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Roadmap - A Way To Read Markets

  • #5,901
  • Jan 30, 2024 1:07am Jan 30, 2024 1:07am
Quoting Detto
Just got into the E/U {image}
Regardless of the final outcome, this is a very good choice of trade.

Price tried, and failed, to trade above the daily open line for any great length of time. Notice how it then kept testing the line after the failure, before dropping further. It then did the same thing with SMA200.

I like how you're using trendlines too. And there is plenty of room before price encounters the next major roadblock (yesterday's low).

Well done.
  • #5,902
  • Jan 30, 2024 1:13am Jan 30, 2024 1:13am
Quoting LauraT
{quote} Regardless of the final outcome, this is a very good choice of trade. Price tried, and failed, to trade above the daily open line for any great length of time. Notice how it then kept testing the line after the failure, before dropping further. It then did the same thing with SMA200. I like how you're using trendlines too. And there is plenty of room before price encounters the next major roadblock (yesterday's low). Well done.
Thanks I have an excellent teacher
  • #5,903
  • Jan 30, 2024 1:34am Jan 30, 2024 1:34am
Quoting Detto
Just got into the E/U {image}
Little tip for the future in terms of squeezing a bit more from a trade.

I've added the secondary channel as per my Journal (55EMA). Because there was a bearish bias already (demonstrated by RSI and trendlines), the failure at the daily open could justify an earlier entry that overrides the SMA200 filter. I've marked a rectangle to show where the entry would be. Once the EMA8 channel looked like it was going to head fully below EMA55 channel, the entry could be made.

I appreciate you might not even have been at your screen at the time but something to keep in mind for other opportunities you find. SMA200 filter is there to encourage a basic level of discipline but, once you start getting a little more advanced with your application of Roadmap, it does not have to be a deciding factor.

Hope this helps.

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  • #5,904
  • Edited 6:44am Jan 30, 2024 6:22am | Edited 6:44am
Quoting LauraT
{quote} Little tip for the future in terms of squeezing a bit more from a trade. I've added the secondary channel as per my Journal (55EMA). Because there was a bearish bias already (demonstrated by RSI and trendlines), the failure at the daily open could justify an earlier entry that overrides the SMA200 filter. I've marked a rectangle to show where the entry would be. Once the EMA8 channel looked like it was going to head fully below EMA55 channel, the entry could be made. I appreciate you might not even have been at your screen at the time but...
understood, thankyou. please share that wonderful template!
Also if u dont mind tell me what currencies you trade mainly, I have read it some time ago in this thread somewhere but cant remember.
  • #5,905
  • Jan 30, 2024 8:20am Jan 30, 2024 8:20am
Quoting Loftboy
You Madam, are a breath of fresh air. Please ban anyone who asks for the inevitable EA.
Hey Everyone, I just start to look at this Thread and just think about to code it as an EA.
Why isn't it possible? What is it what makes it impossible. I just start to make an diagram and collect needed indicators.
Is there anyone how want to give me a try.
P.S.: I just code MQL5 cause it is way more faster at Backtests

Kind regard an please don't ban me for my question
  • #5,906
  • Jan 30, 2024 9:59am Jan 30, 2024 9:59am
Charts speak for themselves...I pay close attention to the channel and where are the candles opening and closing in relation
to the 5m channel once in a trade.. They are a great momentum indicator,,,
When trading oil the 9am NYMEX open is important...TIMING
Levels where are you on the Map ? Round #s ? HOD, LOD, HOW, below the Close/Open etc etc
Behaviour...What is price doing ? Patterns, larger timeframes uptrend etc.

Its all a Roadmap

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Master your Mind,,,Master the Market
  • #5,907
  • Jan 30, 2024 2:31pm Jan 30, 2024 2:31pm
Quoting bluesteele
Charts speak for themselves...I pay close attention to the channel and where are the candles opening and closing in relation to the 5m channel once in a trade.. They are a great momentum indicator,,, When trading oil the 9am NYMEX open is important...TIMING Levels where are you on the Map ? Round #s ? HOD, LOD, HOW, below the Close/Open etc etc Behaviour...What is price doing ? Patterns, larger timeframes uptrend etc. Its all a Roadmap {image} {image}
9 am Nymex = 1pm UK time. Might take a look at that because I will not have to get out of bed too early (Dax)
every Saint has a past. Every Sinner has a Future
  • #5,908
  • Jan 30, 2024 2:33pm Jan 30, 2024 2:33pm
Quoting eurodirk
{quote} Hey Everyone, I just start to look at this Thread and just think about to code it as an EA. Why isn't it possible? What is it what makes it impossible. I just start to make an diagram and collect needed indicators. Is there anyone how want to give me a try. P.S.: I just code MQL5 cause it is way more faster at Backtests Kind regard an please don't ban me for my question
Start your own thread maybe.
every Saint has a past. Every Sinner has a Future
  • #5,909
  • Jan 31, 2024 1:38am Jan 31, 2024 1:38am
Quoting Detto
Just got into the E/U {image}
Hi sir , can you explain more what the settings you made and why you entered that point
Thanks
  • #5,910
  • Jan 31, 2024 2:27am Jan 31, 2024 2:27am
Quoting eurodirk
{quote} Hey Everyone, I just start to look at this Thread and just think about to code it as an EA. Why isn't it possible? What is it what makes it impossible. I just start to make an diagram and collect needed indicators. Is there anyone how want to give me a try. P.S.: I just code MQL5 cause it is way more faster at Backtests Kind regard an please don't ban me for my question
Hi,

The problem you will face is that Roadmap isn't a strategy intended to have a limited number of actions based upon a limited number of scenarios.

The best you could probably achieve is to code a single element and I predict that element will perform in an underwhelming manner.

This is because Roadmap is a framework for analysing the current market situation, rather than something that can easily be reduced to "if this, do this". I mean, ultimately there could be a decision tree for almost every scenario if you downloaded my brain contents or spent a few years with me explaining every nuance - but neither of those things are realistic

Even yesterday I was advising someone to ignore a key element of the framework (SMA200) in certain scenarios. That goes well beyond any coded solution, I'd say.

So I think you will ultimately find other approaches much easier to code than mine. My experience of mentoring others in this way of seeing the market is that 20 traders will end up trading 20 different variations. This is a positive rather than a negative, as every individual has different needs, different schedules and different strengths. Some even take elements of Roadmap, disregard other elements and introduce things not even mentioned here - and have much success.

I don't say any of this to appear slippery around the strength or weakness of Roadmap. I'm also not being precious about how 'special' this approach is. But years of experience, both from my own trading and watching how others use it, has convinced me that automation is not realistic or worthwhile.

Hope this helps.
  • #5,911
  • Jan 31, 2024 2:51am Jan 31, 2024 2:51am
Quoting bluesteele
Nice to see you here Laura ! And it just dawned on me I didnt really trade oil with any frequency until the start of your thread...and just looked almost 4 yrs ago.. Time flies. Its probably 85% of all I ever trade now on a daily basis...IT was the SPX but last 2 yrs predominantly Oil. Thanks for turning me on to the Oil market ! absolutely love it lol... Anyhow might as well toss up a few charts. They speak for themselves for others that see them. Just basic Roadmap with some timing and structure etc... Nothing fancy. All the best to you Laura...
Can u give me name of the indicator?
  • #5,912
  • Jan 31, 2024 3:54am Jan 31, 2024 3:54am
Quoting LauraT
{quote} Hi, The problem you will face is that Roadmap isn't a strategy intended to have a limited number of actions based upon a limited number of scenarios. The best you could probably achieve is to code a single element and I predict that element will perform in an underwhelming manner. This is because Roadmap is a framework for analysing the current market situation, rather than something that can easily be reduced to "if this, do this". I mean, ultimately there could be a decision tree for almost every scenario if you downloaded my brain contents...
i completely agree with you, successful trading has something very artistic about it, being able to read the language of the charts or price movements.
it takes years and is a never-ending process.
there is always something new being added.

for example, i added the 8ema and the daily high/low indicator from you to a template.
everything grows like the universe;-)

programming can be helpful, e.g. order mask EA or indicator.
but it will not be able to replace many areas, especially risk assessment through experience.

i also doubt that artificial intelligence will ever be able to do that.
trading is like dancing, don't think and just listen to the music!
  • #5,913
  • Jan 31, 2024 5:50am Jan 31, 2024 5:50am
Quoting birdland
{quote} i completely agree with you, successful trading has something very artistic about it, being able to read the language of the charts or price movements. it takes years and is a never-ending process. there is always something new being added. for example, i added the 8ema and the daily high/low indicator from you to a template. everything grows like the universe;-) programming can be helpful, e.g. order mask EA or indicator. but it will not be able to replace many areas, especially risk assessment through experience. i also doubt that artificial...
I wasn't going to reply to his query re EA's cos my head hurts. But I have often quoted an oft said mantra that if EA's or other AI stuff was any good then everybody would be a winner and the market would collapse. The huge elephant in the room is the trader and what is inside his head ( psychology).
They say opinions are like bum holes - everybody has one, but it is the plethora of differing opinions, attitudes towards art etc ( human minds) that facilitate the market.
It is a little more complicated than that but still human being based; and Mrs T says coffee is ready.
every Saint has a past. Every Sinner has a Future
  • #5,914
  • Jan 31, 2024 5:55am Jan 31, 2024 5:55am
Quoting LauraT
{quote} Hi, The problem you will face is that Roadmap isn't a strategy intended to have a limited number of actions based upon a limited number of scenarios. The best you could probably achieve is to code a single element and I predict that element will perform in an underwhelming manner. This is because Roadmap is a framework for analysing the current market situation, rather than something that can easily be reduced to "if this, do this". I mean, ultimately there could be a decision tree for almost every scenario if you downloaded my brain contents...
Laura said:
" My experience of mentoring others in this way of seeing the market is that 20 traders will end up trading 20 different variations. "

As did the "Turtle Traders" - some thrived but others couldn't make the "Turtle" approach work. The human element again but still many seek the "magic" EA that lays golden eggs.
every Saint has a past. Every Sinner has a Future
  • #5,915
  • Jan 31, 2024 9:19am Jan 31, 2024 9:19am
Quoting bluesteele
Charts speak for themselves...I pay close attention to the channel and where are the candles opening and closing in relation to the 5m channel once in a trade.. They are a great momentum indicator,,, When trading oil the 9am NYMEX open is important...TIMING Levels where are you on the Map ? Round #s ? HOD, LOD, HOW, below the Close/Open etc etc Behaviour...What is price doing ? Patterns, larger timeframes uptrend etc. Its all a Roadmap {image} {image}
Hi Kevin.
Just looked at oil in hindsight here since I was reading Islands post on line charts.
I marked up areas of interest with lines on 5 min and one minute chart. Any comment welcome
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every Saint has a past. Every Sinner has a Future
  • #5,916
  • Jan 31, 2024 9:50am Jan 31, 2024 9:50am
Quoting kevin-v7x
{quote} Can u give me name of the indicator?
Hi Kevin
What indicator are you looking for ? Theres a half dozen on my TV charts..
Master your Mind,,,Master the Market
  • #5,917
  • Jan 31, 2024 10:08am Jan 31, 2024 10:08am
Quoting turnip15
{quote} Hi Kevin. Just looked at oil in hindsight here since I was reading Islands post on line charts. I marked up areas of interest with lines on 5 min and one minute chart. Any comment welcome {image} {image}
Hi T,

A couple. First Oil is an inside day...Close to prev day low as I write. Inside days Im a bit weary of trading. Considering
inventories and other red news as well...

Your 5min 200 looks different than mine... SMA EMA... not an issue just observation
THe 1min chart does not appeal to me but the 5min is sweet. In particular the 930 equity open candles close was a sell signal for me.
which i think is your 4th arrow, hmm looks like its your 3rd arrow ?

So yes I do like the shorts as they setup on the 5m not the 1m ..but thats just the way my eyes see it of course
Other factors for me was price pushing back up into Asia Low as Ive highlighted ..The "Pump"up from 8am NY drawing/inducing in the longs
off of 77.00 and North.

Oil always important to watch the 9am NY Nymex candle...Inventories...and with Oil major red news does not react the same way as currencies.
In a nutshell Oil reacts normally much more calmer than say indices currencies etc... But is volatile and can wipe a 25 30 pt stop out quickly lol.

Anyhow hope this helps...Always happy to talk oil

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Master your Mind,,,Master the Market
  • #5,918
  • Feb 1, 2024 4:03am Feb 1, 2024 4:03am
Quoting LauraT
{quote} Hi Kevin ~~ Yes, oil plays very nicely with the channel if you get the timeframe right for the current level of volatility. ~~ I'll send my bank details so you can wire my cut
Can you offer any insights as to how to do this on a consistent basis? (The time frame that is, not the wire transfer .) Nice to see you back here for awhile by the way!
Good Trading
  • #5,919
  • Feb 2, 2024 2:26am Feb 2, 2024 2:26am
Got into these two trades, trend line breaks and retest.
Trade management: price has now closed back under the trendline so watching closely as I have daily open and 200sma as resistance , a close below or above I will close both trades.
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  • #5,920
  • Feb 2, 2024 3:48am Feb 2, 2024 3:48am
Closed both trades, need to work, 1% made for the day risking %0.5 per trade

Happy weekend !!
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