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  • #3,081
  • Sep 15, 2020 3:48am Sep 15, 2020 3:48am
Quoting LauraT
{quote} Nice trade, well done Yes, you can certainly look to take partial profit at logical exit points such as previous day high and leave a little to see if the move has further legs.
Thank you Laura,your words gave me confident

Just to check with you do you this the blue box was a valid entry ? I missed that move so I didn't chase the price

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and Laura just for confirmation for CompRSISelectv2 for trading m1 indices/oil should I use this settings 15/60/0/0 instead of240,1440,10080,0,500 right? but as I see you are using true trend right now do you still using CompRSISelectv2 for m1 indices/oil?
  • #3,082
  • Sep 15, 2020 4:07am Sep 15, 2020 4:07am
Quoting firewir3
{quote} Thank you Laura,your words gave me confident Just to check with you do you this the blue box was a valid entry ? I missed that move so I didn't chase the price {image} and Laura just for confirmation for CompRSISelectv2 for trading m1 indices/oil should I use this settings 15/60/0/0 instead of240,1440,10080,0,500 right? but as I see you are using true trend right now do you still using CompRSISelectv2 for m1 indices/oil?
Yes, ideal entry point where you indicated

And yes, 15/60/0/0 for 1m indices/oil.

I use it sometimes but sometimes not. It was always a little experimental and I never quite made my mind up as to whether it was right or not. It certainly shouldn't do any harm though.
  • #3,083
  • Sep 15, 2020 4:25am Sep 15, 2020 4:25am
Quoting LauraT
{quote} Yes, ideal entry point where you indicated And yes, 15/60/0/0 for 1m indices/oil. I use it sometimes but sometimes not. It was always a little experimental and I never quite made my mind up as to whether it was right or not. It certainly shouldn't do any harm though.
Alright , thank you Laura for your confirmation

Another winner by following what you preach , you are the best Laura
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  • #3,084
  • Sep 15, 2020 4:31am Sep 15, 2020 4:31am
Just in another winner, today stats 3 trade 3 winner today

Thank you again Laura please give some comment whether I did any mistake.
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  • #3,085
  • Sep 15, 2020 4:35am Sep 15, 2020 4:35am
Quoting firewir3
Just in another winner, today stats 3 trade 3 winner today Thank you again Laura please give some comment whether I did any mistake. {image}
Perfect

And you exited at a logical point of potential resistance, good.
  • #3,086
  • Edited 6:09am Sep 15, 2020 4:36am | Edited 6:09am
Marked few trades this morning as well.

EURAUD - The price already hit the ADR went back and then started trending down again. Went pas the Daily Low and it acted like resistance also close vicinity to the SMA. Entere right at the Daily low and TP at the ADR.

AUDUSD - This is a channel Trade, Channel crossed the SMA. RSI over 60 and MTF all Green. Entered at the touch of lower channel. The trade is still in progress. Target high ATR.

UPDATE - The AUDUSD turned out as planned. TP hit at the ADR high. There were few occasions where I thought to mark it as closed.

Area 1 - The price was going down a big bearish bar. It may show sign of momentum bearing but what stopped me from closing is reading the nuggets from the thread. -> If there is a big bar there is a high chance that it will reverse. Also at the same time the trade was not invalidated all other indicators were telling that its going up.

Area 2 - The price couldnt go up the trendline to confirm uptrend. No issues either as all other indicators were still pointing up and sometimes I use a currency meter to check which pairs are moving strongly so that was showing AUD strength as well.

Area 3 - This added my confident with the trendline that its getting higher highs and all other indicators are also pointing up. I stayed and it did reach my target.

The biggest lesson that I learnt is - Don't fall for R:R, I have been trading Trendlines for a while now and Support and resistance and most of my losses were due to tight stop losses in order to gain High R:R.
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  • #3,087
  • Sep 15, 2020 5:11am Sep 15, 2020 5:11am
Quoting LauraT
{quote} Perfect And you exited at a logical point of potential resistance, good.
Thanks again Laura

anyway just to share you my feeling right now as below no offences I think I got hooked by your strat

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  • #3,088
  • Sep 15, 2020 6:05am Sep 15, 2020 6:05am
Quoting firewir3
Just in another winner, today stats 3 trade 3 winner today Thank you again Laura please give some comment whether I did any mistake. {image}
firewir,
Thanks for posting. What settings did you use on these charts for the CompRSI indi?
Thanks.
  • #3,089
  • Sep 15, 2020 6:29am Sep 15, 2020 6:29am
Quoting LauraT
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.
Dear Laura,

Very clean and beautiful thread you have here. I was investigating the Hurst channel some time ago it will definitely be a good top-down approach to keep your Macro right. I would highly recommend TMA bands coded by the famous Mladen (best coder on FF imo) if you are fine with recalculating elements so you will have an outer channel as your higher TF and inner channel as your current TF. Also, you might want to consider volume to your analysis.

Looking forward to learning from you.
The mind is everything - what you think, you become.

Cheers
  • #3,090
  • Sep 15, 2020 6:42am Sep 15, 2020 6:42am
Quoting MidnightRun
{quote} firewir, Thanks for posting. What settings did you use on these charts for the CompRSI indi? Thanks.
Hi MidnightRun , Laura mentioned earlier for CompRSISelectv2 its 15/60/0/0 for 1m indices/oil.
  • #3,091
  • Sep 15, 2020 7:05am Sep 15, 2020 7:05am
Took this loss on EURJPY couple minutes ago.

Would this be considered a bad entry from my part ? Appreciate all feedback

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What you seek is seeking you. -Rumi
  • #3,092
  • Sep 15, 2020 7:14am Sep 15, 2020 7:14am
Quoting leo94
Took this loss on EURJPY couple minutes ago. Would this be considered a bad entry from my part ? Appreciate all feedback {image}
I can see why you took it, but it was marginal at best.

One candle poking above a descending trendline doesn't really constitute a decisive break. Also, RSI was probably under or around 50. That's no man's land. Look for markets where RSI is above 60 (for longs) or below 40 (for shorts). At least to begin with. Later on you can start trading more marginal setups if you wish.

Hope this helps.
  • #3,093
  • Sep 15, 2020 7:23am Sep 15, 2020 7:23am
Quoting LauraT
{quote} I can see why you took it, but it was marginal at best. One candle poking above a descending trendline doesn't really constitute a decisive break. Also, RSI was probably under or around 50. That's no man's land. Look for markets where RSI is above 60 (for longs) or below 40 (for shorts). At least to begin with. Later on you can start trading more marginal setups if you wish. Hope this helps.

Makes sense, thanks laura
What you seek is seeking you. -Rumi
  • #3,094
  • Sep 15, 2020 8:01am Sep 15, 2020 8:01am
Yes,another one winner for today.

All thanks to Laura , after she explaning on "Don't Fight Momentum" I started to get a little hang of it.
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  • #3,095
  • Edited 8:56am Sep 15, 2020 8:17am | Edited 8:56am
I hope this rights the wrongs of my last trade

EDIT: i closed before the fall,phew

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What you seek is seeking you. -Rumi
  • #3,096
  • Sep 15, 2020 8:36am Sep 15, 2020 8:36am
[quote=dbsdsun;13163302]{quote} Thanks for your new post "Fighting Momentum (Don't do it)". now, I use hanover's roadmap scanner,

Hi dbsdsun,
As you have hanovers scanner already setup, could you post 2 charts-(---for example GBPJPY)---of a 5 min and a 15 min chart showing the scanners result for the Roadmap system please.

I looked at Hanovers post 1 and see all the instructions and updates but would appreciate it if you could help me by looking at your setup of the scanner in action would help,

Thank you in advance
Ben
  • #3,097
  • Sep 15, 2020 8:58am Sep 15, 2020 8:58am
[quote=btrfx1;13166483]
Quoting dbsdsun
{quote} Thanks for your new post "Fighting Momentum (Don't do it)". now, I use hanover's roadmap scanner, Hi dbsdsun, As you have hanovers scanner already setup, could you post 2 charts-(---for example GBPJPY)---of a 5 min and a 15 min chart showing the scanners result for the Roadmap system please. I looked at Hanovers post 1 and see all the instructions and updates but would appreciate it if you could help me by looking at your setup of the scanner in action would help, Thank you in advance Ben
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  • #3,098
  • Sep 15, 2020 9:00am Sep 15, 2020 9:00am
[quote=btrfx1;13166483]
Quoting dbsdsun
{quote} Thanks for your new post "Fighting Momentum (Don't do it)". now, I use hanover's roadmap scanner, Hi dbsdsun, As you have hanovers scanner already setup, could you post 2 charts-(---for example GBPJPY)---of a 5 min and a 15 min chart showing the scanners result for the Roadmap system please. I looked at Hanovers post 1 and see all the instructions and updates but would appreciate it if you could help me by looking at your setup of the scanner in action would help, Thank you in advance Ben
I didn't use M5 in the scanner. So, I provide a 1 hour chart here.

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  • #3,099
  • Sep 15, 2020 9:05am Sep 15, 2020 9:05am
My bad trade today, comments please
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  • #3,100
  • Sep 15, 2020 9:19am Sep 15, 2020 9:19am
Quoting dbsdsun
My bad trade today, comments please {image}
The two trendlines you drew explain the story perfectly.

Market was in a compression phase (still is probably, I haven't checked), direction was a coin toss. When you have an ascending and descending trendline it's a sign that volatility is reducing. Try to judge your entries based on more expansive price action.

Hope this helps.
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