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Roadmap - A Way To Read Markets

  • #3,401
  • Sep 28, 2020 1:27am Sep 28, 2020 1:27am
Quoting LauraT
{quote} Hi Bill I do occasionally trade higher timeframes as I like to have longer term trades in the market as well as my daily trades. The methodology is pretty much the same. Main difference is, as expected, stop losses have to be bigger and take profit amount should be bigger too. I've chosen an hourly chart at random to show how you could trade it. NZD/CAD - I've marked two potential long entry points and two potential short entry points. The first arrow is an aggressive long entry, the second is a conservative long entry. Aggressive...

Thank you Laura for such a detailed reply .
The conservative entries you indicated are the types of trade I’m entering. I’m not too worried about bigger stop losses as my risk stays the same no matter what time frame I’m on.

Thanks for the advice about watching the ADR and what it tells us with regards to the bigger picture. I’ll have a look at this in more detail when I get the chance but I can see it being useful. Especially as there are periods when I can’t monitor my trades closely enough and miss trend lines being broken or candles closing the wrong side of channels.

Have a great day
  • #3,402
  • Edited 2:29am Sep 28, 2020 1:40am | Edited 2:29am
+20 on demo.
not sure i have the mtf trend indie whatsit working or even downloaded lol. what is the name of this indie?
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Another +20
Strange to not be picking tops and losing constantly lol
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  • #3,403
  • Sep 28, 2020 3:01am Sep 28, 2020 3:01am
Hi Iak,

If the RSI is not updating it means that you're using the template but the indicator is not in your indicator folder. If you click the paperclip at the top of the thread you'll be able to find it.

David
  • #3,404
  • Sep 28, 2020 3:09am Sep 28, 2020 3:09am
Who put a rocket under the Dow

Edit: Nasdaq ( Tech100) was even smoother -you take a look.
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every Saint has a past. Every Sinner has a Future
  • #3,405
  • Sep 28, 2020 3:23am Sep 28, 2020 3:23am
Quoting DavidUK
Hi Iak, If the RSI is not updating it means that you're using the template but the indicator is not in your indicator folder. If you click the paperclip at the top of the thread you'll be able to find it. David
Hi, cld you tell me which indie it is pls as i keep downloading indies from the paperclip that look like shld be correct but not getting it right.
  • #3,406
  • Sep 28, 2020 3:26am Sep 28, 2020 3:26am
Hi,

It's called Roadmap Trend Band.

David
  • #3,407
  • Sep 28, 2020 3:28am Sep 28, 2020 3:28am
Quoting turnip15
Who put a rocket under the Dow Edit: Nasdaq ( Tech100) was even smoother -you take a look. {image}
Hi Turnip,

Looking at your chart - Do you wait for a touch of the SMA and then enter on a break of the recent high (red line)?
  • #3,408
  • Sep 28, 2020 3:30am Sep 28, 2020 3:30am
Quoting DavidUK
Hi, It's called Roadmap Trend Band. David
Brilliant thankyou. Working now
  • #3,409
  • Sep 28, 2020 5:02am Sep 28, 2020 5:02am
Dear Laura

Thank you for being generous with your knowledge and time. I am really impressed with the way you explain your system. Here is my first trade using the system. I hope to keep on learning and improving everyday.
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I took the trade after price cleared the 23% fibo level and close when ADR was reached.
  • #3,410
  • Sep 28, 2020 6:10am Sep 28, 2020 6:10am
Quoting DavidUK
{quote} Hi Turnip, Looking at your chart - Do you wait for a touch of the SMA and then enter on a break of the recent high (red line)?
The bounce on the 200 sma gives a point to trade from, depending on Price Action -for example a green bar bounce off the 200 would allow me to enter on the break of that bar by price action. The base of the bar would then serve as a tight stop. The third rectangle from the left contains two quick trades -first one stopped out and the second grabbed a few pips.The last rectangle was a long but what is not shown are the speed lines ( See Laura's journal) that I draw in as price moves. Lastly, I like to set a break even plus a few pips so that if things come back on me I have a few pips for my trouble. Sometimes price just goes straightaway the other way to my stop or reverses quickly giving me a loser. Those red lines are me keeping track of levels from the left as price moves, causing me to pay very close attention to price as it approaches those levels. Then there is price structure but Laura has already discussed that and speed lines.I don't wait for price to hit the 200 but I pay close attention when it does, Laura's channels are a great aid here. I am no expert and often forget to do myself what I advise others to do. But I keep plugging away.
every Saint has a past. Every Sinner has a Future
  • #3,411
  • Sep 28, 2020 6:10am Sep 28, 2020 6:10am
Hi Laura,

EURGBP - RSI very bearish and decent retracement, but the ADR low has already been hit.. How would you feel about a reduced risk entry here back down to the ADR initially?

Thanks,
David
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  • #3,412
  • Sep 28, 2020 6:14am Sep 28, 2020 6:14am
Quoting turnip15
{quote} The bounce on the 200 sma gives a point to trade from, depending on Price Action -for example a green bar bounce off the 200 would allow me to enter on the break of that bar by price action. The base of the bar would then serve as a tight stop. The third rectangle from the left contains two quick trades -first one stopped out and the second grabbed a few pips.The last rectangle was a long but what is not shown are the speed lines ( See Laura's journal) that I draw in as price moves. Lastly, I like to set a break even plus a few pips so that...
Thank you for the detailed explanation, much appreciated
  • #3,413
  • Sep 28, 2020 6:14am Sep 28, 2020 6:14am
Thanks for the thread, Subscribed!!

Cheers,
-Backhoe
Excavator to Trader
  • #3,414
  • Sep 28, 2020 6:36am Sep 28, 2020 6:36am
Quoting DavidUK
Hi Laura, EURGBP - RSI very bearish and decent retracement, but the ADR low has already been hit.. How would you feel about a reduced risk entry here back down to the ADR initially? Thanks, David {image}
Hi

I'd tend to move onto another opportunity once ADR has been hit for the day.
  • #3,415
  • Sep 28, 2020 6:38am Sep 28, 2020 6:38am
Quoting LauraT
{quote} Hi I'd tend to move onto another opportunity once ADR has been hit for the day.
Great, thank you!
  • #3,416
  • Sep 28, 2020 7:24am Sep 28, 2020 7:24am
Nasdaq boxes and bounces
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every Saint has a past. Every Sinner has a Future
  • #3,417
  • Sep 28, 2020 8:26am Sep 28, 2020 8:26am
Quoting turnip15
Nasdaq boxes and bounces {image}
Look at extending lines from the left -gives a sort of roadmap to be careful at approaching levels and promote closer scrutiny of price action. 200 rising and price drifting across to it?
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every Saint has a past. Every Sinner has a Future
  • #3,418
  • Sep 28, 2020 8:55am Sep 28, 2020 8:55am
Someone messaged me about how to get into longer term trends. Hopefully these charts will explain a simple method of doing so.

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Arrows mark the bars whose closure would give the entry signal. It's really just the 2 bar closure above/below channel rule. Whatever the timeframe, this is a solid way to get into a market that has already committed to a direction.

Hope this helps.
  • #3,419
  • Sep 28, 2020 9:17am Sep 28, 2020 9:17am
Quoting turnip15
{quote} Look at extending lines from the left -gives a sort of roadmap to be careful at approaching levels and promote closer scrutiny of price action. 200 rising and price drifting across to it? {image}
And they meet. I have finished for the day but anyone hanging on would watch action/price consolidation around this point maybe ?
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every Saint has a past. Every Sinner has a Future
  • #3,420
  • Sep 28, 2020 9:43am Sep 28, 2020 9:43am
My second trade today. Closed with a small profit. Waited for price to go above the open line and entered targeting yesterday's high. But when priced retraced below the 61% fibo level, I closed.
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