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  • #3,881
  • Oct 30, 2020 3:37am Oct 30, 2020 3:37am
Hi Laura
How do you determine when the price distance from the SMA 200 is too large and you should not enter the position, e.g. on dax?
  • #3,882
  • Oct 30, 2020 4:32am Oct 30, 2020 4:32am
Quoting piotrekk2000
Hi Laura How do you determine when the price distance from the SMA 200 is too large and you should not enter the position, e.g. on dax?
I don't worry too much about it for indices. But, if price is far from SMA, as in the hourly chart posted below, I'd make sure I had another channel acting as a line in the sand. In this case the 55EMA channel. If the 8EMA channel crossed fully above the 55EMA channel I'd be out.

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  • #3,883
  • Oct 30, 2020 4:39am Oct 30, 2020 4:39am
Quoting LauraT
{quote} I don't worry too much about it for indices. But, if price is far from SMA, as in the hourly chart posted below, I'd make sure I had another channel acting as a line in the sand. In this case the 55EMA channel. If the 8EMA channel crossed fully above the 55EMA channel I'd be out. {image}
Thank you for your answer
This can help me generate input signals
Until now, if the price moved away from the SMA 200, as in the example around 11620, then it was too far for me and I did not enter the position anymore
  • #3,884
  • Oct 30, 2020 5:37am Oct 30, 2020 5:37am
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My 2 trades closed a while ago. Waited for price to cross the open lines. My target was yesterday's previous high and low. I managed to endure the pullbacks till TP was reached. Thanks Laura, I am learning little by little.
  • #3,885
  • Oct 30, 2020 5:56am Oct 30, 2020 5:56am
Quoting Gudza
{image}{image}My 2 trades closed a while ago. Waited for price to cross the open lines. My target was yesterday's previous high and low. I managed to endure the pullbacks till TP was reached. Thanks Laura, I am learning little by little.
Well done

This reminds me, just a general point for everyone on targets. Although we might have a specific target in mind (Yesterday's High or Low etc), it's important we also stay flexible in our thinking, as the market won't always go to 'expected' places. By all means target these areas, it makes strategic sense to do so, but also be guided by price action that might suggest you are wrong.
  • #3,886
  • Oct 30, 2020 6:03am Oct 30, 2020 6:03am
Quoting LauraT
{quote} Well done This reminds me, just a general point for everyone on targets. Although we might have a specific target in mind (Yesterday's High or Low etc), it's important we also stay flexible in our thinking, as the market won't always go to 'expected' places. By all means target these areas, it makes strategic sense to do so, but also be guided by price action that might suggest you are wrong.
Well said Laura. You are absolutely correct. Mark Douglas' first principle.....Anything Can Happen.
  • #3,887
  • Edited 6:36am Oct 30, 2020 6:08am | Edited 6:36am
Quoting piotrekk2000
Hi Laura How do you determine when the price distance from the SMA 200 is too large and you should not enter the position, e.g. on dax?
The attached chart shows pip values away from the 200SMA--the yellow boxes highlight the area measured approx.

I have not got Laura's RSI setup on my system but for what it's worth here is anther view, albeit still using an RSI and the 8 period channels.

I like trend lines and in this case it works.

As Laura has suggested elsewhere the use of Speed lines, particularly on this 1 hr Dax chart would have provided, maximum exit points

kind regards
Ben
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  • #3,888
  • Oct 30, 2020 7:25am Oct 30, 2020 7:25am
Quoting btrfx1
{quote} The attached chart shows pip values away from the 200SMA--the yellow boxes highlight the area measured approx. I have not got Laura's RSI setup on my system but for what it's worth here is anther view, albeit still using an RSI and the 8 period channels. I like trend lines and in this case it works. As Laura has suggested elsewhere the use of Speed lines, particularly on this 1 hr Dax chart would have provided, maximum exit points kind regards Ben {image}
Thanks for the suggestions
So far, I have been quite rigidly sticking to the rule that if the price was 100-150 pips away from the SMA, I was not looking for an entry.
I waited for it to come back closer to the SMA 200 and channel 55 to be below in an uptrend of channel 8
And this greatly limited the number of entries
  • #3,889
  • Edited 9:06am Oct 30, 2020 8:13am | Edited 9:06am
Today stats;

Total 10 Trades. 5 Won. 5 Loss. Overall positive outcomes. Captured one ADR runner (GF). Thanks Laura.

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Consistency & Patience
  • #3,890
  • Edited 8:52am Oct 30, 2020 8:34am | Edited 8:52am
Quoting btrfx1
{quote} The attached chart shows pip values away from the 200SMA--the yellow boxes highlight the area measured approx. I have not got Laura's RSI setup on my system but for what it's worth here is anther view, albeit still using an RSI and the 8 period channels. I like trend lines and in this case it works. As Laura has suggested elsewhere the use of Speed lines, particularly on this 1 hr Dax chart would have provided, maximum exit points kind regards Ben {image}
Updates to previous chart
Sorry folks I had mixed time frames in previous chart which made some Distances away from 200 ma wrong--All updates are now on 1 HR chart and reflects correct values away from 200 ma.

Green lines are what I believe Laura would call Speed lines.

Note to all, there is a change in RSI Levels now and it should be noted that Higher Lows means????---(when compared to the chart prices,) so be careful how you, use the information posted here, as it is a 1 hr chart therefore it's a longer term view and must not be confused with much shorter time frames.

Sorry for the error in values from 200 ma in my previous post.

Kind regards
Ben
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  • #3,891
  • Oct 30, 2020 11:18am Oct 30, 2020 11:18am
I got a new broker -CFD- but cannot find "Roadmap" Indicator . I have put in ma's manually and will have to put in open and close etc manually.
That aside nasdaq was good this afternoon.
easy to mark up prior to open and speed lines thereafter.
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every Saint has a past. Every Sinner has a Future
  • #3,892
  • Oct 31, 2020 3:46am Oct 31, 2020 3:46am
It took a while.. but 195 pages of the thread read! Slow enough day for me yesterday with 1 trade and a small win on the DAX. Plan for the weekend is to develop an updated and comprehensive Trading Plan/Journal. I've also decided to take some of my (small) profits and treat myself - because sure isn't that the point of it all? Enjoy your weekend folks!
  • #3,893
  • Nov 1, 2020 12:11am Nov 1, 2020 12:11am
Quoting LauraT
{quote} Hi In addition to turnip's response, let me just add: Why did I choose an EMA high/low channel instead of price? Because price often breaks SMA200 and reverses. Having a channel means there is required a more sustained move than a simple breaking by price. Why did I choose the 8 in particular? It was a case of trial and error. The 34 was too slow for my liking and I needed something that would respond quicker to price action. I personally like working with fib numbers. 5 was too quick, 13 not quite quick enough, so it became the...
Thank you Laura & Turnip
  • #3,894
  • Nov 1, 2020 12:13am Nov 1, 2020 12:13am
Re US Election, are people staying out of the market until after the election?
  • #3,895
  • Nov 2, 2020 3:08am Nov 2, 2020 3:08am
Quoting BillyF
Re US Election, are people staying out of the market until after the election?
My crystal ball is cloudy Billy, save yer money till the dust settles mate---speaking of a bit of action the Dow has just run a 130 pip move up in last 30 mins
  • #3,896
  • Nov 2, 2020 4:10am Nov 2, 2020 4:10am
One more newbie question for Laura and/or other pros -
Could you please guide - where could be a good legit entry in today's chart below..

my understanding is that - buy signal is when
a) channel is above 200ma and
b) price closes inside channel from below -
c) CompRSI above 55-60

Today, price gapped up above 8ma channel and didn't give chance for entry from lower levels.
CompRSI also got stuck above 70 all the time.

This doesn't happen frequently, but what could be other option for buy entry in such strong move ?

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  • #3,897
  • Nov 2, 2020 4:33am Nov 2, 2020 4:33am
Quoting jayawantv
One more newbie question for Laura and/or other pros - Could you please guide - where could be a good legit entry in today's chart below.. my understanding is that - buy signal is when a) channel is above 200ma and b) price closes inside channel from below - c) CompRSI above 55-60 Today, price gapped up above 8ma channel and didn't give chance for entry from lower levels. CompRSI also got stuck above 70 all the time. This doesn't happen frequently, but what could be other option for buy entry in such strong move ? {image}
Hi Jayawantv.. I'm by no mean a pro at this system and very much still learning it, I would have gone after the gap and after price cleared yesterday's High - but don't take my word if it's correct or not!

Question for you - what Roadmap indicator are you using for trading view?
  • #3,898
  • Nov 2, 2020 5:27am Nov 2, 2020 5:27am
Quoting jayawantv
One more newbie question for Laura and/or other pros - Could you please guide - where could be a good legit entry in today's chart below.. my understanding is that - buy signal is when a) channel is above 200ma and b) price closes inside channel from below - c) CompRSI above 55-60 Today, price gapped up above 8ma channel and didn't give chance for entry from lower levels. CompRSI also got stuck above 70 all the time. This doesn't happen frequently, but what could be other option for buy entry in such strong move ? {image}
Remove (b) from your rules. Price doesn't have to close inside the channel from below.

Therefore, lots of potential entry points inside the channel if you wish to get long.

Hope this helps.
  • #3,899
  • Nov 2, 2020 6:16am Nov 2, 2020 6:16am
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Very slow day today. Taken 2 trades after London Open. Both closed in profit. The learning continues.
  • #3,900
  • Nov 2, 2020 6:47am Nov 2, 2020 6:47am
Dax Uk morning. Stuck to my stops and did okay. Drew my "from left" lines and noted price action.
Lost a couple of trades which I expect as part of doing business.
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every Saint has a past. Every Sinner has a Future
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