Roadmap - A Way To Read Markets

Quoting Tensor

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Here are my two trades today during the morning NY session using the channel cross strategy. USDJPY - Long - Entered long when the channel crossed above the SMA, and exited at the ADR High. {image} EURUSD - Short - Took some heat due to the news but ended up moving back in-line with the short. {image} Each of these trades yielded +18 pips.

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Quoting LauraT

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+118 on Dow. {image} Pretty straightforward really. Jumped in on existing trend. Was prepared to close at Yesterday's Low (blue dotted line) if price reacted to it, but it sailed through. Took profit when it started to form a base. Have a feeling this won't be my last Dow trade tonight.

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Quoting turnip15

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{quote} End of UK afternoon point grabbing for me. Not a good example of focused scalping being taken out of trades due to poor stops and poor entries but a gain overall. I feel I was not "In the Zone" so to speak. Even a simple approach such as Example 2 Laura type trades would have done better. Have printed off the charts and will go over them later. Often one finds that the morning session is better than the afternoon or vice versa. Seldom get two brilliant trading sessions in one day? As an aside; there are over 30 people or more viewing this...

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Quoting Scrambleguy

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{quote} Typical! I too had a scrappy day trading scalping Gold,. Managed to come out positive but not by a lot! Trading psychology is by far the hardest part of being a consistent trader in the long run i think. Very few words are uttered on FF on the subject. I guess thats a retail thing.

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Quoting LauraT

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{quote} I think my students are fed up of me talking about psychology It's a pet topic.

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Quoting Swede

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As NY markets just got going I was just about to pull trigger when the phone rang. missed a really nice gold trade all set up an hour before open. But here is the point....the analyses was correct, the result was as suspected and so the trade was huge win psychologically. Just because no dollars were invested, does not mean the analyses was bad.....I take it as a WIN. This is the kind of attitude I try to keep in mind daily.....really helps me overall because it overrides the few losses I accumulate at times.... {image}

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Quoting LauraT

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{quote} I think my students are fed up of me talking about psychology It's a pet topic.

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Quoting LauraT

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I've spoken previously about the importance of having a basic understanding of market structure. Here's a trade I'm currently in that highlights market structure in action. {image} As I've marked on the chart, the market had formed a higher low and higher high. It then went on to form a lower low. This puts us on alert to look for a lower high, which we get in the circled area. So, we wait for price to close underneath the channel (to demonstrate bearish momentum) and get in. Market structure, just like every other element of analysis, comes with...

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Quoting Danger-Mouse

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{quote} Same on Dax this morning Laura for a long trade {image}

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Quoting LauraT

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I've spoken previously about the importance of having a basic understanding of market structure. Here's a trade I'm currently in that highlights market structure in action. {image} As I've marked on the chart, the market had formed a higher low and higher high. It then went on to form a lower low. This puts us on alert to look for a lower high, which we get in the circled area. So, we wait for price to close underneath the channel (to demonstrate bearish momentum) and get in. Market structure, just like every other element of analysis, comes with...

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