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Roadmap - A Way To Read Markets

  • #5,041
  • Mar 29, 2022 3:28pm Mar 29, 2022 3:28pm
Quoting LauraT
{quote} I no longer trade forex. I find opportunities much easier to come by, and more reliable, on other instruments.
Laura - What instruments do you trade? (If you don't mind sharing :0)
  • #5,042
  • Mar 29, 2022 6:19pm Mar 29, 2022 6:19pm
Quoting neil001
{quote} Laura - What instruments do you trade? (If you don't mind sharing :0)
I am not Laura, but I believe she mainly trades oil, indices, and gold. Overall, they are all you need to get your share of the action.
  • #5,043
  • Mar 29, 2022 8:06pm Mar 29, 2022 8:06pm
My first trade with Roadmap. Demo of course. Channel cross sell trade. The TP and SL are arbitrary, I just put something there because I didn't know when I would be able to check the chart again.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD M15 Sell Open.jpg Size: 2.5 MB
I closed the trade at ADR low with a nice small win. I didn't have time to watch the chart anymore, plus price started to go a bit sideways. The RSI composite and the mtf RSI said stay in, I got out anyway.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD M15 close.jpg Size: 2.4 MB
Price did make a further push down after I got out. Not complaining, happy I got what I got.

The scanner hannover made is fantastic. I have mine set to let me know when price gets close to the 200 MA and it looks like I will get plenty of opportunities to trade.
  • #5,044
  • Mar 30, 2022 8:30am Mar 30, 2022 8:30am
3 trades for the journal today, with reflections. 1 win, 2 losses. I really appreciate the feedback you experienced guys give, plus I'm adding it to the journal for others to use.
https://docs.google.com/presentation...it?usp=sharing

From Laura's 'Just a Journal' thread, I've also set up my trading plan as per her post. This is a dynamic document, I look forward to developing it as I develop. Feedback appreciated again, also shared in case it's of any use to anyone.
https://docs.google.com/document/d/1...it?usp=sharing

thanks
  • #5,045
  • Mar 30, 2022 9:35am Mar 30, 2022 9:35am
Quoting bluepanido
3 trades for the journal today, with reflections. 1 win, 2 losses. I really appreciate the feedback you experienced guys give, plus I'm adding it to the journal for others to use. https://docs.google.com/presentation...it?usp=sharing From Laura's 'Just a Journal' thread, I've also set up my trading plan as per her post. This is a dynamic document, I look forward to developing it as I develop. Feedback appreciated again, also shared in case it's of any use to anyone. https://docs.google.com/document/d/1...it?usp=sharing...
Really impressed to see you go down the trading plan route - great start!

In terms of your trades, I'd say FTSE was just one of those that didn't work out. Gold looked pretty sideways to me. Bit too messy price action for me to be attracted to it. Nice oil trade - you raise a good question about whether your results for the day should influence your decision making. The answer is, ideally, no. But of course, we are human. Mark Douglas would have certainly said you should not have been influenced in this way though lol.
  • #5,046
  • Mar 30, 2022 11:01am Mar 30, 2022 11:01am
Quoting bluepanido
3 trades for the journal today, with reflections. 1 win, 2 losses. I really appreciate the feedback you experienced guys give, plus I'm adding it to the journal for others to use. https://docs.google.com/presentation...it?usp=sharing From Laura's 'Just a Journal' thread, I've also set up my trading plan as per her post. This is a dynamic document, I look forward to developing it as I develop. Feedback appreciated again, also shared in case it's of any use to anyone. https://docs.google.com/document/d/1...it?usp=sharing...
Professional approach, best of luck with that and keen to see how it develops for you.
  • #5,047
  • Mar 30, 2022 11:36am Mar 30, 2022 11:36am
Quoting bluepanido
3 trades for the journal today, with reflections. 1 win, 2 losses. I really appreciate the feedback you experienced guys give, plus I'm adding it to the journal for others to use. https://docs.google.com/presentation...it?usp=sharing From Laura's 'Just a Journal' thread, I've also set up my trading plan as per her post. This is a dynamic document, I look forward to developing it as I develop. Feedback appreciated again, also shared in case it's of any use to anyone. https://docs.google.com/document/d/1...it?usp=sharing...
You are doing great, thanks for showing your journal and being so transparent. Continue like that and the hard work will bear fruits.
  • #5,048
  • Mar 30, 2022 3:22pm Mar 30, 2022 3:22pm
Quoting bluepanido
3 trades for the journal today, with reflections. 1 win, 2 losses. I really appreciate the feedback you experienced guys give, plus I'm adding it to the journal for others to use. https://docs.google.com/presentation...it?usp=sharing From Laura's 'Just a Journal' thread, I've also set up my trading plan as per her post. This is a dynamic document, I look forward to developing it as I develop. Feedback appreciated again, also shared in case it's of any use to anyone. https://docs.google.com/document/d/1...it?usp=sharing...
Looking good. The journal will help out wonders
Attached Image (click to enlarge)
Click to Enlarge Name: ftse.png Size: 1.3 MB
  • #5,049
  • Edited 6:18am Mar 31, 2022 3:00am | Edited 6:18am
How about this for a trade management idea? Any good? I'm in Gold at the moment, in profit.
Price has closed below the 8EMA channel a couple of times on the way up. However, the top of the channel has stayed above the bottom of the little consolidation range each time. I'm thinking I should take confidence in continued bullish price movement from this?

Hope it's clear from this...
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 12 KB
  • #5,050
  • Mar 31, 2022 8:18am Mar 31, 2022 8:18am
Quoting ChubbyWookie
{quote} Looking good. The journal will help out wonders {image}
Amazing feedback, something to study. Thanks.
  • #5,051
  • Mar 31, 2022 8:19am Mar 31, 2022 8:19am
4 trades today, 2 wins 2 losses. There's also a 5th trade, which I exited as soon as I entered, with reason stated.

https://docs.google.com/presentation...it?usp=sharing
  • #5,052
  • Edited 6:16pm Mar 31, 2022 11:25am | Edited 6:16pm
Quoting bluepanido
{quote} sorry, permissions updated now. Thanks. https://docs.google.com/presentation...it?usp=sharing
I really like your journal bluepanido, I would not have ever thought of using Google Slides, nice one!
  • #5,053
  • Mar 31, 2022 2:47pm Mar 31, 2022 2:47pm
Great journal bluepanido. It will be helpful to you & others to review it later, over time, to gain insights and better success.

Some ideas to consider in your journal, completely your choice to use or ignore:

The left column (thumbnail view) of all the slides would be more helpful if there were some visual indicators to give the slightest bit of info of each slide, without having to click on each one to see the details. The most obvious visual clues I can think of would be:

 

  1. Either increase the font size of the instrument traded so it's readable on the thumbnail, and/or add to each slide a 2-3 character name with a VERY large font to show the name of the Fx pair, or short name of the ETF/Commodity.

    Suggested letters for each Fx currency: A=AUD, Ca(or C)=CAD, Ch(or F)=CHF, E=EUR, G=GBP, J=JPY, N=NZD, U=USD

    Therefore a big "AU" visible on the thumbnail tells you it's the AUDUSD pair. "UCa" (or "UC") would be USDCAD. "UCh" (or "UF") would be USDCHF.
  2. Your choice if you want a bigger font also for the timeframe, e.g. "M5", "H1", "D1", etc.
  3. Insert either weekly or monthly divider slides that show the date with a very large font.
  4. Could you add subtle background colors to indicate whether the chart was a "win" or "loss"? If not a background color, then a large font of some letter/symbol/word that's visible on the thumbnail would give the same info.
  5. Perhaps a big font of "***" or "!!!" or something visible (on the thumbnail) that it contains some especially important insight or feedback that you want to highlight for yourself. It will be easier to find the golden nuggets if you do.


Besides capturing the smaller timeframe chart you used for entry, I wonder if you'd have a way to include snapshots of 1-2 larger timeframes so you would have a better context of your trade. You might therefore document when a move is fresh / mid-way / stale(?). Obviously this might need a 2nd slide, but could be helpful to you to have the context along with your trade.


Good trades to you. Good luck!

Kent (pips4life)

P.S. If someone wanted to comment -- or provide links to -- info on how best to use MS OneNote to document/journal trades, that's another flexible way to document trades. I'm not that experienced with OneNote yet, so figuring out the best organization to use. I'm not sure OneNote would be as easy to share publicly as your Google doc "slides", which is very easy and convenient, and clearly very popular!

  • #5,054
  • Mar 31, 2022 11:30pm Mar 31, 2022 11:30pm
Quoting bluepanido
3 trades for the journal today, with reflections. 1 win, 2 losses. I really appreciate the feedback you experienced guys give, plus I'm adding it to the journal for others to use. https://docs.google.com/presentation...it?usp=sharing From Laura's 'Just a Journal' thread, I've also set up my trading plan as per her post. This is a dynamic document, I look forward to developing it as I develop. Feedback appreciated again, also shared in case it's of any use to anyone. https://docs.google.com/document/d/1...it?usp=sharing...
Hi Peter, nice trading plan! Thank you for sharing this.
Could you explain what does it mean "I will not enter trades in US indices between midday and 2pm."? Thanks, H.
  • #5,055
  • Edited 5:25pm Apr 1, 2022 3:58am | Edited 5:25pm
Quoting pips4life
Great journal bluepanido. It will be helpful to you & others to review it later, over time, to gain insights and better success. Some ideas to consider in your journal, completely your choice to use or ignore: The left column (thumbnail view) of all the slides would be more helpful if there were some visual indicators to give the slightest bit of info of each slide, without having to click on each one to see the details. The most obvious visual clues I can think of would be: Either increase the font size of the instrument traded so it's readable...
Thanks for the feedback on the journal.
Upon reflection, I've incorporated some of your suggestions:

-A link on each slide (starting from today, see the Dax trade this morning) to another Google Slides doc with 4 HTF charts for each trade. The link will take you directly to corresponding slide in the other doc.
-Colouring green for win, red for loss. Stays white for BE.
-Instrument name in large font for the thumbnails.
  • #5,056
  • Apr 1, 2022 4:02am Apr 1, 2022 4:02am
Quoting H0nZ4
{quote} Hi Peter, nice trading plan! Thank you for sharing this. Could you explain what does it mean "I will not enter trades in US indices between midday and 2pm."? Thanks, H.
It should actually say between midday and 4pm. I've changed it.

It refers to UK time. US indices can make make crazy moves and whipsaws at 1.30pm UK/8.30am NY due to economic and financial news releases. Then they can get crazy when US stock markets open at 2.30pm/9.30am. I don't want to trade them after midday as I don't want to be in a position at these times. I'll wait until 4pm as it gives time for the madness (when it happens) to settle down. These markets are just too unpredictable during the New York morning.
  • #5,057
  • Edited 9:00am Apr 1, 2022 8:25am | Edited 9:00am
A win and a loss today. Links to HTF chart this time. I've not commented on the HTF charts, but they are there to study.

Also an idea for directional bias which I'm going to use next week.

https://docs.google.com/presentation...0a1f76a62_0_51
  • #5,058
  • Edited 4:18pm Apr 2, 2022 5:32am | Edited 4:18pm
Quoting bluepanido
A win and a loss today. Links to HTF chart this time. I've not commented on the HTF charts, but they are there to study. Also an idea for directional bias which I'm going to use next week. https://docs.google.com/presentation...0a1f76a62_0_51
Yes nice suggestion, but bias can be a double edged sword, less trades, but you can also get in late when moves do start, very much a personal decision. I'm still concentrating on the higher time-frames, daily and H4, due to ill health
  • #5,059
  • Apr 2, 2022 11:08pm Apr 2, 2022 11:08pm
Quoting bluepanido
{quote} It should actually say between midday and 4pm. I've changed it. It refers to UK time. US indices can make make crazy moves and whipsaws at 1.30pm UK/8.30am NY due to economic and financial news releases. Then they can get crazy when US stock markets open at 2.30pm/9.30am. I don't want to trade them after midday as I don't want to be in a position at these times. I'll wait until 4pm as it gives time for the madness (when it happens) to settle down. These markets are just too unpredictable during the New York morning.
These are the best times to trade the indices. Unpredictable yes, if you don't know what you are looking for.
  • #5,060
  • Apr 3, 2022 5:17am Apr 3, 2022 5:17am
Quoting fxbarwise
{quote} These are the best times to trade the indices. Unpredictable yes, if you don't know what you are looking for.
What should we be looking for at these times? ICTs recent YouTube mentorship gives some ideas on this.
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