are not used very much. SL is too small too, as Laura teaches it should be in other side of 200 SMA. Actually I failed on M1 GJ and DAX/DOW trading, for me forex m5 seems more suitable. For some reason from London open till USA open markets are more ranging. Just some food for though. You can see in pictures attached how different trading sessions played out in my trading on m1. {image} {image} {image}

Thank you for helpful advice


Recently I reduced SL to -15 pips, because too often if the market didn't go my way, the losses were too big.
He is catching SL more often now, but the losses are generally smaller
  • #3,028
  • Sep 11, 2020 5:58am Sep 11, 2020 5:58am
Quoting piotrekk2000
{quote} Thank you very much for your comments are very helpful And I have one more entrance What did I do wrong here? {image}
Hi

If you go back and find the post I wrote for MrAnta on fighting momentum you should recognise that's what you were doing in this trade.

You were selling into bullish momentum.

In other words, you were selling while price went up, betting it would reverse. This creates unnecessary problems compared to when you sell into bearish momentum. Your previous trade was the same, but opposite. You were buying into bearish momentum.

I think if there was one thing that most people new to the roadmap struggle with, it'd be this. I should probably write a journal piece on the subject when I get the chance.
  • #3,029
  • Sep 11, 2020 6:08am Sep 11, 2020 6:08am
Quoting LauraT
{quote} Hi If you go back and find the post I wrote for MrAnta on fighting momentum you should recognise that's what you were doing in this trade. You were selling into bullish momentum. In other words, you were selling while price went up, betting it would reverse. This creates unnecessary problems compared to when you sell into bearish momentum. Your previous trade was the same, but opposite. You were buying into bearish momentum. I think if there was one thing that most people new to the roadmap struggle with, it'd be this. I should probably...
Hi
Thank you for your answer
My suggestion was that the price quickly exceeded the SMA 200, made a correction and was to continue in line with the trend
I did not take into account that it was falling too much, as my colleagues from FF suggested
  • #3,030
  • Sep 11, 2020 7:26am Sep 11, 2020 7:26am
Quoting LauraT
{quote} Hi It's not vital, no. It just gives me a quick visual of where price has been in relation to SMA200.
Thank you for your reply Laura.

I just started to test this strategy on demo hopefully Laura can give me some comment on my trade.Thanks

First trade close with 3R profit
Attached Image (click to enlarge)
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Second trade I cut loss at 0.5R
Attached Image (click to enlarge)
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  • #3,031
  • Sep 11, 2020 8:46am Sep 11, 2020 8:46am
Took a loss on my second demo trade, USD CHF M5

I saw the market bounce off the Daily open line, retreat under SMA and had bearish momentum with bars closing under the channel, MTF all bearish and RSI bearish.

Shorted on test of the upper channel. Stop loss was placed at the SMA200.

The trade did go +10 pips, but I didn't close it as I interpreted bearish momentum still. Maybe my greed kicked in.

Any feedback would be greatly appreciated, thanks.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Roadmap entry.PNG Size: 67 KB
Click to Enlarge Name: Roadmap result.PNG Size: 69 KB
  • #3,032
  • Sep 11, 2020 8:52am Sep 11, 2020 8:52am
Retest and break down. Lots of stop hunting on both sides. 29 pips and done for the week. Hol tomorrow Strategy works! Thanks Laura
Attached Image (click to enlarge)
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  • #3,033
  • Sep 11, 2020 9:44am Sep 11, 2020 9:44am
Quoting Pipsverdi
Hallo Laura, I have a question about your last Journal entry...{image} 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?
Hi Sorry I missed your question previously.

The trade was just an example to show how the 55EMA channel would work, but in general terms I agree that your shaded area would be a short (channel failure) if ignoring the 55.

If I had been trading long in accordance with 55EMA, my emergency stop would have been well below the previous day's low as I know markets like to revisit those areas. What would have kept me in would be the fact the channel didn't close below the 55.

Hope this helps.
  • #3,034
  • Sep 11, 2020 11:06am Sep 11, 2020 11:06am
RANT - (well, it's Friday)
Tried to wire funds to USA from UK to fund Trade Station account. Cashier didn't understand the process.
Perhaps I should try 'Transferwise' ?
Trying to escape spread betting and cfd's - jeez!!
I need a
Other than that - have a good weekend all.
every Saint has a past. Every Sinner has a Future
  • #3,035
  • Sep 11, 2020 1:57pm Sep 11, 2020 1:57pm
Quoting turnip15
RANT - (well, it's Friday) Tried to wire funds to USA from UK to fund Trade Station account. Cashier didn't understand the process. Perhaps I should try 'Transferwise' ? Trying to escape spread betting and cfd's - jeez!! I need a Other than that - have a good weekend all.
Will try again Monday using 'Tranferwise."
Time for a Gin and Tonic.
every Saint has a past. Every Sinner has a Future
  • #3,036
  • Sep 11, 2020 2:57pm Sep 11, 2020 2:57pm
Quoting turnip15
{quote} Will try again Monday using 'Tranferwise." Time for a Gin and Tonic.
You can you just wire me the funds and I will make sure to get them to tradestation.....yeaaaaaaaaaa, that would be great!
  • #3,037
  • Sep 11, 2020 3:07pm Sep 11, 2020 3:07pm
Quoting TheG-Lover
{quote} You can you just wire me the funds and I will make sure to get them to tradestation.....yeaaaaaaaaaa, that would be great!
I can just see you in the bar:-)
every Saint has a past. Every Sinner has a Future
  • #3,038
  • Sep 11, 2020 8:53pm Sep 11, 2020 8:53pm
Quoting turnip15
Trying to escape spread betting and cfd's - jeez!! I need a Other than that - have a good weekend all.
Is it still the case that you can not hedge with a US account and that with multiple trades you most close them in the order they were opened?
Good Trading
  • #3,039
  • Sep 12, 2020 12:08am Sep 12, 2020 12:08am
Hey! I like the Laura's system, and trading pullbacks It's fine if you get loss, because it's a part of the trading. Very important to manage your risk and don't let losses bring critical damage to your account. Reduce the size if you are worry while trading.

//----Keep your trading sense
  • #3,040
  • Sep 12, 2020 7:49am Sep 12, 2020 7:49am
Quoting piotrekk2000
{quote} Thank you very much for your comments are very helpful And I have one more entrance What did I do wrong here? {image}
Hi,

Take a look at the attached picture.

I would like to share a thought regarding your SL placement.
When I first came across this method, I was also placing aggressive SL points but found that over a basket of trades it did me no good. Especially with indices.

I am curious to know where LauraT is placing her SL positions for her scalping trades.
On the picture I attached, you will see 2 other areas you could have placed your stop. Always easy to see in hindsight, but I found that placing them above recent swing high/swing lows worked out better for me with indices.

In no way am I saying you should do this everytime. But while learning her methodology, try placing your SL in areas like this for the next 20 demo trades and see if you are happy with the results

Try to avoid placing a SL super close to the 200sma.
If anyone would like to add to this or correct my suggestion, please do. I am a relatively new trader myself.

Good luck

Attached Image (click to enlarge)
Click to Enlarge Name: Suggestion1.png Size: 110 KB
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