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Roadmap - A Way To Read Markets

  • #3,321
  • Sep 24, 2020 3:34pm Sep 24, 2020 3:34pm
Quoting turnip15
{quote} Oh well -keep on with AMP Futures application then?
Looks like AMP Futures Europe takes more time to open an account? I think I got mine open pretty much in a day.
  • #3,322
  • Sep 24, 2020 3:43pm Sep 24, 2020 3:43pm
Nasdaq from today, there was also another loss from earlier today - Total 3 trades with 4 positions (-44-50+88x2) for a net 88 Points for the day.

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  • #3,323
  • Edited 6:02pm Sep 24, 2020 5:47pm | Edited 6:02pm
Time to start sharing!

EURGBP Trade today, entered on the rejection of the 55 EMA channel in an existing downtrend (RSI was 38 I believe). Partial profit taken at the bottom of the big rejection candle to the left. When I saw the double bottom form I changed the second part of the trade to B/E, which turned out to be a sensible move.

If anyone is interested in the numbers displayed above/below the candles, this is a candle wick alert which I use to alert me to rejections at key levels. It can alert when the wick is a fixed percentage or pip value. I've attached it in case anyone wants to have a look at it.

Any feedback very welcome!
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Attached File(s)
File Type: ex4 CandleWicksDisplay.ex4   27 KB | 238 downloads
File Type: mq4 CandleWicksDisplay.mq4   22 KB | 249 downloads
  • #3,324
  • Sep 24, 2020 8:30pm Sep 24, 2020 8:30pm
Quoting LauraT
{quote} Welcome aboard Probably the easiest way to quickly get the basics is to read my journal (link in first post). After that, I'm afraid the most effective way is to read through this thread as much as you can.
Thank you Laura, I will do so over the weekend and post my trades starting next week. Thank you for the warm welcome. I do have a question, how come you do not use candle stick patterns. The bars you use does it show the h o c l as well?
  • #3,325
  • Sep 24, 2020 8:52pm Sep 24, 2020 8:52pm
Quoting Tensor
It was a choppy day in currencies today so it was a down day for me with 2 losing trades. Does anybody have tips on how I could have stayed out of these trades, or was it inevitable? GBPUSD (-25 pips) - Channel broke under the SMA and I went short. I was proven wrong when the channel moved back above the SMA. {image} USDCAD (-25 pips) - Channel bounced off the SMA and broke through the downward trendline so I went long.{image}
Marked up the charts based on my personal view as to why I might not of entered the trades. I do believe they were correct per the road map rules. However as Turnip says "look left". But I will add to that. Before crossing the road you should both ways before entering. Or more directly look left and drag a trend line right. By doing that we can see we entered very close to support resistance.

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  • #3,326
  • Sep 25, 2020 3:12am Sep 25, 2020 3:12am
I actually saw this system back in April, look at it and though "No Way" folks have been coming up with ways to trade the 1 and 5 min for years and always lost their ass. This is due to market changes throughout the year. When volatility changes a lot of system just don't work. I have a system that I use and have for a while trading the larger times frames, works pretty well made a lot on monies. The hardest thing for a trader to see on the lower time frame is the "set up coming or in play"........those of you that have traded a while know exactly what I am talking about. You can see just it fine after the fact.... most thinking to them selves "why in the hell did I do that"
With this system you can see it coming from a mile away........once price hits a major support/resistance then watch how it bounces off the 8 EMA hi/low, that's when you tell the banker "show me the money", then it goes through the 55 EMA hi/low and bounces hard off that, again tell the banker "pay me". Then pops above/below the 200 SMA then it is "Ride Sally Ride"........ and all of the above was done inside a choppy market that most traders will not trade.

All I can say is "damn good job Laura T" , first system I have ever seen that works well on all times from in any market......all year.
  • #3,327
  • Sep 25, 2020 3:49am Sep 25, 2020 3:49am
Good day. My first and so far the only review in 7 months of forex knowledge. There is so much junk in this market. And very often this garbage is sold for good money. I rummaged through this garbage a lot. It is very rare to find real diamonds in this mountain of garbage, one might say very little. I consider the roadmap to be such a diamond. Yes, I am still at the very beginning of understanding, but I will do my best to understand it. Laura, I really respect you for your generosity, talent and intelligence. There are not many people in the world who are willing to share business strategy and tactics. IT'S FREE.
Thank you, Laura.
Michael
  • #3,328
  • Sep 25, 2020 4:50am Sep 25, 2020 4:50am
Two shorts on the dax this morning. +147 pips.
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  • #3,329
  • Sep 25, 2020 5:12am Sep 25, 2020 5:12am
Quoting v.padillafx
{quote} Thank you Laura, I will do so over the weekend and post my trades starting next week. Thank you for the warm welcome. I do have a question, how come you do not use candle stick patterns. The bars you use does it show the h o c l as well?
I prefer to use bars as I found that candles visually 'dominate' our attention. I wanted my attention to be focused on not just price action but where price is in relation to various elements of roadmap. But, if people prefer candles, absolutely fine
  • #3,330
  • Sep 25, 2020 5:12am Sep 25, 2020 5:12am
Quoting jrushing
I actually saw this system back in April, look at it and though "No Way" folks have been coming up with ways to trade the 1 and 5 min for years and always lost their ass. This is due to market changes throughout the year. When volatility changes a lot of system just don't work. I have a system that I use and have for a while trading the larger times frames, works pretty well made a lot on monies. The hardest thing for a trader to see on the lower time frame is the "set up coming or in play"........those of you that have traded a while know exactly...
Exactly...... Thanks to LauraT, i am also start reading the market.

@LauraT: If you conduct any online class would admire to join (from Asian Country). Thank for your generosity. By reading this thread only that i learnt the psychology component of a trade and about Veteran Mark Douglas. Cheers.
Consistency & Patience
  • #3,331
  • Edited 6:05am Sep 25, 2020 5:18am | Edited 6:05am
Nasdaq or Tech100 this morning.
I am playing with LCG Spread bet platform in the UK.
Getting confused as to stay with Spread betting or go Micro Futures with a USA broker ( small account and smaller margins and smaller spreads) - it's just that old habits are hard to break. Well - I am old.
The chart -lines and levels then go for it and set your stop. save a few pips after break even to reward effort.
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every Saint has a past. Every Sinner has a Future
  • #3,332
  • Sep 25, 2020 5:47am Sep 25, 2020 5:47am
Quoting turnip15
Nasdaqor Tech100 this morning. I am playing with LCG Spread bet platform in the UK. Getting confused as to stay with Spread betting or go Micro Futures with a USA broker ( small account and smaller margins and smaller spreads) - it's just that old habits are hard to break. Well - I am old. The chart -lines and levels then go for it and set your stop. save a few pips after break even to reward effort. {image}
Someone asked me why I did not take a metaphorical long. Answer: Look Left at 10936 level and draw a line ( possible ceiling or problem area). Next -if I had sought to take a long above the 200 at( the next candle opening above) the blue candle that first broke above the 200 -no trade would have been triggered for me. The waiting would bring the shown short into play. Hope that helps
every Saint has a past. Every Sinner has a Future
  • #3,333
  • Sep 25, 2020 5:56am Sep 25, 2020 5:56am
Quoting LauraT
3 Dow trades. +361 in total. {image}
Hi Laura,
Can you post the template for this chart please?

Thanks
Your trade order needs to be in the right place at the right time.
  • #3,334
  • Sep 25, 2020 6:07am Sep 25, 2020 6:07am
Quoting Islandfx911
{quote} Hi Laura, Can you post the template for this chart please? Thanks
Sure.

Attached File(s)
File Type: tpl !!!!!!!!!RoadMapv2 double channel.tpl   13 KB | 728 downloads
  • #3,335
  • Sep 25, 2020 6:08am Sep 25, 2020 6:08am
Couple of trades just closed.

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  • #3,336
  • Sep 25, 2020 6:10am Sep 25, 2020 6:10am
Nasdaq M1
Entered short RSI 25 or so, MTF GGG
Exit on 8 channel clearing 55 channel
I am getting a great deal of practice at entering and exiting at the extremes! If I had held on until the 8 channel crossed the 200 sma it would have been a profitable trade but I took the 8 / 55 option. Grr!
All comments welcome

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  • #3,337
  • Sep 25, 2020 6:10am Sep 25, 2020 6:10am
Quoting LauraT
{quote} Sure. {file}
Thanks
Your trade order needs to be in the right place at the right time.
  • #3,338
  • Sep 25, 2020 6:13am Sep 25, 2020 6:13am
Another just closed. Markets are being very obliging today

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  • #3,339
  • Sep 25, 2020 6:16am Sep 25, 2020 6:16am
Quoting Pilulae
Nasdaq M1 Entered short RSI 25 or so, MTF GGG Exit on 8 channel clearing 55 channel I am getting a great deal of practice at entering and exiting at the extremes! If I had held on until the 8 channel crossed the 200 sma it would have been a profitable trade but I took the 8 / 55 option. Grr! All comments welcome {image}
Try not to enter on a spike. They often retrace.

As you say, your entry and exit were both at extremes - ouch. Although you got market structure right, you were selling into what looks very much like exhaustion price action (the final big push before a reversal).
  • #3,340
  • Sep 25, 2020 6:22am Sep 25, 2020 6:22am
Quoting LauraT
Couple of trades just closed. {image} {image}
Hi Laura,

Just trying to spot your entry requirements on this - Two bars closed below channel in existing downtrend?

Many thanks
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