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Roadmap - A Way To Read Markets

  • #3,921
  • Edited 8:00am Nov 4, 2020 7:49am | Edited 8:00am
Quoting btrfx1
{quote} Hi Mr T, trying to learn the Roadmp--you say the break was below 8 ma and below 200 ma is that correct as I see the 200 ma well below all price action on the lower of the two charts posted.---But if I zoom in I can see an early entry box at the very left of your screen which may be the correct interpretation. I have already got egg on my face with a chart discussion with Laura so apologise if I am reading charts incorrectly. Ben
Well spotted. My fault -I have corrected it. Both channels were above the 200ma. My entry was a break of the 8ma channel which was below the 55 channel. And I should have written that an earlier entry could have been taken when price dropped below the 8ma channel which was then above the 55ma channel. Wanna share an egg
every Saint has a past. Every Sinner has a Future
  • #3,922
  • Nov 4, 2020 9:54pm Nov 4, 2020 9:54pm
Quoting turnip15
{quote} Well spotted. My fault -I have corrected it. Both channels were above the 200ma. My entry was a break of the 8ma channel which was below the 55 channel. And I should have written that an earlier entry could have been taken when price dropped below the 8ma channel which was then above the 55ma channel. Wanna share an egg
Hi Turnip,
It just goes to show you are human, I also took a cold shower--so we are clean an ready to go again mate. Not a lot of activity going on in my part of the world today, perhaps when an election result becomes clearer. I thought Laura was "not a bad girl" but a well organized one to get her winning trade last night--just goes to show that her edge works well, Developing my edge so I can do the same

My lesson was to ensure that in future I double check whatever time frames are being posted, as tick and minute charts may become a regular part of the Roadmap story now.

Ok have a good one today, an keep yer edge nice n sharp, while I go find a new set of glasses
Ben
  • #3,923
  • Nov 5, 2020 3:34am Nov 5, 2020 3:34am
Hoping we will get to the ADR Target. Have moved SL to lock in 40 pips
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  • #3,924
  • Nov 5, 2020 4:25am Nov 5, 2020 4:25am
Dax Uk morning -nearly time to pack up for the morning. Two losers ( Missed putting "X" on one short) straight off. looking back it seems I should have avoided getting involved in the entanglement of 8 and 55 channels and proximity to the 200ma ?
Not a bad morning all things considered.
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every Saint has a past. Every Sinner has a Future
  • #3,925
  • Nov 5, 2020 6:21am Nov 5, 2020 6:21am
good morning T, been following this thread a bit, very good stuff. different than what I use over in "plan the trade", but if it helps you
see trade set ups, then it is your edge. early morning here in the desert southwest with a contentious election in progress.
see that you are on the 1 minute time frame, I am using the 1 min to scalp the ES, a bit slower/smoother for me. regardless, I
took the liberty to mark up your chart. your setup is very similar to what I have been using to stalk trades, lower blue line on first major
retrace, upper blue line on first top, creating a view for some sideways action. at any rate, I know hindsight is always crystal clear,
if I've overstepped my bounds here, ignore, delete, ban me from the thread. just my 2c. best of luck
regards
goma
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  • #3,926
  • Nov 5, 2020 8:50am Nov 5, 2020 8:50am
Gold Two continuation trades on Demo. Entered on 1M with momentum upwards. Profits taken at Yesterday High (40pips) and ADR (60 pips).
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Consistency & Patience
  • #3,927
  • Nov 5, 2020 9:30am Nov 5, 2020 9:30am
Dow long +114.

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  • #3,928
  • Nov 5, 2020 9:47am Nov 5, 2020 9:47am
Quoting goma
good morning T, been following this thread a bit, very good stuff. different than what I use over in "plan the trade", but if it helps you see trade set ups, then it is your edge. early morning here in the desert southwest with a contentious election in progress. see that you are on the 1 minute time frame, I am using the 1 min to scalp the ES, a bit slower/smoother for me. regardless, I took the liberty to mark up your chart. your setup is very similar to what I have been using to stalk trades, lower blue line on first major retrace, upper blue...
Your opinion, for me , is welcome. The 2b - I have looked at it a bit but never tried tracking it. I might try a demo using it within what I do now and see what happens.
every Saint has a past. Every Sinner has a Future
  • #3,929
  • Nov 5, 2020 10:08pm Nov 5, 2020 10:08pm
Quoting LauraT
Dow long +114. {image}
Laura asked me to show her how I look at trading 200 ma retouches---I am replying with a copy of the US 30 1 min. Nov 6th chart, If you look at her chart above this post, where there was an example, (I regard as a retouch of price,) of the 200 ma, clearly identified, without all of my notations on it ( Could not make an exact copy of it).

Do not get hung up on whether the lines are perfect for entries/exits lines for this Roadmap example. they are meant to show areas where you need to implement your own trading rules/strategy.

Thanks for the opportunity Laura--hope it is clearer now for you and others, if not sorry folks.

Ben
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  • #3,930
  • Nov 6, 2020 3:48am Nov 6, 2020 3:48am
Dow Short
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  • #3,931
  • Nov 7, 2020 6:08am Nov 7, 2020 6:08am
Hi Laura,
can you please have a look at this image?
please correct me if I’m wrong. I think we should Long and Short when the price broke trend line that I drawn.
I’m very not sure about my trend line, if my trend line look good then should we open an order in the situation like that?
when the price stay around SMA we look for price break trend line?

here’s how I normally trade.
I wait till the price go above SMA (for Long) then retrace in the channel but the problem is that some time it not go back to Long side, it’s keep moving down. I think maybe trend line might help, is it help?

for example, in this image I normally take Long on red arrow which is result in negative.
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  • #3,932
  • Nov 7, 2020 7:00am Nov 7, 2020 7:00am
Quoting naruponk
Hi Laura, can you please have a look at this image? please correct me if I’m wrong. I think we should Long and Short when the price broke trend line that I drawn. I’m very not sure about my trend line, if my trend line look good then should we open an order in the situation like that? when the price stay around SMA we look for price break trend line? here’s how I normally trade. I wait till the price go above SMA (for Long) then retrace in the channel but the problem is that some time it not go back to Long side, it’s keep moving down. I think maybe...
Trendlines will help but, once they are broken, they should be replaced.

In your chart example, you wouldn't go long because your trendline was broken. You could take a short later, as the channel crossed SMA200, but not using your trendline as it had already been broken.

Hope this helps.
  • #3,933
  • Nov 7, 2020 5:50pm Nov 7, 2020 5:50pm
Quoting LauraT
{quote} Trendlines will help but, once they are broken, they should be replaced. In your chart example, you wouldn't go long because your trendline was broken. You could take a short later, as the channel crossed SMA200, but not using your trendline as it had already been broken. Hope this helps.
Ah I see, thank you
  • #3,934
  • Nov 9, 2020 1:02am Nov 9, 2020 1:02am
Just finished my morning practice session and ready to start the real thing.

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I'm happy to recommend FXBlue Trading Simulator for those of you who want to try out roadmap on real historical data without risking a penny. It's free to use and very user friendly. Practicing your execution of entries and exits over and over again will be invaluable in your trading journey, with the repetition helping to establish good trade management discipline.

It can also be a great confidence boost prior to trading real markets, allowing you to get into the swing of trading prior to switching to your live account.

I'm in no way affiliated with FXBlue, simply a satisfied user.
  • #3,935
  • Nov 9, 2020 1:05am Nov 9, 2020 1:05am
Quoting LauraT
Dow long +114. {image}
Hi LauraT..just wondering about the coloured MA you are using..where could I fid these? Thank you for sharing your Roadmap! Cheers!
  • #3,936
  • Nov 9, 2020 1:54am Nov 9, 2020 1:54am
Hey Laura, firstly please let me add my thanks for what continues to be an immense commitment here. Your time, effort and ongoing guidance to so many has been exemplary - Thank You
May I ask - In what circumstances /If ever, do you ignore or override the CompRSI number? I guess you must rely less on this number when taking Counter Trades or a Trade that is supported by strong price action and good market /price structure but doesn't conform to the CompRSI rules? Could you please give suggestions or examples of specific conditions or exclusions regarding this? Thanks Again - Ric
  • #3,937
  • Nov 9, 2020 2:16am Nov 9, 2020 2:16am
Working on buy entry based on this setup.
Since USDINR is not major pair, using 30min timeframe.
With SL below marked candle, my expectation of RR is 1:3
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  • #3,938
  • Nov 9, 2020 2:50am Nov 9, 2020 2:50am
Quoting Ricstar
Hey Laura, firstly please let me add my thanks for what continues to be an immense commitment here. Your time, effort and ongoing guidance to so many has been exemplary - Thank You May I ask - In what circumstances /If ever, do you ignore or override the CompRSI number? I guess you must rely less on this number when taking Counter Trades or a Trade that is supported by strong price action and good market /price structure but doesn't conform to the CompRSI rules? Could you please give suggestions or examples of specific conditions or exclusions regarding...
Welcome

I don't really want to give examples of when to ignore RSI as I fear it will encourage bad habits for traders who are still not experienced trading roadmap.

In general though, I occasionally ignore RSI because I'm experienced. As you highlight, this could be as a result of me seeing a counter-trend setup I like, or finding that market structure is supportive of my directional bias.

I'd strongly encourage others to wait until they have a good amount of trading time under their belt before thinking of going against it. We are blessed with many opportunities each day across various instruments so it makes sense to stack probabilities in our favour and RSI is a good way of doing so.

One exception is trading 1m indices/oil. The standard RSI settings won't be fast enough and should be ignored. However, someone recently released Roadmap TrendBand for Indices (check paperclip to find), with settings built in that are more conducive to 1m trading.
  • #3,939
  • Nov 9, 2020 6:00am Nov 9, 2020 6:00am
UK morning DAX. Ping Pong time a la Laura breaks.
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every Saint has a past. Every Sinner has a Future
  • #3,940
  • Nov 9, 2020 6:03am Nov 9, 2020 6:03am
Quoting turnip15
UK morning DAX. Ping Pong time a la Laura breaks. {image}
Was also watching it and decided not to trade!! And when i opened my chart again I was 15mins late for the explosion !!!
Hope you got some of it!!!
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