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Roadmap - A Way To Read Markets

  • #3,961
  • Nov 10, 2020 9:17am Nov 10, 2020 9:17am
Quoting turnip15
Nasdaq. Wow- moved too fast for me so far. Big candles. I marked up chart (look left lines) prior to 2:30pm) Maybe I was too slow to jump in on line crosses cos I am an old git. Prior to 2:30pm are the size candles I like. I stop at 4:30 - ish. So if nothing sets up I shut down Pc. Courage mon ami How do you guys deal with the below price action chart ? @LauraT {image}
I generally avoid the open, too choppy for my blood
  • #3,962
  • Nov 10, 2020 1:03pm Nov 10, 2020 1:03pm
Quoting LauraT
{quote} I generally avoid the open, too choppy for my blood
Another Roadmap milestone just around the corner----Congrats Laura on 200 pages here
  • #3,963
  • Nov 10, 2020 4:33pm Nov 10, 2020 4:33pm
Quoting turnip15
Nasdaq. Wow- moved too fast for me so far. Big candles. I marked up chart (look left lines) prior to 2:30pm) Maybe I was too slow to jump in on line crosses cos I am an old git. Prior to 2:30pm are the size candles I like. I stop at 4:30 - ish. So if nothing sets up I shut down Pc. Courage mon ami How do you guys deal with the below price action chart ? @LauraT {image}
Just waiting a little while ( down arrow) was more productive. Smaller candles and consolidations to gauge entries plus channel breaks etc.
Writing up my journal and printing this chart.

Good night all from the UK
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every Saint has a past. Every Sinner has a Future
  • #3,964
  • Nov 11, 2020 6:06am Nov 11, 2020 6:06am
Hello Laura thanks for the interesting thread.

I've had a read, and attempted some trades and most are failing. I'm unsure what I did wrong? Here is one of them:

the dashboard was mostly green at the time for timeframes m30 and below, and that rsi meter in the top right in green was over 60, probably at least 65 at the time the trade was taken.
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  • #3,965
  • Nov 11, 2020 6:17am Nov 11, 2020 6:17am
Quoting kain775
Hello Laura thanks for the interesting thread. I've had a read, and attempted some trades and most are failing. I'm unsure what I did wrong? Here is one of them: the dashboard was mostly green at the time for timeframes m30 and below, and that rsi meter in the top right in green was over 60, probably at least 65 at the time the trade was taken. {image}
Hi - welcome

Sorry to hear things haven't been working out for you so far.

The trade you posted was an example of one that just didn't work out. You did nothing wrong.

However, if you want to post some further losing trades I'd be happy to analyse them and give feedback if it's helpful.
  • #3,966
  • Nov 11, 2020 6:29am Nov 11, 2020 6:29am
Quoting LauraT
{quote} Hi - welcome Sorry to hear things haven't been working out for you so far. The trade you posted was an example of one that just didn't work out. You did nothing wrong. However, if you want to post some further losing trades I'd be happy to analyse them and give feedback if it's helpful.


Hello, thanks for the reply

Here is a aud/usd one which I took which failed. it has two entry points. I took the first one, didn't take the second.


Here is another chart of an ongoing gbp/jpy trade as well. I did not take the first entry marked because I was worried about it being near a BRN? ...I took the second entry on the chart, the trade has not reached a conclusion yet for the second entry marked.

edit: gbp/jpy just failed
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  • #3,967
  • Nov 11, 2020 6:42am Nov 11, 2020 6:42am
Don't forget -Bank hols in US and Canada today - including France.
every Saint has a past. Every Sinner has a Future
  • #3,968
  • Nov 11, 2020 7:20am Nov 11, 2020 7:20am
Quoting kain775
{quote} Hello, thanks for the reply Here is a aud/usd one which I took which failed. it has two entry points. I took the first one, didn't take the second. Here is another chart of an ongoing gbp/jpy trade as well. I did not take the first entry marked because I was worried about it being near a BRN? ...I took the second entry on the chart, the trade has not reached a conclusion yet for the second entry marked. edit: gbp/jpy just failed {image} {image}
On AU, you were fighting against bearish momentum. Market was forming progressively lower highs.

On GJ, beware entering after such a large spike up. Market structure had a high chance of turning bearish as it was such a long distance to the previous high (and thus it was likely to form a lower high, which was then followed by a lower low).

Market structure is probably the one thing missing from your analysis and should assist you in finding optimal entry points.

Hope this helps.
  • #3,969
  • Edited 11:04pm Nov 11, 2020 7:20am | Edited 11:04pm
Trying a small buy in Oil. Let us see if it works out or not.
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  • #3,970
  • Nov 11, 2020 7:48am Nov 11, 2020 7:48am
Quoting LauraT
{quote} On AU, you were fighting against bearish momentum. Market was forming progressively lower highs. On GJ, beware entering after such a large spike up. Market structure had a high chance of turning bearish as it was such a long distance to the previous high (and thus it was likely to form a lower high, which was then followed by a lower low). Market structure is probably the one thing missing from your analysis and should assist you in finding optimal entry points. Hope this helps.


Hi, thanks. Yes I believe my market structure analysis needs work ...but i've always found counting highs and lows very subjective from trader to trader.

do you have some hard set in stone rules which could help me please? So I am likely to arrive at a similar count to you?

below are all the ways i've seen traders swings.
which count is right and why?

sorry for the questions, but I do believe market structure is the area of my trading which is holding me back big time.
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  • #3,971
  • Nov 11, 2020 10:13am Nov 11, 2020 10:13am
Looking at the DAX, its days like today that hurts the inexperienced guys like me!!
But then i have to remember: a Goal = a Dream that continues even after you‘ve woken up!!
Stay healthy all!!
  • #3,972
  • Nov 11, 2020 12:26pm Nov 11, 2020 12:26pm
Quoting Goyatrade
Looking at the DAX, its days like today that hurts the inexperienced guys like me!! But then i have to remember: a Goal = a Dream that continues even after you‘ve woken up!! Stay healthy all!!
Not everyday will be a winner but if every week is then you will be ok.
every Saint has a past. Every Sinner has a Future
  • #3,973
  • Nov 11, 2020 1:46pm Nov 11, 2020 1:46pm
Quoting kain775
{quote} Hi, thanks. Yes I believe my market structure analysis needs work ...but i've always found counting highs and lows very subjective from trader to trader. do you have some hard set in stone rules which could help me please? So I am likely to arrive at a similar count to you? below are all the ways i've seen traders swings. which count is right and why? sorry for the questions, but I do believe market structure is the area of my trading which is holding me back big time. {image}
All counts are technically correct, but the one you want to pay most attention to is the intermediate structure (green in your case).

The macro structure (red) is also important but more for seeing the 'bigger picture'. If you can have an awareness of the intermediate structure, that will make a difference. It doesn't have to be an in-depth study of it either, just a quick glance to check what the sequence of highs and lows are telling you.
  • #3,974
  • Nov 11, 2020 4:07pm Nov 11, 2020 4:07pm
Quoting LauraT
{quote} All counts are technically correct, but the one you want to pay most attention to is the intermediate structure (green in your case). The macro structure (red) is also important but more for seeing the 'bigger picture'. If you can have an awareness of the intermediate structure, that will make a difference. It doesn't have to be an in-depth study of it either, just a quick glance to check what the sequence of highs and lows are telling you.

Ok, thanks ... I think I might have a better understanding now.

but just to check, I've labeled a chart where I would theoretically take a trade. although obviously the markets are not active right now so i won't. but if they were active. would you agree with this chart ?
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  • #3,975
  • Nov 11, 2020 9:00pm Nov 11, 2020 9:00pm
Question to the Pros

How do you monitor or scan the charts and what is the frequency. Do you guys have a separate monitor with multiple charts open.

Sometimes it gets overwhelming to scan charts.
  • #3,976
  • Nov 11, 2020 9:40pm Nov 11, 2020 9:40pm
took this one during asian session
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  • #3,977
  • Nov 11, 2020 11:06pm Nov 11, 2020 11:06pm
Quoting TraderRaven7
Trying a small buy in Oil. Let us see if it works out or not. {image}
So the trade did not work out. Anyone any ideas what I did wrong here? Any help would be appreciated. Thank you.
  • #3,978
  • Nov 11, 2020 11:30pm Nov 11, 2020 11:30pm
Quoting Pip Bull
For those of you who trade indices or futures on the M01 timeframe, we use a faster version of the RSI composite. I updated an indicator called RoadMap Trend Band originally posted to this thread by Indalico on June 3rd. The formula I used to calculate the RSI Composite is an average of the RSI 2 & RSI 9 for the periods M15 & M60. I do not recommend this RSI Composite for FOREX pairs. My updated indicator also allows you to choose the window in which it will appear. If you want the indicator to appear in the main (chart) window, select window 0...
Hey Pip Bull, Thanks for your work developing this useful M1 Oil /Indice CompRSI Indicator and also for sharing it here. Have you tried using it inside hanover's version 1.04 Roadmap Dashboard Scanner? I'm trying to get my head around what the Inputs page of the Roadmap Dashboard Scanner should look like once your M1 Oil /Indices CompRSI settings have been entered correctly. Any chance of posting a screenshot with correct values entered. Thanks for your help - Ric
  • #3,979
  • Nov 12, 2020 1:50am Nov 12, 2020 1:50am
I started reading about this trading system yesterday and I am really learning a lot from this system after a long time of trading.

This is my first trade.

I hope I did everything well.

However, I have a question. How do you know when a trend is about to reverse?
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  • #3,980
  • Nov 12, 2020 4:51am Nov 12, 2020 4:51am
Excuse me, Laura,

In your journal, "I occasionally use a global trade manager to automatically close all open positions".

I didn't find the global trade manager in this thread.

Could you please tell my where I can find the trade manager?

Thanks,
Wilson
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