PowerTrading/The River - page 35
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what about 2.0885 told you that was a sell signal, I would think a break of the yellow area or a close below your channel would have been your signals?
Yes
what about 2.0885 told you that was a sell signal, I would think a break of the yellow area or a close below your channel would have been your signals?
You are correct. If I were to teach it, you would enter at the bottom of the zone box. I jumped in just a bit early because I was expecting retracement but the break of support would be best until you know this method better.
PT
Again
Here we go with a River reversal. We have started the retrace based on the upward move of today. This could be very short term if we continue this strong upward move but I have already locked SL into profit at 2 pips. As usual I jumped in just a bit ahead of the zone break but I don't advise it until you are comfortable. Also, it is not always a good idea to jump into a trade late in the US session.
October Results
Here are the results from my PowerTrading method on my audited account for October
448 Positive pips for the month
Averages: 112 per week
10 out of 10 Positive trades
100% Success RateThis account is now over 20 percent profit in 2 months. Do the math, if you invested 20,000, you now have over 24,000. If you invested 200,000, you now have over 240,000. Pretty good return in two months. This account is audited for accuracy by a CPA.
Current Position
Finding myself at a critical position here. We are bouncing off the 38.2 fib from the retracement of todays move. It is acting as good resistance at the moment but if we break I could give back a lot of pips. Up 57 at the moment.
Current
It broke back through the 38.2 fib and I took it out with 41 pips. I have now extended the zone to the 38.2 fib and if we break back down, I will enter another short or look for another reversal on the high. I will not place another trade until much later. It is very important to note how I changed the zone from the earlier post and why. The range is now between the high of the day and that 38.2 fib. You must be willing to adjust your zone to identify actual support and resistance. Notice we use the fibs to help and the zone will normally be between two or three fib numbers depending on the range of the day.
PT
looks like it might be trying to get back to the riverbanks on the hourly. maybe
New Rules
I will be posting some new trading rules for this method this weekend and believe it will make it much easier to avoid false entries.
PT
can't wait for the new rule
hello pt.,
Great that you are updating the river method day by day.... i can't wait for the new rule as i am preparing to go live by next week.
thanks
Earlier Today
I had a short in place from close to the high and it just hit Take Profit for 69 pips. Of course it continued to run after that but 69 in the bank is a good nights work. Even if you had waited for the zone breakout you would have made over 70 pips so far if you let it run.
PT