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Roadmap - A Way To Read Markets

  • #3,241
  • Sep 22, 2020 5:42am Sep 22, 2020 5:42am
I know people love seeing losing trades so here's one

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I think the key point with this trade is that I anticipated a fall which never really amounted to much. As I'm always telling others not to anticipate, I got what I deserved Took a loss when the lower highs structure was broken.
  • #3,242
  • Edited 6:22am Sep 22, 2020 5:45am | Edited 6:22am
Quoting firewir3
{quote} Hi Turnip , some question as I see your chart doesn't have the daily open line so do you use it? Example as below your entry is near to daily open line so does it matter as we might see reaction at the daily open line so it is advisable to have entry near the line as I'm always doubt on this hope you can share me some of your experience ,thank you {image} another example here is the channel is almost crossing sma200 but with near daily open line and previous day low should we step aside and not taking these trade? {image}
You trade Forex so I cannot comment too much but I note "Look left" lines would have me inclined to wait. My open lines etc seem to disappear at times and I have to work out why -afternoons seem okay. Either way "Look left" is my guide and don't forget Laura's Example 2 -more common than you think - PLUS why not lock in a few pips at a time rather than shooting for some other level ( which is fine in itself) that way you get paid for your effort. Maybe not as much as you hoped but a payment for your effort. It alleviates that feeling of watching price retrace and wipe out any gain.
I have not traded today ( as mentioned before re AMP) but I see on my chart I would have had a couple of losses, Matteo, but overall I would be a happy bunny.
The advantage of having your own plan of attack, whether Laura's or an adaption thereof, is that you have a base for building discipline. Have faith in an approach and discipline and you can be a boring but profitable trader.
Keep a diary , so that instead of asking " would this work" write up the result and compare against your rule set ( Example -did you mark out your "look left(s)" before. and during trading - what does Laura say about partial channel crosses near 200 etc). If you are new or unsure then try twenty trades on demo and record and analyse same.
What Laura has done here is to show us an approach - it is up to us to use it, adapt, analyse and chat among ourselves. I will stop now: I am no Guru or big time trader, I do okay and Laura has put the cherry on the cake for me in that I have adopted and adapted her approach and ditched my earlier approaches. But discipline and a methodical approach is key. You will have losses Matteo and no one can avoid that. Keep at it Firwir - mines a pint
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every Saint has a past. Every Sinner has a Future
  • #3,243
  • Sep 22, 2020 6:18am Sep 22, 2020 6:18am
Quoting LauraT
I know people love seeing losing trades so here's one {image} I think the key point with this trade is that I anticipated a fall which never really amounted to much. As I'm always telling others not to anticipate, I got what I deserved Took a loss when the lower highs structure was broken.
Dear Maam, You have done two mistakes as i have learnt from you on this trade.

1. Going short before channel is fully crossed back.
2. Going short when 8EMA crossed 55EMA towards up.

What made your decision ? Just to learn from your thinking pattern.
Consistency & Patience
  • #3,244
  • Sep 22, 2020 6:24am Sep 22, 2020 6:24am
Quoting coolsjc
{quote} Dear Maam, You have done two mistakes as i have learnt from you on this trade. 1. Going short before channel is fully crossed back. 2. Going short when 8EMA crossed 55EMA towards up. What made your decision ? Just to learn from your thinking pattern.
You are right. I'm a bad girl

I was anticipating a channel failure, which did actually happen, but it never extended far enough down to make it worthwhile taking profit.
  • #3,245
  • Sep 22, 2020 6:25am Sep 22, 2020 6:25am
Quoting LauraT
I know people love seeing losing trades so here's one {image} I think the key point with this trade is that I anticipated a fall which never really amounted to much. As I'm always telling others not to anticipate, I got what I deserved Took a loss when the lower highs structure was broken.
Shock, horror you lost a trade!
  • #3,246
  • Sep 22, 2020 6:27am Sep 22, 2020 6:27am
Quoting turnip15
{quote} You trade Forex so I cannot comment too much but I note "Look left" lines would have me inclined to wait. My open lines etc seem to disappear at times and I have to work out why -afternoons seem okay. Either way "Look left" is my guide and don't forget Laura's Example 2 -more common than you think - PLUS why not lock in a few pips at a time rather than shooting for some other level ( which is fine in itself) that way you get paid for your effort. Maybe not as much as you hoped but a payment for your effort. It alleviates that feeling of...
Hey Turnip are you just trading naz? Which is a good thing i think, depending on how your brain works. Even 4 pairs i struggle to maintain focus.
  • #3,247
  • Sep 22, 2020 6:27am Sep 22, 2020 6:27am
Quoting Scrambleguy
{quote} Shock, horror you lost a trade!
Hah ! Only Mary Poppins is perfect in every way
every Saint has a past. Every Sinner has a Future
  • #3,248
  • Sep 22, 2020 6:28am Sep 22, 2020 6:28am
Quoting Scrambleguy
{quote} Hey Turnip are you just trading naz? Which is a good thing depending on how your brain works.
Let's not go there

Not about this afternoon (UK time). Have to visit friends with Mrs T. ( hope they got the usual custard creams)
every Saint has a past. Every Sinner has a Future
  • #3,249
  • Sep 22, 2020 6:33am Sep 22, 2020 6:33am
Took a channel cross on 5M TF after break of TL. Exit few pips before the yesterday high. RSI>60.

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Consistency & Patience
  • #3,250
  • Sep 22, 2020 6:35am Sep 22, 2020 6:35am
Quoting turnip15
{quote} Let's not go there Not about this afternoon (UK time). Have to visit friends with Mrs T. ( hope they got the usual custard creams)
ok, that sounds a good idea!, enjoy your bickies
  • #3,251
  • Sep 22, 2020 6:38am Sep 22, 2020 6:38am
Quoting Scrambleguy
{quote} ok, that sounds a good idea!, enjoy your bickies
Don't forget FED Powell speaks this afternoon.
every Saint has a past. Every Sinner has a Future
  • #3,252
  • Sep 22, 2020 6:46am Sep 22, 2020 6:46am
Two positions in Dow - closed for total of +108.

Reason I want to highlight these trades is to show how the 55 channel kept me in my positions, despite the 8 channel dipping under SMA. Whether you exit based on the 8 or 55 is up to your personal risk profile but thought I'd show the option.

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  • #3,253
  • Sep 22, 2020 7:09am Sep 22, 2020 7:09am
I wanted to share this losing trade since it seemed like a decent setup. Entered upon the entire channel crossing the SMA200 and exited when I was proven wrong (channel crosses back over). I'm going to attribute this to a matter of bad luck but feel free to critique.
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  • #3,254
  • Sep 22, 2020 7:15am Sep 22, 2020 7:15am
  •  vrama
  • | Joined Dec 2006 | Status: BE at right place@right time = LUCK | 210 Posts
Quoting LauraT
I know people love seeing losing trades so here's one {image} I think the key point with this trade is that I anticipated a fall which never really amounted to much. As I'm always telling others not to anticipate, I got what I deserved Took a loss when the lower highs structure was broken.

Thanks Laura!

I make this "anticipation" mistakes often

learned one more point now..
thanks
All things are difficult before they are easy.
  • #3,255
  • Sep 22, 2020 7:19am Sep 22, 2020 7:19am
Quoting LauraT
Two positions in Dow - closed for total of +108. Reason I want to highlight these trades is to show how the 55 channel kept me in my positions, despite the 8 channel dipping under SMA. Whether you exit based on the 8 or 55 is up to your personal risk profile but thought I'd show the option. {image}
Hi Laura,

Could you I ask what the reason for entry was on the first trade? I can't spot it.

Many thanks
  • #3,256
  • Sep 22, 2020 7:34am Sep 22, 2020 7:34am
Quoting turnip15
{quote} You trade Forex so I cannot comment too much but I note "Look left" lines would have me inclined to wait. My open lines etc seem to disappear at times and I have to work out why -afternoons seem okay. Either way "Look left" is my guide and don't forget Laura's Example 2 -more common than you think - PLUS why not lock in a few pips at a time rather than shooting for some other level ( which is fine in itself) that way you get paid for your effort. Maybe not as much as you hoped but a payment for your effort. It alleviates that feeling of...

Alright ,sure we will have losses its part of the game and thank you Matteo for sharing your point of view , will keep watching tight..still havent finish reading this thread...wish you a nice day ahead Matteo
  • #3,257
  • Sep 22, 2020 9:40am Sep 22, 2020 9:40am
A very nice RSI for trend trading by Mladen.

As explained by Mladen.
Sell Relative Strength Index (SRSI or “sell gravitation index”) by Howard Wand as featured in the February 2019 issue of TASC magazine.

“Traders accumulate profits trade by trade, with the goal of maximizing profits. But selloffs happen and when they do, you see significant price drops that are fast. Here’s an indicator that uses the profit accumulation size to estimate subsequent selloff size.

Green lines represent buy, red represents sell and yellow represents a balance between buy and sell signals on the SRSI.”

One thing that must be told (after all these years it still needs to be explicitly told since in a lot of occassions it is not the case ) : this version of metatrader 4 indicator is not repainting
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Attached File(s)
File Type: mq4 SRsi.mq4   9 KB | 457 downloads
  • #3,258
  • Sep 22, 2020 9:43am Sep 22, 2020 9:43am
Trend Direction Index Indicator
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Attached File(s)
File Type: ex4 Trend direction + force index (multisymbol + mtf + alerts) (1).ex4   164 KB | 418 downloads
File Type: ex4 Trend direction & force index - averages smoothed (multisymbol + arrows + alerts).ex4   157 KB | 490 downloads
  • #3,259
  • Sep 22, 2020 10:07am Sep 22, 2020 10:07am
Here are a few profitable trades today to offset the loss this morning.

EURUSD (+33 pips) - This is a channel failure trade where I entered when the upward trendline was broken. There was quite a drawdown but channel never crossed back above the SMA so I held on.
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GBPUSD (+55 pips) - Shorted this channel cross alongside EURUSD. Price could potentially keep falling but I decided to take profit as I know I can get a bit emotional and exit at the worst times when prices retrace and I go from profit to breakeven. Still trying to work on that! Anybody else have this issue?
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  • #3,260
  • Sep 22, 2020 10:15am Sep 22, 2020 10:15am
Quoting Swede
{quote} George....go to inputs tab....enter 20 and viola....the True Trend indicator comes without a value in the entry CCI...enter a value and it will display...if not let me know. NOW, A WORD OF CAUTION......this is a very short term setting, but it does warn you of momentum changes, so just watch it on your charts for a time to see how it speaks to you....enjoy {image}

Got that too. The illustration in your post showed magenta lines over both the chart candles and the indicator. If this is auto drawn then I wanted that version. I understand fully it is a CCI indicator and it is a superb usage of CCI.
George
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