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Roadmap - A Way To Read Markets

  • #4,181
  • Dec 31, 2020 3:43pm Dec 31, 2020 3:43pm
Happy New Year to all !! All the best !!!
  • #4,182
  • Edited 3:39am Jan 2, 2021 2:54am | Edited 3:39am
Thank you Laura, for your invaluable sharing. The method is efficient and simple to understand, though I'm sure being able to apply it successfully takes plenty of experience. Happy new year and I wish everyone here a profitable year of trading ahead.

Wanted to ask you 2 questions at this juncture:

1. You trade full time - does that mean you take a trade whenever you see a setup, or will you only enter at specific times of the day (e.g. During London open to NY close) everyday?

2. You mention you exit the trade when you are proven wrong. For example, does it mean the moment the channel closes above the SMA200 you get out of shorts, and vice versa for longs? I noticed you have occasionally allowed price to go past the SMA200 and still stayed in your trade.

Hope to hear from you soon, and thanks again for your unconditional sharing with all of us here
  • #4,183
  • Jan 4, 2021 12:06am Jan 4, 2021 12:06am
Quoting kCBHk
Thank you Laura, for your invaluable sharing. The method is efficient and simple to understand, though I'm sure being able to apply it successfully takes plenty of experience. Happy new year and I wish everyone here a profitable year of trading ahead. Wanted to ask you 2 questions at this juncture: 1. You trade full time - does that mean you take a trade whenever you see a setup, or will you only enter at specific times of the day (e.g. During London open to NY close) everyday? 2. You mention you exit the trade when you are proven wrong. For example,...
Welcome

1. I take a setup when I see it. This will mostly be during London/NY as that's when I'm active. But I do take the occasional Asian session trade if I can't sleep and happen to be at my desk.

2. Exit when proven wrong, yes. But you have to define in advance what will prove you wrong. It sometimes might be the channel in relation to SMA200 but sometimes it'll be a different criteria. I personally give my trades more breathing room than most will be comfortable with. So I wouldn't necessarily try to follow my style of trading, especially when starting out. Fortunately, Roadmap allows enough structure to define rules to suit your trading personality.
  • #4,184
  • Jan 4, 2021 1:03am Jan 4, 2021 1:03am
Quoting LauraT
{quote} Welcome 1. I take a setup when I see it. This will mostly be during London/NY as that's when I'm active. But I do take the occasional Asian session trade if I can't sleep and happen to be at my desk. 2. Exit when proven wrong, yes. But you have to define in advance what will prove you wrong. It sometimes might be the channel in relation to SMA200 but sometimes it'll be a different criteria. I personally give my trades more breathing room than most will be comfortable with. So I wouldn't necessarily try to follow my style of trading,...
Happy New Year and btw I like the system you have created.
  • #4,185
  • Jan 4, 2021 6:19am Jan 4, 2021 6:19am
Quoting q_import
{quote} Happy New Year and btw I like the system you have created.
Anyone else have frozen dax chart?
Globalmarkets.com said there was an issue with the European exchange?
Dow and Tech100 and forex charts seem okay.
every Saint has a past. Every Sinner has a Future
  • #4,186
  • Jan 4, 2021 7:15am Jan 4, 2021 7:15am
Quoting turnip15
{quote} Anyone else have frozen dax chart? Globalmarkets.com said there was an issue with the European exchange? Dow and Tech100 and forex charts seem okay.
HI Turnip!
Not having any problem on dax! Made its move this mrng and now ranging between 13900 - 13850.
  • #4,187
  • Jan 4, 2021 9:09am Jan 4, 2021 9:09am
Hi all, first micro swing of the year,DOW 1min, it seems there is more to it, hit my TP in less than 5 minutes.
Attached Image (click to enlarge)
Click to Enlarge Name: dow1.png Size: 60 KB
  • #4,188
  • Jan 4, 2021 10:31am Jan 4, 2021 10:31am
Quoting Goyatrade
{quote} HI Turnip! Not having any problem on dax! Made its move this mrng and now ranging between 13900 - 13850.
Fixed - the problem was me
every Saint has a past. Every Sinner has a Future
  • #4,189
  • Jan 4, 2021 7:55pm Jan 4, 2021 7:55pm
Quoting LauraT
{quote} Welcome 1. I take a setup when I see it. This will mostly be during London/NY as that's when I'm active. But I do take the occasional Asian session trade if I can't sleep and happen to be at my desk. 2. Exit when proven wrong, yes. But you have to define in advance what will prove you wrong. It sometimes might be the channel in relation to SMA200 but sometimes it'll be a different criteria. I personally give my trades more breathing room than most will be comfortable with. So I wouldn't necessarily try to follow my style of trading,...
Thank you for sharing Laura. From a risk management perspective do you recommend limiting the number of trades we take, for example a max of 3 trades per trading day? Not sure how many setups present themselves normally, but will start to observe.
  • #4,190
  • Jan 5, 2021 12:59am Jan 5, 2021 12:59am
Quoting kCBHk
{quote} Thank you for sharing Laura. From a risk management perspective do you recommend limiting the number of trades we take, for example a max of 3 trades per trading day? Not sure how many setups present themselves normally, but will start to observe.
I think there is an advantage to limiting the number of trades you are permitting yourself to take each day. Namely that it encourages the need for choosing only the best setups.

However, I'm a firm believer in taking what the market offers us. Some days that'll be very few trades, other days the opportunities will seem endless. There's an old saying "make hay while the sun shines" which captures this very well.

So I would say perhaps only limit your daily trades if you find you are overtrading. One exception to this would be if you reached your maximum daily loss percentage. Then you would have to stop for the day regardless.
  • #4,191
  • Jan 5, 2021 3:40am Jan 5, 2021 3:40am
Quoting Nick24
Hi all, first micro swing of the year,DOW 1min, it seems there is more to it, hit my TP in less than 5 minutes.{image}
Could you share your TDI indicator please
Nothing to learn here
  • #4,192
  • Jan 6, 2021 2:45am Jan 6, 2021 2:45am
Quoting NoobM
{quote} Could you share your TDI indicator please
Just follow Laura's method, no need for a TDI.
All you touch and all you see, is all your life will ever be.
  • #4,193
  • Jan 6, 2021 9:20am Jan 6, 2021 9:20am
Two trades today.

1. AUD/USD long - Entered with the confirmation of Trend Line (Little delay of Channel Failure ). First exit using speed line (26 pips) and last exit at ADR (38 pips).
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDM5-Good Trade.png Size: 71 KB


2. GBP/NZD short - Entered with the confirmation from Trend line and push base. Exit as reaching ADR little early due to RED news (22 pips).

Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZDM5-Continuation Good Trade.png Size: 67 KB


Thanks Laura. Welcome any comments to improve.
Consistency & Patience
  • #4,194
  • Jan 6, 2021 10:12am Jan 6, 2021 10:12am
Quoting LauraT
{quote} I think there is an advantage to limiting the number of trades you are permitting yourself to take each day. Namely that it encourages the need for choosing only the best setups. However, I'm a firm believer in taking what the market offers us. Some days that'll be very few trades, other days the opportunities will seem endless. There's an old saying "make hay while the sun shines" which captures this very well. So I would say perhaps only limit your daily trades if you find you are overtrading. One exception to this would be if you reached...
@LauraT
Just tootling about before next week.
I have been looking at Dax for UK mornings (2 hours) and UK afternoon ( 2 hours). Seems that one could trade one instrument, such as Dax ( volatile) at openings of both sessions, rather than trade one UK instrument followed by one US instrument?
Just wondering if anyone does this?
Attached Image (click to enlarge)
Click to Enlarge Name: DaxPM.png Size: 501 KB
every Saint has a past. Every Sinner has a Future
  • #4,195
  • Jan 6, 2021 10:32am Jan 6, 2021 10:32am
Quoting turnip15
{quote} @LauraT Just tootling about before next week. I have been looking at Dax for UK mornings (2 hours) and UK afternoon ( 2 hours). Seems that one could trade one instrument, such as Dax ( volatile) at openings of both sessions, rather than trade one UK instrument followed by one US instrument? Just wondering if anyone does this? {image}
Hi Turnip, I follow exactly this strategy, trading one instrument only (DOW) using tight time frames that capture both openings. Lately I have included DAX in the equation but only for the FO zone.
  • #4,196
  • Jan 6, 2021 10:44am Jan 6, 2021 10:44am
Quoting turnip15
{quote} @LauraT Just tootling about before next week. I have been looking at Dax for UK mornings (2 hours) and UK afternoon ( 2 hours). Seems that one could trade one instrument, such as Dax ( volatile) at openings of both sessions, rather than trade one UK instrument followed by one US instrument? Just wondering if anyone does this? {image}
Absolutely. Lately I only trade one market (Dow).
  • #4,197
  • Jan 7, 2021 4:49am Jan 7, 2021 4:49am
Whilst tootling about I noted this dax session - 8am to 10am UK. Hindsight I know but notice how price fell off a cliff at open THEN settled into a consolidation around 13920 -ish ( not exact but a zone) and a good point from which to consider a long. And then a move up from around 8:15am.
Whether the two huge red bars would have destroyed any gains prior to them is a mute point.
Thereafter I think one would be 'nibbling' away for a few points at a time but still come out in front. BUT I feel the two big red bars, even if you 'nibbled your way up the hill prior to reaching them you could still end up losing any gains. Thereafter, as noted, it was a crawl to 'nibble' away to regain any losses and come out a few points in front if you were lucky or quick witted ?
This is a good example of how Dax doesn't always give us nice steady moves either way every day. You have to know where to get out before you get in. But even so, in this case, you might still take a hit from those two red bars. Having said that, it is a series of trades over time that lets you know if you are on a profitable track.

EDIT: @LauraT - just looked at the DOW ( you mentioned it yesterday) - it moved -imho -better than the Dax over the same period. It started with a violent drop from 8am ( which most of us would have left alone and waited for the dust to settle) - then a little consolidation and then off we go around 8:15am for a nice traceable stretch? ( Just using simple channel breaks)
Attached Image (click to enlarge)
Click to Enlarge Name: DaxThurs1033.png Size: 556 KB
every Saint has a past. Every Sinner has a Future
  • #4,198
  • Jan 7, 2021 5:07am Jan 7, 2021 5:07am
Hi Turnip!! I have been watching and trading exactly those 2hrs on the dax and got bitten good!! Simply because of the fact that i have not the guts and nerves for those sudden moves!! But while you are tootling around, have a look at the 2hrs before the open! Your 6-8 oclock! Dont you think that can be a better, less stressful period to trade the dax!! I am watching that and considering it at the moment!! Maybe will test it on a 20day period!! Have a nice day!! Stay negative, but think positive!!
  • #4,199
  • Jan 7, 2021 7:51am Jan 7, 2021 7:51am
Quoting Goyatrade
Hi Turnip!! I have been watching and trading exactly those 2hrs on the dax and got bitten good!! Simply because of the fact that i have not the guts and nerves for those sudden moves!! But while you are tootling around, have a look at the 2hrs before the open! Your 6-8 oclock! Dont you think that can be a better, less stressful period to trade the dax!! I am watching that and considering it at the moment!! Maybe will test it on a 20day period!! Have a nice day!! Stay negative, but think positive!!
I will have a look but that means I will have to get up in the dark
every Saint has a past. Every Sinner has a Future
  • #4,200
  • Jan 7, 2021 8:02am Jan 7, 2021 8:02am
Me too, but luckily only in the winter!! Lol!! On the other side worth it for a steady 50+ points!! Am gng to give it a try as from monday!! Enjoy your weekend!!
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