Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Software tools for LauraT's Roadmap 167 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

This is another current live trade I am in.
Attached Image (click to enlarge)
Click to Enlarge Name: 6285059901994.png Size: 44 KB
Welcome snakecharmer,

I personally dont open trades with the trend when the adr has been blocked because the price is more likely to turn than the price to continue.
Quoting snakecharmer
After a couple of weeks and 256 pages here is my first post. I would like to say thank you to Laura for using simplicity and common sense to explain her theories and strategy in a way that could make Richard Feynman pleasantly surprised. And also to every single person that contributed substantially to this thread trying to help people like me, thank you. I took the trade when I saw a good direction of the price and a retracement to the ADR that could possibly continue. At the time of the entry, 1M and 5M were green and the RSI was around 60 ...ish,...
Hi - welcome. And congratulations on the mammoth task of getting through the whole thread!

In terms of your trade, there isn't a lot wrong with it. The structure was good when you entered and everything else suggested a continuation to the upside.

After you entered though, the market rose and fell then created a lower high followed by a lower low and another lower high. That is micro-structure becoming bearish. If I was in the trade it would most likely have resulted in me scratching it for slightly worse than breakeven.

Having said that, I also recognise that applying analysis of micro-structure can result in being shaken out of 'good' positions too often. So it's really a case of having to choose your poison. Either you take those early warning signals or you ignore them and stay focused on the bigger picture.

Best of luck with Roadmap and look forward to seeing more of your trades.
Quoting LauraT
{quote} Hi - welcome. And congratulations on the mammoth task of getting through the whole thread! In terms of your trade, there isn't a lot wrong with it. The structure was good when you entered and everything else suggested a continuation to the upside. After you entered though, the market rose and fell then created a lower high followed by a lower low and another lower high. That is micro-structure becoming bearish. If I was in the trade it would most likely have resulted in me scratching it for slightly worse than breakeven. Having said that,...
Thank you very much for your reply Laura, very much appreciate it.

Discretion is a part of trading that newbies like me completely overlook, but I think that can only come with time and experience for being a trader. I am happy that I followed the rules in the trade discussed but I also think now looking back and after your advice that it would have been better to cut my losses short and look for a better trade.

Here is the outcome of yesterday's Eur/Jpy trade I closed half of position on that big spike down and as you can see and I closed the rest almost at the low of the day. I am very happy with that trade even though I had a lot of emotions around the TP area.
Attached Image (click to enlarge)
Click to Enlarge Name: 62861794e6502.png Size: 47 KB


And this is Eur/Chf that I just closed a few moments ago. I saw a very strong spike below the two Daily Open and Daily Low levels, Laura's roadmap showing a strong red allover downtrend also the SMA being fairly close and price being below it for a long time. SL was just above the first ADR. Moved SL just above the HH of the candle that closed on the other side of the trendline.
Attached Image (click to enlarge)
Click to Enlarge Name: cT_cs_3485759_EURCHF_2022-05-19_11-13-54.png Size: 37 KB
Quoting snakecharmer
{quote} Thank you very much for your reply Laura, very much appreciate it. Discretion is a part of trading that newbies like me completely overlook, but I think that can only come with time and experience for being a trader. I am happy that I followed the rules in the trade discussed but I also think now looking back and after your advice that it would have been better to cut my losses short and look for a better trade. Here is the outcome of yesterday's Eur/Jpy trade I closed half of position on that big spike down and as you can see and I closed...
Nice trades - well done.

Taking some profit on spikes in your favour is a very good habit to get into.
Attached Image (click to enlarge)
Click to Enlarge Name: 62863c33e2d66.png Size: 38 KB

Update on the trade.
Closed it with a small loss.
This time I used trendlines to help my exit instead of waiting for the break above the channel, the 1M TF and indexes is maybe something I should stay away from now.
I zoomed in more on this chart so you guys can see the picture more clearly and what I did.
Attached Image (click to enlarge)
Click to Enlarge Name: 628646f7a0510.png Size: 47 KB
  • Post #5,087
  • Quote
  • Edited May 20, 4:03am May 20, 3:12am (46 hr ago) | Edited May 20, 4:03am
Attached Image (click to enlarge)
Click to Enlarge Name: 62873f44e5162.png Size: 53 KB

Closed for a loss.
When the trendline was broken I was still considering to stay in the trade. But once the ADR line appeared I immediately closed the trade. One mistake I think it was not closing half of the position on that spike.
Attached Image (click to enlarge)
Click to Enlarge Name: 62874aaa26cb5.png Size: 44 KB
  • Post #5,088
  • Quote
  • Last Post: Edited May 20, 7:06am May 20, 5:09am (44 hr ago) | Edited May 20, 7:06am
Attached Image (click to enlarge)
Click to Enlarge Name: 62875ab404795.png Size: 43 KB

And that's the second loss today, closed the trade on the break of the trendline.
Attached Image (click to enlarge)
Click to Enlarge Name: 628775ea3a956.png Size: 54 KB
1 trader viewing now