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  • #3,561
  • Oct 2, 2020 3:52pm Oct 2, 2020 3:52pm
My guess..

Edit: I see Laura has already replied! I too struggle with some of the entries shown, but I've come to the conclusion that Laura posesses an intution based on market structure that can only come with experience using this system. I'm looking forward to getting there myself!

The biggest struggle I have with switching to this methodology is the big stop loss.. I've come from an approach where I minimed potential losses and sacrificed my win rate as a result, as I think most of us do. That doesn't work if you want to follow this system, and takes some serious adjusting!
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  • #3,562
  • Oct 2, 2020 4:01pm Oct 2, 2020 4:01pm
Apologies for any confusion. I probably shouldn't have posted the trade at all.

David is right, it was about market structure. To help illustrate why I anticipated a drop, I've attached the chart again with a trendline and annotations.

I anticipated a lower low would be made and exited when it reached yesterday's low.

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  • #3,563
  • Oct 2, 2020 4:03pm Oct 2, 2020 4:03pm
Quoting LauraT
Apologies for any confusion. I probably shouldn't have posted the trade at all. David is right, it was about market structure. To help illustrate why I anticipated a drop, I've attached the chart again with a trendline and annotations. I anticipated a lower low would be made and exited when it reached yesterday's low. {image}
Aha! My trendline could have been extended back two hours
  • #3,564
  • Oct 2, 2020 4:10pm Oct 2, 2020 4:10pm
Quoting DavidUK
The biggest struggle I have with switching to this methodology is the big stop loss.. I've come from an approach where I minimed potential losses and sacrificed my win rate as a result, as I think most of us do. That doesn't work if you want to follow this system, and takes some serious adjusting!
You're correct, especially as I recommend a 'disaster stop' rather than a real one (with the proviso that you actively manage the trade and rarely, if ever, have to use the stop).

I do recognise that the approach is different, and challenging, for many traders. But I also believe that you don't all have to be Laura-clones. I know people who are very successfully scalping using this methodology so it really depends on your personality and circumstances as to how you trade this.

If you want me to go into this in a bit more detail I'm happy to, just give me some more information on the specifics
  • #3,565
  • Oct 2, 2020 4:14pm Oct 2, 2020 4:14pm
Quoting LauraT
{quote} You're correct, especially as I recommend a 'disaster stop' rather than a real one (with the proviso that you actively manage the trade and rarely, if ever, have to use the stop). I do recognise that the approach is different, and challenging, for many traders. But I also believe that you don't all have to be Laura-clones. I know people who are very successfully scalping using this methodology so it really depends on your personality and circumstances as to how you trade this. If you want me to go into this in a bit more detail I'm happy...
Thank you Laura, I think it's just a change of habit that will initally be difficult to overcome. The more I see this happening in real time, the more convicing it becomes. I spent days reading through the 150+ pages of this thread, but I think it only really starts to make sense when you see it happening on the day. Slowly getting there!
  • #3,566
  • Oct 2, 2020 4:19pm Oct 2, 2020 4:19pm
PS. If you get the chance, It would be great to see a couple of examples of where you closed a trade early, other than the obvious channel cross in the wrong direction.
  • #3,567
  • Oct 2, 2020 4:26pm Oct 2, 2020 4:26pm
Quoting DavidUK
PS. If you get the chance, It would be great to see a couple of examples of where you closed a trade early, other than the obvious channel cross in the wrong direction.
Sure thing - i'll hunt out some examples.

Talking of closing early though, here's a bullet I dodged earlier...

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There was no structural reason to exit other than my nemesis forming (a rounded top/bottom). I'm always on alert for them and bailed for a small profit, just in time.
  • #3,568
  • Oct 2, 2020 4:30pm Oct 2, 2020 4:30pm
Another early closure. This time because I didn't like the way price backed off at Daily Open (brown line). After having travelled far away from the line, it really should have gone and hit it, so I bailed.

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  • #3,569
  • Oct 2, 2020 4:33pm Oct 2, 2020 4:33pm
And another... this was one I gave back a bit of profit on, but I didn't like the trendline break (sorry, forgot to add trendline but you can imagine it lol).

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  • #3,570
  • Oct 2, 2020 4:39pm Oct 2, 2020 4:39pm
Final one... a good example of a trade where almost everything was wrong.

Firstly, I anticipated price would turn down and got short. I should have waited for confirmation.

Then I didn't close the position because I still liked the longer term structure.

After it went against me and then went back in my favour, I scratched the trade for a tiny win. Only to watch it drop further and further without me.

Sometimes I trade like a total newbie

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  • #3,571
  • Oct 2, 2020 4:40pm Oct 2, 2020 4:40pm
Quoting DavidUK
My guess.. Edit: I see Laura has already replied! I too struggle with some of the entries shown, but I've come to the conclusion that Laura posesses an intution based on market structure that can only come with experience using this system. I'm looking forward to getting there myself! The biggest struggle I have with switching to this methodology is the big stop loss.. I've come from an approach where I minimed potential losses and sacrificed my win rate as a result, as I think most of us do. That doesn't work if you want to follow this system,...
Hopefully I understood your post!
Probably a fresh channel cross / channel failure entries might help with the big stop loss, that way if the channel crosses over the exit / loss would be smaller, when I started with Road map I started with those 2 type of entries which helped me to get used to the system. These days I do use other methods Laura has posted here for entries, but channel cross/failure has always been my preferred option.
  • #3,572
  • Oct 2, 2020 7:42pm Oct 2, 2020 7:42pm
Quoting DavidUK
My guess.. Edit: I see Laura has already replied! I too struggle with some of the entries shown, but I've come to the conclusion that Laura posesses an intution based on market structure that can only come with experience using this system. I'm looking forward to getting there myself! The biggest struggle I have with switching to this methodology is the big stop loss.. I've come from an approach where I minimed potential losses and sacrificed my win rate as a result, as I think most of us do. That doesn't work if you want to follow this system,...
It's a woman's intuition. Don't try to work it out.
All you touch and all you see, is all your life will ever be.
  • #3,573
  • Oct 3, 2020 6:05am Oct 3, 2020 6:05am
I am coming from the other side of only trading the daily/4hr TF with pure PA. To trading the 5 mins with the roadmap - that way I still don't make a profit, but I don't make it quicker The SL has bitten me twice this week as I don't quite set a disaster stop but set it much further than I would normally - that way I lose when it should have been wider and I lose when I am not paying attention and it goes against me - which I am learning can be pretty quick at these time frames .

Also re-learning to position size properly as previously I would base that on the stop risk but that no longer applies.

I have gone back to the basics with mainly focusing on the channel cross/failure whilst drawing trend and speedlines. Left my live account to languish so my learning only costs me a bit of ego!
  • #3,574
  • Oct 3, 2020 6:21am Oct 3, 2020 6:21am
This week even when I got it right it wasn't.
Chuffed with this Cu Long, I was watching for the fail (note to self on left!), took it when it happened, bailed at the cross of the speedline which was also the ADR

Attached Image (click to enlarge)
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....... Then 20 mins later

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Cries into coffee!

  • #3,575
  • Oct 3, 2020 6:45am Oct 3, 2020 6:45am
Lines have been written about often as something to keep you focused on price. Laura refers to "speediness" etc. So here is an old PDF I found on another site. By someone called DBPhoenix on Futures.io
Useful weekend reading for aspiring traders maybe.

Post; 20 and 'thumbnail' on below link. Poster: "DbPhoenix."

https://futures.io/emini-emicro-inde...-please-2.html

Enjoy
every Saint has a past. Every Sinner has a Future
  • #3,576
  • Oct 3, 2020 6:57am Oct 3, 2020 6:57am
Re the above. Traders should note this paragraph -in summary -start from the left and work forward to mitigate temptation to "hindsight" reading.use a sheet of paper to cover price and work forward etc. See paragraph below:

(Extract from full article)

Even though the upcoming chart is presented in toto and the lines are drawn in hindsight, you will probably be able to ignore everything but the left edge and work your way forward. If you can't, just cover most of it with a sheet of paper. Why do this? Because tomorrow you're going to start plotting trendlines on your own charts in preparation for your own upcoming session, and as they "ripen" over the coming days and weeks and months, you'll need to know how to make the necessary adjustments that will enable them to continue doing their job, which is, again, to track the
trend.

NOTE: DbPhoenix was banned by Futures.io for self promotion as a vendor ( in 2015). But I feel the PDF on lines is still good educational stuff for a trader.
Ban ref:
https://futures.io/traders-hideout/3...tml#post512334
( Post 39 )
every Saint has a past. Every Sinner has a Future
  • #3,577
  • Oct 3, 2020 7:38am Oct 3, 2020 7:38am
Hi
similar to the technique I have been using for years .. I think I finally found someone to discuss to improve. How can I contact you? I would also like to convey something useful for you .. I don't have English, I use translation ..
  • #3,578
  • Oct 3, 2020 8:48am Oct 3, 2020 8:48am
New Journal Post - Defeating The Ego

https://www.forexfactory.com/thread/...4#post13196744
  • #3,579
  • Oct 3, 2020 9:09am Oct 3, 2020 9:09am
Quoting LauraT
New Journal Post - Defeating The Ego https://www.forexfactory.com/thread/...4#post13196744
Hi Laura,
Thank you for this post, really appreciate the time n effort you have put in.

It's just past midnite here and I was practicing section 6 homework, but tomorrow I will concentrate on this latest post in detail
Goodnite

  • #3,580
  • Oct 3, 2020 9:26am Oct 3, 2020 9:26am
Dow short from yesterday, not exactly the right location, but I was short biased and trading away from DOL with supp TL break, so the area between 55ema lower band and support line seemed like a good bet at the time.
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