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Roadmap - A Way To Read Markets

  • #4,581
  • May 18, 2021 3:10pm May 18, 2021 3:10pm
AUDUSD trade didnt work at all. I feel good about the entry and the execution was according to plan. Lost 17 pips

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDM5.png Size: 52 KB
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  • #4,582
  • May 18, 2021 3:17pm May 18, 2021 3:17pm
One more loser from today. This was entirely my fault and a result of being impatient.
The initial sell limit order was the proper entry here. If executed there, it is a BE or small loser at worst. By being impatient and chasing price down it cost me an extra dozen pips or so. This is a perfect example of an F trade...LOL

Attached Image (click to enlarge)
Click to Enlarge Name: EURNZDM5.png Size: 48 KB
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  • #4,583
  • May 18, 2021 3:28pm May 18, 2021 3:28pm
Quoting swingtrade65
One more loser from today. This was entirely my fault and a result of being impatient. The initial sell limit order was the proper entry here. If executed there, it is a BE or small loser at worst. By being impatient and chasing price down it cost me an extra dozen pips or so. This is a perfect example of an F trade...LOL {image}
Hi, swingtrade65! May I ask you the question? As I understand the whole channel must cross the MA (white on your chart)? And then only entry? Or even wait for first touch and pullback and then entry? And why you have 2 channels not one? Light blue must cross or red? Also why close in loss? You can hedge or turn over...
Observer effect
  • #4,584
  • May 18, 2021 3:47pm May 18, 2021 3:47pm
Quoting ryuryu
{quote} Hi, swingtrade65! May I ask you the question? As I understand the whole channel must cross the MA (white on your chart)? And then only entry? Or even wait for first touch and pullback and then entry? And why you have 2 channels not one? Light blue must cross or red? Also why close in loss? You can hedge or turn over...
Hi.....You are correct, the entire channel must cross for a proper entry. Sometimes, I jump in before the entire channel crosses in anticipation of the cross. This is a more risky entry and WILL result in more losing trades. However, I am willing to take that gamble on occasion because when they do work you are in early and can add to a winner on the first retracement (See AUDJPY trade from earlier today) When they work it generally is very easy money.

Lt Blue is the 8 EMA. and it was the cross that I was trading. The reddish color is a 55 EMA that Laura talks about. I keep 2 templates and one has the 55 EMA on it....I like to give it a quick glance sometimes before I enter. I simply took the picture with the 2nd template and not the first one as I normally do.

I am in the USA now and we cannot hedge.......even if were able to hedge, I would still close it due to the fact that the trade idea is WRONG at some point. I would be more productive I think concentrating on finding proper trade setups and not managing proven losers......If the trade proves my plan wrong, I WANT OUT....when I hit the point where I would no longer be willing to add to the trade in the same direction, why would I stay and spend anymore energy on it....

Just my .02 If you throw another $1 with it you can get a coffee at Mcdonalds LOL
Plan, Prepare, Execute, Repeat
  • #4,585
  • May 18, 2021 6:55pm May 18, 2021 6:55pm
AUDJPY

Attached Image (click to enlarge)
Click to Enlarge Name: InkedAUDJPYH1_LI.jpg Size: 799 KB
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  • #4,586
  • May 18, 2021 7:47pm May 18, 2021 7:47pm
Quoting q_import
{quote} Since the price of AUDJPY is calculated by AUDUSD and USDJPY what are they doing.. A bigger picture is always a good thing to view. I am no expert though.
Pretty sure I dont understand your question?
Plan, Prepare, Execute, Repeat
  • #4,587
  • May 18, 2021 8:05pm May 18, 2021 8:05pm
Quoting swingtrade65
{quote} Pretty sure I dont understand your question?
I removed it.. Sorry to bother you.. I digressed in the wrong forum..
  • #4,588
  • May 19, 2021 6:41am May 19, 2021 6:41am
Another NZDCAD trade

Attached Image (click to enlarge)
Click to Enlarge Name: InkedNZDCADM30_LI.jpg Size: 1.4 MB
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  • #4,589
  • May 19, 2021 6:44am May 19, 2021 6:44am
Still Short NZDJPY from yesterday

Attached Image (click to enlarge)
Click to Enlarge Name: InkedNZDJPYM5_LI.jpg Size: 416 KB
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  • #4,590
  • May 19, 2021 8:07am May 19, 2021 8:07am
NZDJPY closed @ +69 on the spike down

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Click to Enlarge Name: NZDJPYM15.png Size: 39 KB
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  • #4,591
  • May 19, 2021 10:19am May 19, 2021 10:19am
Quoting swingtrade65
One more loser from today. This was entirely my fault and a result of being impatient. The initial sell limit order was the proper entry here. If executed there, it is a BE or small loser at worst. By being impatient and chasing price down it cost me an extra dozen pips or so. This is a perfect example of an F trade...LOL {image}
is that a buy setup after your exit.
Arun
  • #4,592
  • May 19, 2021 11:03am May 19, 2021 11:03am
Quoting swingtrade65
{quote} Hi.....You are correct, the entire channel must cross for a proper entry. Sometimes, I jump in before the entire channel crosses in anticipation of the cross. This is a more risky entry and WILL result in more losing trades. However, I am willing to take that gamble on occasion because when they do work you are in early and can add to a winner on the first retracement (See AUDJPY trade from earlier today) When they work it generally is very easy money. Lt Blue is the 8 EMA. and it was the cross that I was trading. The reddish color is a...
you hav a lot of patience to explain in detail. kudos
Arun
  • #4,593
  • May 19, 2021 12:00pm May 19, 2021 12:00pm
Quoting arunthegreat
{quote} is that a buy setup after your exit.
Yes, you are correct, and a nice one at that. Not only the crossing of the 8EMA but it was a failed cross of the 55 EMA which in my opinion you should buy on the first bar that closes above the H of the 55. I should have been looking for that entry but instead was focused on a loser......perspective is everything.
Attached Image (click to enlarge)
Click to Enlarge Name: EURNZDM5.png Size: 51 KB
Plan, Prepare, Execute, Repeat
  • #4,594
  • May 19, 2021 12:06pm May 19, 2021 12:06pm
Quoting swingtrade65
{quote} Yes, you are correct, and a nice one at that. Not only the crossing of the 8EMA but it was a failed cross of the 55 EMA which in my opinion you should buy on the first bar that closes above the H of the 55. I should have been looking for that entry but instead was focused on a loser......perspective is everything. {image}

Hi, your chart of this strategy is very nice, could you please share your indicators and tpl template. to this strategy ??
  • #4,595
  • May 19, 2021 12:07pm May 19, 2021 12:07pm
Just added

Attached Image (click to enlarge)
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Plan, Prepare, Execute, Repeat
  • #4,596
  • May 20, 2021 2:55am May 20, 2021 2:55am
Quoting Nolan38
{quote} Hi, your chart of this strategy is very nice, could you please share your indicators and tpl template. to this strategy ??
Read page one.
All you touch and all you see, is all your life will ever be.
  • #4,597
  • May 20, 2021 7:17am May 20, 2021 7:17am
Just added

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Click to Enlarge Name: InkedGBPJPYH1_LI.jpg Size: 447 KB
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  • #4,598
  • May 21, 2021 3:06pm May 21, 2021 3:06pm
Bad trade on the GBPJPY entry in the above post
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Click to Enlarge Name: GBPJPYH1.png Size: 59 KB
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  • #4,599
  • May 21, 2021 3:09pm May 21, 2021 3:09pm
This was a very nice trade that I closed this afternoon

Attached Image (click to enlarge)
Click to Enlarge Name: NZDCADH1.png Size: 51 KB
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  • #4,600
  • May 21, 2021 3:12pm May 21, 2021 3:12pm
Another AUDJPY trade

Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYH1.png Size: 55 KB
Plan, Prepare, Execute, Repeat
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