Roadmap - A Way To Read Markets | Page 251 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Software tools for LauraT's Roadmap 169 replies

Forex Brokerage Roadmap 4 replies

Best way to read all of someone's posts? 3 replies

Simple way to read chart 11 replies

Attachments: Roadmap - A Way To Read Markets
Exit Attachments

Roadmap - A Way To Read Markets

  • #5,001
  • Mar 23, 2022 3:51pm Mar 23, 2022 3:51pm
Thanks for the feedback today.

I had a 3rd trade on the NASDAQ, taking 0.6R. This is really interesting stuff. I noticed setups occur in London a bit. That's ideally when I'd like to trade, get in and try to ride a move for the day.

Here's the journal again. I'll put all trades in this with a rationale for entering and reflections. Hopefully as this builds up then others may find it a useful resource.
https://docs.google.com/presentation...it?usp=sharing
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 11 KB
  • #5,002
  • Mar 23, 2022 11:33pm Mar 23, 2022 11:33pm
It's been a while since I've posted here on FF.

Anyways, here is Laura Road Map Indis that may be some use to you.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 74 KB
  • #5,003
  • Mar 23, 2022 11:37pm Mar 23, 2022 11:37pm
The above Screen Shot is Laura 15m on 5m chart. The two lines are the 8 EMA High Low. Red line is 200 MA.Buy above thee lines, sell below three lines.

Sub window has 3TF CompRSI real time. Blue lines are based on Close differences, and the red line based on Open diff,.

I shall post the indis if its OK with Laura.

Cheers.
  • #5,004
  • Mar 24, 2022 12:32am Mar 24, 2022 12:32am
Quoting Pat1
The above Screen Shot is Laura 15m on 5m chart. The two lines are the 8 EMA High Low. Red line is 200 MA.Buy above thee lines, sell below three lines. Sub window has 3TF CompRSI real time. Blue lines are based on Close differences, and the red line based on Open diff,. I shall post the indis if its OK with Laura. Cheers.
Sure. MTF approach is interesting.
  • #5,005
  • Mar 24, 2022 12:35am Mar 24, 2022 12:35am
Quoting bluepanido
Thanks for the feedback today. I had a 3rd trade on the NASDAQ, taking 0.6R. This is really interesting stuff. I noticed setups occur in London a bit. That's ideally when I'd like to trade, get in and try to ride a move for the day. Here's the journal again. I'll put all trades in this with a rationale for entering and reflections. Hopefully as this builds up then others may find it a useful resource. https://docs.google.com/presentation...it?usp=sharing {image}
This will be a very useful resource for people who visit the thread in future. Thanks for sharing.
  • #5,006
  • Mar 24, 2022 5:06am Mar 24, 2022 5:06am
Quoting bluepanido
Thanks for the feedback today. I had a 3rd trade on the NASDAQ, taking 0.6R. This is really interesting stuff. I noticed setups occur in London a bit. That's ideally when I'd like to trade, get in and try to ride a move for the day. Here's the journal again. I'll put all trades in this with a rationale for entering and reflections. Hopefully as this builds up then others may find it a useful resource. https://docs.google.com/presentation...it?usp=sharing {image}
Nice journal, Peter! Keep commenting your trades, very useful.
  • #5,007
  • Mar 24, 2022 8:54am Mar 24, 2022 8:54am
Quoting Pat1
The above Screen Shot is Laura 15m on 5m chart. The two lines are the 8 EMA High Low. Red line is 200 MA.Buy above thee lines, sell below three lines. Sub window has 3TF CompRSI real time. Blue lines are based on Close differences, and the red line based on Open diff,. I shall post the indis if its OK with Laura. Cheers.
Interesting Pat1 Thank you for sharing. Can you tell us how to interpret the composite RSI window?
  • #5,008
  • Mar 24, 2022 9:03am Mar 24, 2022 9:03am
Quoting bluepanido
Thanks for the feedback today. I had a 3rd trade on the NASDAQ, taking 0.6R. This is really interesting stuff. I noticed setups occur in London a bit. That's ideally when I'd like to trade, get in and try to ride a move for the day. Here's the journal again. I'll put all trades in this with a rationale for entering and reflections. Hopefully as this builds up then others may find it a useful resource. https://docs.google.com/presentation...it?usp=sharing {image}
I just looked at your journal. It looks great please keep it up, it's very helpful. I really like the way you show what the trade looked like when you opened it. Too many times we see a trade after it has completed and we don't know what the MTF RSI indicator was showing.
  • #5,009
  • Mar 24, 2022 10:43am Mar 24, 2022 10:43am
2 trades for Blue's journal today. Both lost. Forex markets felt stagnant today, so I resisted the urge to pull the trigger any more than that. There are some reflections on what could have been done differently. All feedback appreciated.

https://docs.google.com/presentation...it?usp=sharing
  • #5,010
  • Mar 24, 2022 10:57am Mar 24, 2022 10:57am
Quoting bluepanido
2 trades for Blue's journal today. Both lost. Forex markets felt stagnant today, so I resisted the urge to pull the trigger any more than that. There are some reflections on what could have been done differently. All feedback appreciated. https://docs.google.com/presentation...it?usp=sharing
I think both trades involve entries into pretty stale/mature trends. That can sometimes be ok, but a fresh cross (or the channel returning closer to the SMA) is usually better.

The flat price action isn't ideal but it's all about context. There will be occasions where a brief period of flatness offers good opportunities.

On your GU trade, I advise people to take profits when they have a spike in their favour as such spikes usually retrace. As you mention, 1.5R wouldn't have been nothing.

Finally, although you are just practicing with micro lots at this stage, be careful in the future about correlations.

Hope this helps.
  • #5,011
  • Mar 24, 2022 11:11pm Mar 24, 2022 11:11pm
Quoting Pat1
It's been a while since I've posted here on FF. Anyways, here is Laura Road Map Indis that may be some use to you. {image}
Indicator for 8/55/200 Mas of tf of your choice.
Attached File(s)
File Type: ex4 Laura.ex4   17 KB | 515 downloads
  • #5,012
  • Mar 25, 2022 2:41am Mar 25, 2022 2:41am
I'm in oil. There's a question here about should I close this one? https://docs.google.com/presentation...it?usp=sharing
  • #5,013
  • Mar 25, 2022 2:55am Mar 25, 2022 2:55am
Quoting bluepanido
I'm in oil. There's a question here about should I close this one? https://docs.google.com/presentation...it?usp=sharing
In future, when you are trading at bigger size, this is a good opportunity to take partial profit and allow some of your position to run.

At present, taking your position off probably does make sense after such spikes. You can always get back in on a retracement.
  • #5,014
  • Mar 25, 2022 3:07am Mar 25, 2022 3:07am
Thanks. Partial profit makes sense. I just closed it at 1.5R when price came back above the channel. It came so close to TP price before a pull back, that TP felt the wind off the candle!
  • #5,015
  • Mar 25, 2022 3:53am Mar 25, 2022 3:53am
Quoting LauraT
{quote} In future, when you are trading at bigger size, this is a good opportunity to take partial profit and allow some of your position to run. At present, taking your position off probably does make sense after such spikes. You can always get back in on a retracement.
So after 1 candle close above the channel, the trend continued down to TP and beyond. Would you have closed the trade where I did Laura? Another reason for closing was that the bottom of the channel had turned upwards. Also, is there anything in this trade to identify it as a runner? Thanks again!
Attached Image (click to enlarge)
Click to Enlarge Name: oil trade.PNG Size: 13 KB
  • #5,016
  • Mar 25, 2022 4:25am Mar 25, 2022 4:25am
Quoting bluepanido
{quote} So after 1 candle close above the channel, the trend continued down to TP and beyond. Would you have closed the trade where I did Laura? Another reason for closing was that the bottom of the channel had turned upwards. Also, is there anything in this trade to identify it as a runner? Thanks again! {image}
I can certainly understand why you closed where you did. Another example of the future benefit you'll have with partial profit taking. Trading involves a constant state of uncertainty and the fact it went on to hit your TP doesn't necessarily make your decision a bad one. It could just have easily retraced a large amount or reversed.

However, there are a couple of clues of it being a runner. One is that it was a fresh cross. As I said yesterday about trying to avoid stale trends, these fresh crosses tend to have much more momentum behind them as new participants enter. Also notice the angle of descent. Raghee Horner always said to imagine a clock face and to look for down moves that create an angle for the channel at around 4pm. This was a perfect example of that.
  • #5,017
  • Mar 25, 2022 4:44am Mar 25, 2022 4:44am
Quoting LauraT
{quote} I can certainly understand why you closed where you did. Another example of the future benefit you'll have with partial profit taking. Trading involves a constant state of uncertainty and the fact it went on to hit your TP doesn't necessarily make your decision a bad one. It could just have easily retraced a large amount or reversed. However, there are a couple of clues of it being a runner. One is that it was a fresh cross. As I said yesterday about trying to avoid stale trends, these fresh crosses tend to have much more momentum behind...
That's great feedback. thanks you. I've added it to the journal for others to see. I had another trade on GU, took partial profit and moved stop to BE (I've reflected on why I done this and why it was a mistake. Plus what to do next time).
  • #5,018
  • Mar 25, 2022 4:55am Mar 25, 2022 4:55am
Quoting bluepanido
{quote} That's great feedback. thanks you. I've added it to the journal for others to see. I had another trade on GU, took partial profit and moved stop to BE (I've reflected on why I done this and why it was a mistake. Plus what to do next time).
Again this is just a matter of personal preference but I'm not a fan of BE stops (even after taking partial profit). They are either put in place too quickly, and have too high a likelihood of being hit, or too slowly, resulting in giving back too much floating profit.

More of an art than a science but as a general rule of thumb I would look to take partials at a logical point or in reaction to specific price behaviour. I would then check how close my stop would be to the action if I were to lock in a small profit on the remaining position. If it's too close I would either leave my original stop in place and wait it out a bit longer or lock in a smaller loss on the remaining position (to give me a net profit when taking into account what I've already taken off).

So, let's say I take +40 on half my position. I might then decide to lock in +10. This gives the remainder enough wiggle room to breathe but guarantees me a profit on both portions. The purpose of trading for a living is to get paid and, although it may seem a small point, all those BE stops end up costing a lot of money in comparison to my approach.

Hope that makes sense.
  • #5,019
  • Mar 25, 2022 5:05am Mar 25, 2022 5:05am
New Journal Post: Roadmap Variation

https://www.forexfactory.com/thread/...5#post13945875

Please note, this is simply another option for traders. Nothing has changed in terms of the effectiveness of the original setups.
  • #5,020
  • Mar 25, 2022 5:41am Mar 25, 2022 5:41am
Quoting LauraT
{quote} Again this is just a matter of personal preference but I'm not a fan of BE stops (even after taking partial profit). They are either put in place too quickly, and have too high a likelihood of being hit, or too slowly, resulting in giving back too much floating profit. More of an art than a science but as a general rule of thumb I would look to take partials at a logical point or in reaction to specific price behaviour. I would then check how close my stop would be to the action if I were to lock in a small profit on the remaining position....
Yes, makes perfect sense. As I said in my journal, upon reflection the decision to move to BE was born of fear. Having said that, moves to BE can have their place depending on the strategy. I trade a couple of strategies with EAs that I had coded for me. I've been using them a couple of months now. When I backtest them in the MT4 strategy tester, the results are better when moving the SL to BE at a certain number of pips profit than not moving to BE. One of these strategies uses 1H charts so I was able to run the strategy tester over a 21 month period so I consider that valid test data. However, these are very dumb strategies, as in if A and B are true, then do x. There's no room for discretion or subjectivity with them, so this kind of testing and variable optimisation can be done. With this roadmap strategy, I don't think you can really backtest effectively as you make decisions on whether to enter as the market plays out. If you have a discretionary strategy and you decide where your SL should be, it does make sense to leave it in situ.
4 traders viewing now