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  • #4,001
  • Nov 13, 2020 5:37am Nov 13, 2020 5:37am
Hi Laura I downloaded the new template in this post

https://www.forexfactory.com/thread/...8#post13207138


I've noticed the RSI and MTF give completely different readings to the original one, even when applied on the same chart and same timeframe. Why is this? Which one is right?
I usually trade on 5m chart, although i have taken a couple on the 1 minute chart.
  • #4,002
  • Nov 13, 2020 6:01am Nov 13, 2020 6:01am
Dax morning UK.
Drew in pre - 8am horizontal "look Left" lines. Took break at A and promptly failed. Waited and took long at B and got promptly stopped out ( stop -lengh of bar -was probably too tight AND ( just noticed cos I acted out of fear) price bar did not break other side of 8ma a - la - Laura twenty rule. Slip in discipline there

Actually, looking again at "A" I see price had not knocked me out cos it didn't close the other side of 8ma channel and thus the subsequent bars after "A" would have alerted me that something is wrong and I would bail out ( See the tails and flat top framing along line of bars). Trades "C" and "D" saved my bacon.

So - overall, another example of me not following my rules with discipline every time.
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every Saint has a past. Every Sinner has a Future
  • #4,003
  • Nov 13, 2020 7:03am Nov 13, 2020 7:03am
Quoting LauraT
{quote} I don't advise looking for longs when the recent history has been one long move down.

Thanks Laura , How about for channel crossing entry with recent history has been one long up move ?
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  • #4,004
  • Nov 13, 2020 9:51am Nov 13, 2020 9:51am
Quoting kain775
Hi Laura I downloaded the new template in this post https://www.forexfactory.com/thread/...8#post13207138 I've noticed the RSI and MTF give completely different readings to the original one, even when applied on the same chart and same timeframe. Why is this? Which one is right? I usually trade on 5m chart, although i have taken a couple on the 1 minute chart.
Oh dear, the readings should be the same. None of the other downloaders have mentioned an issue but the only thing I can think of is that there was a glitch in my template somehow.

Please start with a blank chart and apply the indicators manually to see if it solves the problem.
  • #4,005
  • Nov 13, 2020 10:08am Nov 13, 2020 10:08am
Lastly -Nasdaq thus far afternoon UK. Lines from left drawn prior to open Laura style ( see her blog re -"look left"etc)
Bottom line drawn as marking low of opening "whip" or volatility line. Then like Laura says, wait and get in when in calmer waters. Short at arrow.
I am calling it a day shortly so -have a good week end all.
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every Saint has a past. Every Sinner has a Future
  • #4,006
  • Edited 12:21pm Nov 13, 2020 11:59am | Edited 12:21pm
Quoting LauraT
{quote} Oh dear, the readings should be the same. None of the other downloaders have mentioned an issue but the only thing I can think of is that there was a glitch in my template somehow. Please start with a blank chart and apply the indicators manually to see if it solves the problem.

i've just compared my indicator list to the picture of your indicator list and i seem to be missing the "roadmap trendband" indicator.

I can't find it on the thread, could you link it please?


edit:
also i tried trading the dow but all i could find on my platform was the us30 which is apparently the dow according to google, but it looks somewhat different to your chart so i'm not too sure about that..
but anyway, earlier today i took the 55 emas and applied them to my old charts and marked entries where i would have taken them. I wanted to use 0.01 lots for practice but my platform was demanding i use a minimum of 1.00 lots so I thought f- that, I'll just paper trade this. after i marked where i would have taken the trade price seemed to retrace an awful lot before going in the right direction. the 8ema channel did not fully close beyond the 55ema channel ...so does that mean if had actually taken a position i should have hung on and not closed it through all that drawdown?
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  • #4,007
  • Nov 13, 2020 12:48pm Nov 13, 2020 12:48pm
Quoting kain775
{quote} i've just compared my indicator list to the picture of your indicator list and i seem to be missing the "roadmap trendband" indicator. I can't find it on the thread, could you link it please? edit: also i tried trading the dow but all i could find on my platform was the us30 which is apparently the dow according to google, but it looks somewhat different to your chart so i'm not too sure about that.. but anyway, earlier today i took the 55 emas and applied them to my old charts and marked entries where i would have taken them. I wanted to...
TrendBand is here:
https://www.forexfactory.com/thread/...5#post12980075

Regarding your Dow chart, the 2nd green line is roughly where I would have entered. And yes, I'd have sat through some drawdown before the trade went in my favour.

I wouldn't have entered at the 1st green line as the channel had already moved quite far from SMA and the 55, and a retracement would be expected.
  • #4,008
  • Nov 13, 2020 1:23pm Nov 13, 2020 1:23pm
Quoting LauraT
{quote} TrendBand is here: https://www.forexfactory.com/thread/...5#post12980075 Regarding your Dow chart, the 2nd green line is roughly where I would have entered. And yes, I'd have sat through some drawdown before the trade went in my favour. I wouldn't have entered at the 1st green line as the channel had already moved quite far from SMA and the 55, and a retracement would be expected.

I see, I shall favour trades a bit closer to the lines then next time, thanks.

Do you look at any higher timeframes before taking trades on m1 and m5?

I noticed you showed an example where you looked at the h4 timeframe, and then you got in with m15, ... i was wondering if you were doing the same sort of thing with m1/m5

I could not help but notice, that on my past winning trades ... they went literally a fraction of the distance in pips compared to your ones. With those trades I was not paying attention to higher time frame. With the trade I posted in my last post, I decided to make sure the higher time frame looked at least somewhat favourable first. The macro swings on h1 timeframe looked to be in my favour when the trade was was marked on the chart (chart below). Price from entry has travelled much farther than it would normally travel for me, in fact it's still going
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  • #4,009
  • Nov 14, 2020 4:57am Nov 14, 2020 4:57am
Quoting kain775
{quote} I see, I shall favour trades a bit closer to the lines then next time, thanks. Do you look at any higher timeframes before taking trades on m1 and m5? I noticed you showed an example where you looked at the h4 timeframe, and then you got in with m15, ... i was wondering if you were doing the same sort of thing with m1/m5 I could not help but notice, that on my past winning trades ... they went literally a fraction of the distance in pips compared to your ones. With those trades I was not paying attention to higher time frame. With the trade...
Multi-timeframe analysis is a tricky one. It can both help and hinder, so I try to leave it down to individual preference.

One way of approaching a M1/M5 trade is to first establish a direction using M15. However, it's also perfectly possible to focus on a single timeframe and trade it successfully.

It really depends on what feels right for you. Some people get more confused by MTF analysis while others find the confirmation helpful.
  • #4,010
  • Nov 14, 2020 9:55am Nov 14, 2020 9:55am
Anyone using my tradingview script, apologies I clicked the wrong button and deleted it instead of updating it!
New update adds ADR and composite ADR and color choice for up and down.
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https://uk.tradingview.com/script/44...Roadmap-Panel/
A fool and his money are easily parted
  • #4,011
  • Nov 15, 2020 6:10am Nov 15, 2020 6:10am
UK - Wet Sunday Morning.
I was looking at Forex on an hourly time frame ( I usually trade Indices).
Was interested in breaches of Laura's 8ma channel from 7am - take the first breech at 7am or after.
Seems interesting but have any of you traded the hourly on Forex?
AND
What do you think of the above ( This was only a few days observation as per the screen shot) ?
Please don't write that you need a longer time sample, I know that, but have any of you tried first hourly breaks of 8ma channel after 7am UK TIME ?
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every Saint has a past. Every Sinner has a Future
  • #4,012
  • Nov 15, 2020 11:47pm Nov 15, 2020 11:47pm
Quoting turnip15
UK - Wet Sunday Morning. I was looking at Forex on an hourly time frame ( I usually trade Indices). Was interested in breaches of Laura's 8ma channel from 7am - take the first breech at 7am or after. Seems interesting but have any of you traded the hourly on Forex? AND What do you think of the above ( This was only a few days observation as per the screen shot) ? Please don't write that you need a longer time sample, I know that, but have any of you tried first hourly breaks of 8ma channel after 7am UK TIME ? {image}

I haven't traded the hourly that way, so I don't have any data on profitability unfortunately.

When I trade the hourly, I have a timeframe of circa 1 week on my trades - here's an example:

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However, I did used to trade the 15M timeframe in a similar way to how you describe. You can catch some nice swings:

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  • #4,013
  • Nov 16, 2020 1:38am Nov 16, 2020 1:38am
Quoting turnip15
UK - Wet Sunday Morning. I was looking at Forex on an hourly time frame ( I usually trade Indices). Was interested in breaches of Laura's 8ma channel from 7am - take the first breech at 7am or after. Seems interesting but have any of you traded the hourly on Forex? AND What do you think of the above ( This was only a few days observation as per the screen shot) ? Please don't write that you need a longer time sample, I know that, but have any of you tried first hourly breaks of 8ma channel after 7am UK TIME ? {image}
GM. Turnip/Laura/All,
Coincidence?? I have not traded the whole of last week, because of a incredibly slow internet service on my pc!! The are doing maintenance work on the line and have promised to finish by wednesday this week! But i have been looking at more or less the same idea as what you are thinking of!

Without trying to change Laura‘s method or thread but, i was thinking this way: The 200ma on M15 = 50ma on H1?
The eurusd likes to bounce or cross the 50ma on the H1 chart ( confirmed with macd 12/26/2). which then corresponds with Laura‘s bounce or cross of the 200ma on the M15?? I have not decided on an enter strategy yet, but am thinking of entering the break of 8ema channel in direction of the momentum at market price OR a stop order above/below every retrace candle on M15 in the direction of momentum! I hope I make sense! You guys definitely have more experience in trading, so i would like to have your opinion on my thinking, please!!
Wish all a sccessful week! Go Well!!
  • #4,014
  • Nov 16, 2020 1:39am Nov 16, 2020 1:39am
Can anyone please share 3ma dashboard indicator, the one which shows cross on the chart with dashboard and time frames below...
  • #4,015
  • Edited 5:54am Nov 16, 2020 5:38am | Edited 5:54am
Lines every where :-)
prior 8am lines drawn. Consolidation broke and I waited a while and was too slow to jump right in but pleased I did not because , in the past, I was always put off by large bars - like a runaway train ( Laura mentions volatility of opens). Waited and price broke a consolidation for a short ( outside of 8ma channel). Price hesitated then dropped fast and made a typical sell off "V" prior to 9am. Then price ( after a tiny pullback "hesitation" broke upwards, for a long, from 8ma channel and hit previous base of consolidation around 13160 - ish.
As I write price is now flirting with the 200ma and 13160 level again. I finished at 10am -ish.

The wide pink area is an area of consolidation I drew forward from 9:15am to 9:30am, to see what happened to price going forward.
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every Saint has a past. Every Sinner has a Future
  • #4,016
  • Nov 16, 2020 6:34am Nov 16, 2020 6:34am
Micro swing long in DOW 5min, folllowing the strong trend towards testing previous swing high
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I was not on the screen but I see that it went there with force, even got a rare positive slippage.
  • #4,017
  • Nov 16, 2020 9:18am Nov 16, 2020 9:18am
Good start to afternoon Nasdaq

Lines (Look left) prior 2:30pm
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every Saint has a past. Every Sinner has a Future
  • #4,018
  • Nov 16, 2020 12:16pm Nov 16, 2020 12:16pm
Laura,

Are these wrong entries ?

AUD/CAD Long (Not worked). RSI was 75.
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AUD/NZD Short (Not worked). RSI was 35.
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Also would you recommend Trade on 5M TF and exit when channel cross SMA on 1M. Can this be conservative ?

Thanks.
Consistency & Patience
  • #4,019
  • Nov 16, 2020 1:07pm Nov 16, 2020 1:07pm
Quoting coolsjc
Laura, Are these wrong entries ? AUD/CAD Long (Not worked). RSI was 75. {image} AUD/NZD Short (Not worked). RSI was 35. {image} Also would you recommend Trade on 5M TF and exit when channel cross SMA on 1M. Can this be conservative ? Thanks.
The entries are fine. Unfortunately the trades just didn't work out.

You could enter on 5m and manage the trade on 1m but my worry there would be that you're likely to get shaken out of a lot of good positions. I'd probably advise you stick with the single timeframe, unless you are in profit and want to tightly guard those profits.
  • #4,020
  • Nov 16, 2020 2:03pm Nov 16, 2020 2:03pm
hi laura can you please explain to me when to go long and short and also what is the usef on mtf chart. it would be really helpful if you would explain once more as i am confused. thank you
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