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Software tools for LauraT's Roadmap 167 replies

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Attachments: Roadmap - A Way To Read Markets
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Roadmap - A Way To Read Markets

  •  vrama
  • | Joined Dec 2006 | Status: BE at right place@right time = LUCK | 210 Posts
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Another textbook trade of RoadMap, AUDUSD 5 Min

thanks Laura!
All things are difficult before they are easy.
Hi dear fellows
i need gentle coder assistance, the attached indicator is doing fine except for gold, Dow, and other indices.
it doesnt draw the low line, only high line.
appretiate your kind support and help.
Attached File(s)
File Type: mq4 HighLow_Custom.mq4   4 KB | 213 downloads
Quoting khaled2259
Hi dear fellows i need gentle coder assistance, the attached indicator is doing fine except for gold, Dow, and other indices. it doesnt draw the low line, only high line. appretiate your kind support and help. {file}
Hi

You don't need an indicator to have the high and low of an EMA displayed. Just add a standard moving average and change 'close' to 'high' or 'low' ?
Nasdaq short +107 - bonus points if you can spot why I was a little aggressive/naughty with my entry

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Morning Laura. Is it because price had broken below the open line and struggled to go above. So effectively the open line became resistance. My 2 cents
Quoting LauraT
Nasdaq short +107 - bonus points if you can spot why I was a little aggressive/naughty with my entry {image}
Still above the low/open? (not sure what the line is!)
Quoting vrama
{image} Another textbook trade of RoadMap, AUDUSD 5 Min thanks Laura!
Did you take profit before price moved up against you?
If you can't play golf you have a job, if you can't trade you play golf...
Quoting LauraT
Nasdaq short +107 - bonus points if you can spot why I was a little aggressive/naughty with my entry {image}
Did you take the trade just before yesterday's low, in anticipation that price would break it and keep going?

P.S. your Photoshop skills keep getting better by the way
Yes, I anticipated that the previous day low (dotted blue line) wouldn't hold and got short above it. I did so because of the overall structure of the market at the time, but I'd still advise others to ideally wait until they have a confirmed break before entering.
Quoting LauraT
Yes, I anticipated that the previous day low (dotted blue line) wouldn't hold and got short above it. I did so because of the overall structure of the market at the time, but I'd still advise others to ideally wait until they have a confirmed break before entering.
I would have gotten that right, but I was still asleep. Can you tell us what you saw in market structure to give you the confidence to go ahead and sell? You had momentum on the M1 timeframe, what did the RSI indicator look like when you took the trade? Was there downward momentum or S/R on a higher timeframe?
Quoting forexjedi1
{quote} I would have gotten that right, but I was still asleep. Can you tell us what you saw in market structure to give you the confidence to go ahead and sell? You had momentum on the M1 timeframe, what did the RSI indicator look like when you took the trade? Was there downward momentum or S/R on a higher timeframe?
Sorry, I neglected to elaborate on the structure I was referring to. Probably easiest if I show it on this marked up 15m chart.

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Quoting LauraT
Nasdaq short +107 - bonus points if you can spot why I was a little aggressive/naughty with my entry {image}
Hi Laura
1 Relationship between 55 and 34 strong
2 I could pretend to read 2 closes below the 8 ma---(one of your channel rules) poor eyesight might negate that point.
3 The 200 had stability in this time frame but as I have yet to learn how to use/value it's direction, could be a misguided use of same
4 Your ability to read a 1 min chart is amazing.

In response to holding a trade that went 50% against your current profit, needs to be understood, because another rule is a number of closes above the 55 line which surely must have made you reconsider the possibility/impact of closing above the previous days low,(think that's what you said it was) created for me, a nail biting moment.

Price returning to the channels (8 & 55) and closing below 8 with the accompanying close below 55, provided the best reason to continue holding short.

Then again my eyes might be deceiving me



ps now we can see the bigger picture in her next post the reasons become much clearer--sorry for my 1 minute assessment of her original chart guys n girls
Some nice trades today Had to wait through the chop though.
Time to walk away from the computer so I do not try short some "Tops".
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Quoting Kyle
Some nice trades today Had to wait through the chop though. Time to walk away from the computer so I do not try short some "Tops".{image}3753712 {image}
Very nicely done. The double channel approach seems to be serving you well
Quoting ia1979
{quote} Very nicely done. The double channel approach seems to be serving you well
Many small losses I did not show. Making myself available so I can catch the trend. The cost of doing business so they say
This has been very hard for me as cutting my losses has always been a challenge. Letting the winners run is even harder haha.
SPX long. Entry was pretty terrible in hindsight and had to sit through some drawdown as a result. Final destination reached though.

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Quoting LauraT
{quote} Ok, we have options then After your original post, I took a look at the currency pairs I monitor and found two scenarios. Either they had already played out their 14-day ADR or they were in nasty ranges. I agree with your analysis that there isn't much to trade on a day like this. It sounds like your preference is going to be to get up earlier and I think that'd be mine too. I do take some longer term position trades but my bread and butter is shorter term trading. I picked some charts and marked on each of them when you'd wake up...
entry at one candle close above 8 ema channel or 2 candle close above the 8 ema channel . ?
Quoting unimak
{quote} entry at one candle close above 8 ema channel or 2 candle close above the 8 ema channel . ?
It's personal preference really. More aggressive traders will look to get in on the first close whereas conservative traders will wait for the confirmation of a 2nd close.
@laura , how do you zero in on which forex pair to trade for the day , with regard to indices like dax , dow and nasdaq there is nothing much to look for but in case of forex pair being so many it would be great and benefit many as to how do your zero in to trade a pair ? or do you have some fixed pairs which you trade daily like dax and dow.
Quoting unimak
@laura , how do your zero in on which forex pair to trade for the day , with regard to indices like dax , dow and nasdaq there is nothing much to look for but in case of forex pair being so many it would be great and benefit many as to how do your zero in to trade a pair ? or do you have some fixed pairs which you trade daily like dax and dow.
My preference is to either flip through the charts one by one until I see a setup I want to trade, or to use Hanover's dashboard to highlight pairs getting interesting.
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