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Roadmap - A Way To Read Markets

  • #4,401
  • Mar 30, 2021 7:47am Mar 30, 2021 7:47am
Quoting RachelB
{quote} Thanks for your guidance Laura. I am in a better place and pray it stays that way . In the chart below, was i too hasty to enter short at arrow? Would this constitute "anticipation of a channel break"? Price had been stopped by previous day high (not shown here but indicated by black line) and had crossed the 55 ema. Thanks.{image}
Although trades like this can result in better entry points, I'd advise against them (at least for a while yet). Safer to wait for the actual channel break than anticipating one that could still go either way.
  • #4,402
  • Mar 30, 2021 9:18am Mar 30, 2021 9:18am
Waited for channel cross and going to enter when price is at upper end of channel.
Attached Image (click to enlarge)
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Edit: Although not shown on chart, price went back to retest daily high, ss became rr. Noted in my journal to be cognisant of that.
  • #4,403
  • Edited 1:04pm Mar 30, 2021 12:49pm | Edited 1:04pm
Quoting LauraT
{quote} Hi, Volume is such a big subject that it probably needs a lengthy post all of its own. When I get a bit of time I will write a new Journal post on it.
Looking forward to that - I've not been able to make much sense out of what I've seen on Forex Factory on this subject so far! Something tells me you will be able to boil it down to essentials in a clear and applicable way.
  • #4,404
  • Mar 30, 2021 2:01pm Mar 30, 2021 2:01pm
Quoting LauraT
{quote} Hi, Volume is such a big subject that it probably needs a lengthy post all of its own. When I get a bit of time I will write a new Journal post on it.
Thank you very much Laura for your answer.
  • #4,405
  • Mar 31, 2021 4:06am Mar 31, 2021 4:06am
A EURGPB countertrend trade I took today. Exit near the daily open line, which was a support pretty much all morning. Normal candles replaced with Heikin-Ashi candles to force me to not enter too early and to stay in the trade a bit longer. The rest of Laura's framework left unaltered.
Almost 12 pips booked.
Attached Image (click to enlarge)
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If I code, I can't trade...
  • #4,406
  • Mar 31, 2021 5:31am Mar 31, 2021 5:31am
Quoting Cognoscio
A EURGPB countertrend trade I took today. Exit near the daily open line, which was a support pretty much all morning. Normal candles replaced with Heikin-Ashi candles to force me to not enter too early and to stay in the trade a bit longer. The rest of Laura's framework left unaltered. Almost 12 pips booked. {image}
Hi Cognoscio,
which set-up was this? Was that a bounce off a daily low? or some other trend line? Trying to understand your thought process with the trade. Many thanks.
  • #4,407
  • Edited 6:26am Mar 31, 2021 5:57am | Edited 6:26am
Hi Rachel,

This was foremost an experiment in using Heikin-Ashi candles. The first up candle after the drop-down showed increasing volume (as was the case in the last stretch of the drop-down), indicating that demand existed at that level. I waited till the close of the first up-candle and then entered a long position. I exited near the daily open line, which had been a support line pretty much all morning. An exit at that point was also indicated by decreasing trade volume. From a current perspective, that daily open line has indeed turned into a resistance line, price action went lower almost right after I exited and then started to move sideways.

Please note: HA-candles show price action quite different from conventional candles, so Laura's hints about counter-trend price action need to be reinterpreted for HA-candles. As I've traded extensively with these, so far it seems to be an easy transition for me.

Hope this helps

cheers
Cognoscio
If I code, I can't trade...
  • #4,408
  • Mar 31, 2021 7:20am Mar 31, 2021 7:20am
My first full month of live trading Laura's Roadmap. Quite tired now and done for this month...

The accompanying bitmap shows my results across the pairs I traded. 104 trades resulted in 561.9 pips net, which increased my account by some 11.28% while keeping drawdown within one quarter of that. MT4 tells me that I won 88 trades out of 104 (84.6%), with my profit factor coming in at 3.92
I've done worse in the past - I thank Laura for instilling some consistency in my trading habits. Obviously there's one or two pairs I could remove from my basket, but I will not do this for the upcoming month. There are several other quirks I'm working on, more about these in next month's trading summary.
Attached Image
If I code, I can't trade...
  • #4,409
  • Mar 31, 2021 7:26am Mar 31, 2021 7:26am
Quoting Cognoscio
My first full month of live trading Laura's Roadmap. Quite tired now and done for this month... The accompanying bitmap shows my results across the pairs I traded. 104 trades resulted in 561.9 pips net, which increased my account by some 11.28% while keeping drawdown within one quarter of that. MT4 tells me that I won 88 trades out of 104 (84.6%), with my profit factor coming in at 3.92 I've done worse in the past - I thank Laura for instilling some consistency in my trading habits. Obviously there's one or two pairs I could remove...
Very well done
  • #4,410
  • Edited 8:55am Mar 31, 2021 7:55am | Edited 8:55am
Quoting Cognoscio
Hi Rachel, This was foremost an experiment in using Heikin-Ashi candles. The first up candle after the drop-down showed increasing volume (as was the case in the last stretch of the drop-down), indicating that demand existed at that level. I waited till the close of the first up-candle and then entered a long position. I exited near the daily open line, which had been a support line pretty much all morning. An exit at that point was also indicated by decreasing trade volume. From a current perspective, that daily open line has indeed turned into...
Thanks for the explanations Cognoscio. I haven't tried Heikin Ashi candles , so looking into them today.

Edit: Have now tried Heikin Ashi candles. Will keep studying it. I like how it gave an early indication of loss of momentum.
  • #4,411
  • Mar 31, 2021 7:56am Mar 31, 2021 7:56am
Quoting Cognoscio
My first full month of live trading Laura's Roadmap. Quite tired now and done for this month... The accompanying bitmap shows my results across the pairs I traded. 104 trades resulted in 561.9 pips net, which increased my account by some 11.28% while keeping drawdown within one quarter of that. MT4 tells me that I won 88 trades out of 104 (84.6%), with my profit factor coming in at 3.92 I've done worse in the past - I thank Laura for instilling some consistency in my trading habits. Obviously there's...
very well done!
trading is like dancing, don't think and just listen to the music!
  • #4,412
  • Mar 31, 2021 7:58am Mar 31, 2021 7:58am
Quoting Cognoscio
My first full month of live trading Laura's Roadmap. Quite tired now and done for this month... The accompanying bitmap shows my results across the pairs I traded. 104 trades resulted in 561.9 pips net, which increased my account by some 11.28% while keeping drawdown within one quarter of that. MT4 tells me that I won 88 trades out of 104 (84.6%), with my profit factor coming in at 3.92 I've done worse in the past - I thank Laura for instilling some consistency in my trading habits. Obviously there's one or two pairs I could remove...
Very well done! Indeed i find Laura's roadmap a gem of a toolkit.

On a slightly different tangent, is this report generated by your trading platform or is it some other tool. I am currently doing this manually.
  • #4,413
  • Mar 31, 2021 8:19am Mar 31, 2021 8:19am
Quoting RachelB
{quote}, is this report generated by your trading platform or is it some other tool. I am currently doing this manually.
This report is generated by an MT4 indicator called 'TradeReport_compact - v.1.04'
For 'public viewing' I limit the columns to those that relate to pips and percentages only, internally I keep an expanded set of columns that include monetary information as well. I've attached the version I use...

cheers
Cognoscio
Attached File(s)
File Type: mq4 TradeReport_compact - v.1.04.mq4   153 KB | 306 downloads
If I code, I can't trade...
  • #4,414
  • Mar 31, 2021 8:44am Mar 31, 2021 8:44am
Quoting Cognoscio
{quote} This report is generated by an MT4 indicator called 'TradeReport_compact - v.1.04' For 'public viewing' I limit the columns to those that relate to pips and percentages only, internally I keep an expanded set of columns that include monetary information as well. I've attached the version I use... cheers Cognoscio {file}
Thanks
  • #4,415
  • Mar 31, 2021 8:54am Mar 31, 2021 8:54am
This was my first metals trade. I arrived after channel break and noticed daily open line acting as support. I also noticed XAGUSD seemed to be acting like big sister leading XAU in the same direction . Tp at second arrow. Initial plan was to tp ADR high but decided to take profit earlier. Banked 2117 pips. That may be 21 pips in forex speak? not sure.

Like how the roadmap is making me notice things i would have overlooked in the past. Thanks Laura for your time. Really appreciated.

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  • #4,416
  • Mar 31, 2021 9:03am Mar 31, 2021 9:03am
todays trade on US open
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  • #4,417
  • Mar 31, 2021 11:38pm Mar 31, 2021 11:38pm
Bouncing off the 55....

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  • #4,418
  • Apr 1, 2021 12:13am Apr 1, 2021 12:13am
morning scalp.forex dealing didnt execute at the bottom so ate some +1% gain. but still in plus
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  • #4,419
  • Apr 1, 2021 12:42am Apr 1, 2021 12:42am
Good morning all, Channel cross opportunity developing in EuRJPy and Silver. Also watching EurUsd. channel crossing and daily open line break. waiting for retest -rr to ss. Sorry can't put charts up at the moment
  • #4,420
  • Apr 3, 2021 7:18am Apr 3, 2021 7:18am
Good morning all

Excellent thread here Laura! FF needs more of these type of threads.
Anyone who wants to learn a SOLID trading method needs to read this thread from start to finish.
First post here...no markup on the chart.

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Plan, Prepare, Execute, Repeat
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