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Roadmap - A Way To Read Markets

  • #4,281
  • Feb 5, 2021 3:36pm Feb 5, 2021 3:36pm
Quoting LauraT
I'm kinda overwhelmed with all the positivity and good wishes in the short time this thread has been active. To those people, and to those who are subscribing and contributing, sincere thanks. If this thread manages to help even just one person it will be effort well spent. I promise I'll do all I can to keep the thread active, updated and positive. Have a good night folks Laura
Laura, just found your thread and think it's fabulous--as is your name. Thank you for taking time to help others.
  • #4,282
  • Feb 7, 2021 2:28pm Feb 7, 2021 2:28pm
Giving this a go--spent the day writing a trading plan. Would be grateful for any feedback. Cheers! -Laura

Trading Plan


Trading Times:

  1. Opening between Frankfort opening and one hour before London closing.


Pairs:

  1. Two pairs maximum per trading session. Another trade may be opened if one is already Stopped at >B/E.

  1. Consult Power Indicator and select the most active and the least active pairs in the same time frame and HTF in which I’m trading that will not have big (yellow/red) News Releases within the next hour after trade opening.


Risk:

  1. 1.5% per trade.


Charts indicators/lines:

  1. 200 SMA

  1. 8 EMA (high, low)

  1. Daily high, low


Time frame:

  1. Pick one: 15, 30, 60 min., 4hr.


Entries:
Trending:

  1. When the Channel is entirely beyond 200 SMA and one candle closes beyond the most distant 8 EMA Band, then enter when price pops beyond the nearest 8 EMA channel (nearest to the 200 SMA).


Reversal Failure:

  1. When price pops beyond the 200 SMA, then enter in the direction of the existing 200 SMA trend, and the HTF 200 SMA trend.


Trendlines:

  1. Draw previous Daily high, low, and today’s open, ascending/descending triangles, and last test failed high/low.


Stops:

  1. Always place (beyond local Support) when trade is opened. Stop at >B/E before big News Releases (yellow/red).


Move to Breakeven:

  1. At ~15 to 30 pips for a 15 min chart.


Exits:

  1. Big candle anytime.

  1. Double top/bottom.

  1. Candle close beyond (the wrong side) of the 200 SMA.

  1. Ascending/descending Trendline candle close break.

  1. Complete candle closes beyond the wrong side of the Channel.

  1. After 8 sideways candles.

  • #4,283
  • Feb 7, 2021 5:36pm Feb 7, 2021 5:36pm
Quoting LauraUK
Giving this a go--spent the day writing a trading plan. Would be grateful for any feedback. Cheers! -Laura Trading Plan Trading Times: Opening between Frankfort opening and one hour before London closing. Pairs: Two pairs maximum per trading session. Another trade may be opened if one is already Stopped at >B/E. Consult Power Indicator and select the most active and the least active pairs in the same time frame and HTF in which I’m trading that will not have big (yellow/red) News Releases within the next hour after trade opening....
Hi Laura - lovely name indeed

That's a great start!

Now that you've done the technical side of the trading plan, look on my journal for the other things I recommend including. If you do that, you'll end up with constant feedback on your trading performance and psychology. Feel free to ask if any questions.
  • #4,284
  • Edited Feb 8, 2021 1:38am Feb 7, 2021 6:27pm | Edited Feb 8, 2021 1:38am
Quoting LauraT
{quote} Hi Laura - lovely name indeed That's a great start! Now that you've done the technical side of the trading plan, look on my journal for the other things I recommend including. If you do that, you'll end up with constant feedback on your trading performance and psychology. Feel free to ask if any questions.
Many thanks Laura, for your quick reply and suggestion. I read your Journal and will accomplish Exercise 1 - 20 Channel Crosses this week. Cheers! -Laura
  • #4,285
  • Feb 8, 2021 6:28am Feb 8, 2021 6:28am
If we see that the price has been in a consolidation phase compared to the past do we still consider a potential trade?

It looks like this kind of price action could result in a lot of potential loses, since channel tends to cross sma.
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  • #4,286
  • Feb 8, 2021 6:36am Feb 8, 2021 6:36am
Quoting 2muchbutter
If we see that the price has been in a consolidation phase compared to the past do we still consider a potential trade? It looks like this kind of price action could result in a lot of potential loses, since channel tends to cross sma. {image}
No - you definitely don't want to take a trade when price action is like that.
  • #4,287
  • Feb 8, 2021 7:23am Feb 8, 2021 7:23am
Dax chart for UK morning roundup for me.
Easy to say afterwards but at least one loser would have been avoided if I paid attention to price on the left ( higher lows, levels, consolidations etc.) But at least the basic Laura channel breaks paid off - just keeping things VERY simple seems to be the way and cut losers short -trade like a robot.
I left out speed lines and other marks that I insert, as trades progress, to keep chart clean.
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every Saint has a past. Every Sinner has a Future
  • #4,288
  • Feb 8, 2021 9:41am Feb 8, 2021 9:41am
I AM SO CROSS !!!

I got ready for the afternoon ( UK time) dax session ( USA open).
I marked up my pre US open 'look left' lines and waited.
Got distracted by a YouTube video on an electric Porsche

Inserted Video



BUT missed a very nice short that broke one of my 'Look Left" lines.

Oh well - bother etc.
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every Saint has a past. Every Sinner has a Future
  • #4,289
  • Feb 8, 2021 11:07am Feb 8, 2021 11:07am
Quoting LauraUK
Giving this a go--spent the day writing a trading plan. Would be grateful for any feedback. Cheers!
Hi LauraUK
Great name indeed, but now we may have some confusion!
LauraT, I hope you do not mind me intruding here (please just let me know.) I have some comments on LauraUK trading plan, if I may.

First of all, well done. Preparing a trading plan is a must and an important first step. Following LauraT’s teaching, advice and suggestions like you are doing will move you fast into mastering the system and trading in general.
My advice would be to try to make your trading plan as clear and unambiguous as possible. For example, time frame is too vague: you should be able to identify a trading time frames that suits you best. I would also be more precise about what you do with TLs and triangles. Same with stops and exits (e.g. how do you define a “big candle”?)
Another suggestion is to keep a detailed journal of all the possible set-ups and what you did with them and their results, with your comments, and review it regularly.
Finally, LauraT’s whole system is rather sophisticated and could be complex. Perhaps you may want to try with the basic rules first, get totally familiar with those and then add organically the others, a bit like LauraT showed in her progressive journal.

I hope it helps.
  • #4,290
  • Feb 8, 2021 11:12am Feb 8, 2021 11:12am
Quoting turnip15
I AM SO CROSS !!! I
I know exactly what you mean! It happened to me many times!

One of the reasons for my interest for automation...just saying!
  • #4,291
  • Feb 8, 2021 11:30am Feb 8, 2021 11:30am
Quoting LauraUK
Giving this a go--spent the day writing a trading plan. Would be grateful for any feedback. Cheers! -Laura Trading Plan Trading Times: Opening between Frankfort opening and one hour before London closing. Pairs: Two pairs maximum per trading session. Another trade may be opened if one is already Stopped at >B/E. Consult Power Indicator and select the most active and the least active pairs in the same time frame and HTF in which I’m trading that will not have big (yellow/red) News Releases within the next hour after trade opening....
Very nice efforts
it would be great if and when you can post a snapshot also

thanks & regards
  • #4,292
  • Feb 8, 2021 12:04pm Feb 8, 2021 12:04pm
Quoting lucky1359
{quote} Very nice efforts it would be great if and when you can post a snapshot also thanks & regards
Lucky,
Thanks, mate! Since I plan to post all my trades, I didn't want to clutter-up Laura's wonderful thread. You may view my snaps in my Trade Journal that's located on my homepage here. Cheers! -Laura
  • #4,293
  • Feb 9, 2021 1:15pm Feb 9, 2021 1:15pm
Hi Laura very informative and good work , well done . I'm seeking to find the channels but for some reason cant find it anywhere . Can anyone help ?

Thank you in anticipation
  • #4,294
  • Feb 9, 2021 1:57pm Feb 9, 2021 1:57pm
Quoting FxCashFlow
Hi Laura very informative and good work , well done . I'm seeking to find the channels but for some reason cant find it anywhere . Can anyone help ? Thank you in anticipation
See:
https://www.forexfactory.com/thread/...just-a-journal?

https://www.forexfactory.com/thread/...o-read-markets
  • #4,295
  • Feb 9, 2021 2:13pm Feb 9, 2021 2:13pm
Quoting FxCashFlow
Hi Laura very informative and good work , well done . I'm seeking to find the channels but for some reason cant find it anywhere . Can anyone help ? Thank you in anticipation
I think this might be the one you're looking for:

https://www.forexfactory.com/thread/...7#post13256017
  • #4,296
  • Feb 10, 2021 9:56am Feb 10, 2021 9:56am
Dax UK afternoon ( USA open)

Wasn't going to post but just had to put up this chart.
A pleasant surprise and not often you see price action breaks like this. Still on Laura's simple rules re channels etc.

EDIT : Fed Powell speaks
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every Saint has a past. Every Sinner has a Future
  • #4,297
  • Edited 7:54pm Feb 11, 2021 4:10pm | Edited 7:54pm
USDCAD short with the Road Map. Took before bed and woke up with it closed out at TP!!!

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  • #4,298
  • Feb 22, 2021 5:26am Feb 22, 2021 5:26am
Is there anybody out there?
All you touch and all you see, is all your life will ever be.
  • #4,299
  • Feb 22, 2021 5:33am Feb 22, 2021 5:33am
Quoting Loftboy
Is there anybody out there?
Recently I've read the entire thread very thoroughly and I've been studying the roadmap for a few weeks now. I will start cleaning the cluttered cobwebs here and start posting charts that didn't work out in some way so I hope there's gonna be someone to give their input on them.
  • #4,300
  • Feb 22, 2021 7:41am Feb 22, 2021 7:41am
Attached Image (click to enlarge)
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Was there anything particularly wrong with the trade? Looking left didn't catch anything useful. EUR seems to be strong today. Was it just 'one of those' trades?
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