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  • #3,421
  • Sep 28, 2020 11:46am Sep 28, 2020 11:46am
Could I ask for some feedback on this trade from today, I think I'm missing something in my analysis. RSI could have been lower so it might be I should have just left this and moved onto another pair

Managed to get out in the end on the spike down in small profit, but only after it was very very close to a full channel cross.

Anything I should have done differently? Thank you in advance
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  • #3,422
  • Sep 28, 2020 11:57am Sep 28, 2020 11:57am
Quoting L1ghtning
Could I ask for some feedback on this trade from today, I think I'm missing something in my analysis. RSI could have been lower so it might be I should have just left this and moved onto another pair Managed to get out in the end on the spike down in small profit, but only after it was very very close to a full channel cross. Anything I should have done differently? Thank you in advance {image} {image}
I think primarily you were trading a pair that was in no-man's land in terms of RSI. Also though, be careful of entering after a big drop/rise as those moves often retrace when price becomes 'stretched'.
  • #3,423
  • Sep 28, 2020 12:26pm Sep 28, 2020 12:26pm
Hi.
Testing... (good entrances, but hasty exits)


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  • #3,424
  • Sep 28, 2020 12:38pm Sep 28, 2020 12:38pm
Quoting SpanishHere
Hi. Testing... (good entrances, but hasty exits) {image}{image}
Welcome

What made you exit?
  • #3,425
  • Sep 28, 2020 12:51pm Sep 28, 2020 12:51pm
Quoting LauraT
{quote} Welcome What made you exit?
thank you very much!
my emotional side.
I'm already working on it
  • #3,426
  • Sep 28, 2020 12:51pm Sep 28, 2020 12:51pm
Quoting LauraT
{quote} I think primarily you were trading a pair that was in no-man's land in terms of RSI. Also though, be careful of entering after a big drop/rise as those moves often retrace when price becomes 'stretched'.
Thank you. Really appreciate your help
  • #3,427
  • Sep 28, 2020 1:14pm Sep 28, 2020 1:14pm
Quoting L1ghtning
Could I ask for some feedback on this trade from today, I think I'm missing something in my analysis. RSI could have been lower so it might be I should have just left this and moved onto another pair Managed to get out in the end on the spike down in small profit, but only after it was very very close to a full channel cross. Anything I should have done differently? Thank you in advance {image} {image}
only because you asked for feedback I would respectfully add my two pips........

1. fundamentally its never a good idea to challenge support after a strong move..look far left to Friday resistance becomes support..the two attempts north then broke...this is the true support from previous resistance.

2. cci had already broke far south of zero line so retrace very possible.

3. price was trading a fair distance from 200sma...also a chance of retrace.

then there is the overall spikiness characteristic of cad and so on....overall it just would have been best to wait for a better entry imho. .congrats for getting out when you did....could have turned to a full stop out.
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  • #3,428
  • Sep 28, 2020 2:08pm Sep 28, 2020 2:08pm
Quoting Swede
{quote} only because you asked for feedback I would respectfully add my two pips........ 1. fundamentally its never a good idea to challenge support after a strong move..look far left to Friday resistance becomes support..the two attempts north then broke...this is the true support from previous resistance. 2. cci had already broke far south of zero line so retrace very possible. 3. price was trading a fair distance from 200sma...also a chance of retrace. then there is the overall spikiness characteristic of cad and so on....overall it just would...
Thanks Swede, thats really helpful

Also, which MTF/RSI indicator is that on your chart? Would you mind sharing it if possible
  • #3,429
  • Sep 28, 2020 3:04pm Sep 28, 2020 3:04pm
Quoting iak
+20 on demo. not sure i have the mtf trend indie whatsit working or even downloaded lol. what is the name of this indie? {image} Another +20 Strange to not be picking tops and losing constantly lol {image}
I love this reply haha. Picking tops is a terrible habit of mine. The moment I stop trying to do that, I find profit similar to this. A great feeling indeed
  • #3,430
  • Sep 28, 2020 3:17pm Sep 28, 2020 3:17pm
Quoting L1ghtning
{quote} Thanks Swede, thats really helpful Also, which MTF/RSI indicator is that on your chart? Would you mind sharing it if possible
It’s called Roadmap Trend Band....go to paper clip,( page 2 )at the top of this page.....download is there..
  • #3,431
  • Sep 28, 2020 5:13pm Sep 28, 2020 5:13pm
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...
Had a better chance to read through this. I can't thank you enough for the time and knowledge you're sharing here.
I love how so many of you can clearly read a market structure from what's there in front of you without adding you're own belief of what's going to happen. This is apparent in the charts posted by lots of you on this thread.
For beginners like myself, approaches like the one above are invaluable for gaining confidence and improving discipline. I'll definitely look to incorporate it.

May I ask about you're aggressive short in the NZD/CAD example above? I don't recall you talking about entering on the other side of the SMA. I wouldn't have given a short a second glance with price above the SMA. However, the more I look at it the better it looks. There's many bearish signals there. Is that a trade you may have taken?
  • #3,432
  • Sep 28, 2020 5:44pm Sep 28, 2020 5:44pm
Quoting StrandedBill
{quote} Had a better chance to read through this. I can't thank you enough for the time and knowledge you're sharing here. I love how so many of you can clearly read a market structure from what's there in front of you without adding you're own belief of what's going to happen. This is apparent in the charts posted by lots of you on this thread. For beginners like myself, approaches like the one above are invaluable for gaining confidence and improving discipline. I'll definitely look to incorporate it. May I ask about you're aggressive short in...
Hi Bill,

My name's definitely not Laura, but I think I know the answer. The fast 8 EMA channel has passed aggressively through the slow 55 EMA channel here.. Depending on market conditions, this can be a good indication that a channel break is on the cards. This is, as you point out, a riskier entry (and admittedly not one I have been brave enough to take just yet!). Laura mentioned this set-up in one of her previous posts.

Hope that helps (and that I'm right!)

All the best,
David
  • #3,433
  • Sep 28, 2020 6:18pm Sep 28, 2020 6:18pm
Quoting DavidUK
{quote} Hi Bill, My name's definitely not Laura, but I think I know the answer. The fast 8 EMA channel has passed aggressively through the slow 55 EMA channel here.. Depending on market conditions, this can be a good indication that a channel break is on the cards. This is, as you point out, a riskier entry (and admittedly not one I have been brave enough to take just yet!). Laura mentioned this set-up in one of her previous posts. Hope that helps (and that I'm right!) All the best, David
Hi David.
Yes, I see there were signs there but I too would have been more cautious and looked for a reaction at the SMA. I like how you describe the channel cross as aggressive, which it was but that’s probably a key distinction to make. Also, price smashing through the ADR and a there is a break of a trend line.
I will look out for Laura’s post. I’m slowly working through the thread for a second time .

Cheers for the reply and help, David
Bill
  • #3,434
  • Sep 28, 2020 9:23pm Sep 28, 2020 9:23pm
Daily Levels And ADR Indicator for MT5.

Settings for the indicator and they are highlighted in the image for the respective sections in the chart.

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Attached File(s)
File Type: ex5 Daily Levels And ADR.ex5   51 KB | 427 downloads



The original author of the indicator is billv and the original version can be found here, which has more settings.
I made changes to suit for my needs and similar to MT4 ADR indicator used with Road Map.

Lastly - Disclaimer - I will not be responsible for any damages / losses due to use of this indicator, I have not tested it and if you use it, you will be using it so at your own risk.
  • #3,435
  • Sep 29, 2020 1:18am Sep 29, 2020 1:18am
Quoting StrandedBill
{quote} Had a better chance to read through this. I can't thank you enough for the time and knowledge you're sharing here. I love how so many of you can clearly read a market structure from what's there in front of you without adding you're own belief of what's going to happen. This is apparent in the charts posted by lots of you on this thread. For beginners like myself, approaches like the one above are invaluable for gaining confidence and improving discipline. I'll definitely look to incorporate it. May I ask about you're aggressive short in...
Hi Bill

David is correct. It was an aggressive entry because the 8EMA channel crossed the 55EMA channel but price was still above the 200SMA. A more conservative approach would be to wait until price and 8EMA channel had broken 200SMA.

Hope this helps.
  • #3,436
  • Sep 29, 2020 6:30am Sep 29, 2020 6:30am
Quoting turnip15
{quote} And they meet. I have finished for the day but anyone hanging on would watch action/price consolidation around this point maybe ? {image}
Out of interest, this is how that price action played out yesterday evening. I wasn't trading but I think I would have tried a short and lost , then, hopefully , got back on side. Interesting action around the ma and levels nonetheless.
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every Saint has a past. Every Sinner has a Future
  • #3,437
  • Sep 29, 2020 7:52am Sep 29, 2020 7:52am
Here are a few trades from today. I was somewhat looking to get into some trends.
Surprisingly, I was able to cut some of my losses short today, which I normally struggle to do.

Here I tried to add to my position and decided I would close that short if price closed above the 8channel.
The initial short was closed partially out of fear, and then fully when price approached yesterdays low.
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I tried to join a trend down and decided to exit if price closed above the 8 channel.
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I tried to get into a few here and managed to close before giving money back to the market. Not major wins, but the victory for me was being able to exit the trades.
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Some profit on Dax
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Tackling emotional trading, 1 day at a time.
  • #3,438
  • Sep 29, 2020 7:56am Sep 29, 2020 7:56am
nice color scheme
  • #3,439
  • Sep 29, 2020 9:01am Sep 29, 2020 9:01am
These few days, I noticed that by the time the NY session starts, many of the moves for major forex pairs have already been played out (meaning channels have already deviated far away from the SMA). I've been sitting on the sidelines these few days for this reason and I'm wondering what Laura or any of you full-time traders would do in this case. If opportunities only come up 2 out of 5 days in a week, there's a high chance a string of losses would put you in the red for weeks/months at a time. Perhaps the answer is that we can't just trade channel failures and breakouts and we'll need to eventually take higher risk trades such as ADR and 55 EMA channel breakouts? We don't have CFD's in the US so trading indices and other products is not as feasible.
  • #3,440
  • Sep 29, 2020 9:13am Sep 29, 2020 9:13am
Quoting Tensor
These few days, I noticed that by the time the NY session starts, many of the moves for major forex pairs have already been played out (meaning channels have already deviated far away from the SMA). I've been sitting on the sidelines these few days for this reason and I'm wondering what Laura or any of you full-time traders would do in this case. If opportunities only come up 2 out of 5 days in a week, there's a high chance a string of losses would put you in the red for weeks/months at a time. Perhaps the answer is that we can't just trade channel...
It's a good question. I'm lucky enough to be 5hrs ahead of NY so I don't really have to worry about it.

However, I do have some ideas and will post charts in due course to demonstrate
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