PowerTrading/The River - page 40
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what are your SL in break-out zone
Hi PT.
i think i have some questions that will really help us to learn faster.
1. what are your stop loss when trading break-out zone method?
2. Please do try to post your screen shot in prepration for the following day trading so that we can ne carried along.
Thanks
Setup
Hi PT.
i think i have some questions that will really help us to learn faster.
1. what are your stop loss when trading break-out zone method?
2. Please do try to post your screen shot in prepration for the following day trading so that we can ne carried along.
ThanksI set my stop loss either behind a fib number or 30 pips. We usually get bounces off of fib levels so if you can set your stop on the other side with about 7 or 10 pips room this would be best.
Here is my current Zone going into tonights trading. It is from the high of today back to the 38.2 fib retracement. I may tighten it up to the 23.6 area if we stay in this tight range above it.
PT
Current
Here is our current chart. I have narrowed the Zone to go from the previous high until just recently to the 23.6. Be careful on the break of this high. Be sure you get a break and not just penetration of the Zone. You should get a good candle moving above or below to enter. Remember this is a Holiday week in the US and things will probably be a little strange. Be smart!
See
This is exactly what I was talking about in my previous post. You need confirmation before entering a trade. I only enter on penetration when there is serious price action.
Today
Little behind posting today. You can see based on my previously posted chart we broke the Zone short and had a run for around 100 pips. The strategy works.
Good sample,PT!
The first break of the Zone was false, but only second became true.
Do you use any additional criterion or signal to open your position?
Whether it is possible to assume a price movement in advance?
Yes
Good sample,PT!
The first break of the Zone was false, but only second became true.
Do you use any additional criterion or signal to open your position?
Whether it is possible to assume a price movement in advance?I use time of day. I don't trade after 19:00 GMT unless there is some kind of event and don't start up again until price starts to move. But I didn't take the false breakout at the top because there was no Price momentum. If you read my posts from last night, I warned about the false breakout.
PT
PT!
What your relation to news?
What is your plan on eve of news?
I have noticed the big fluctuation of the prices during an exit of news...
News
PT!
What your relation to news?
What is your plan on eve of news?
I have noticed the big fluctuation of the prices during an exit of news...Obviously the news will effect our trading. We can get knocked a few hundred pips in a very short time. We should try to be out of trades when major news is going to be announced. If we can't be, we need to have a solid SL and TP. If we are in profit, we should lock in at least part of it or take it out altogether.
PT
Thursday was a holiday.
Whether you recommend to me to trade on holiday?
I have tried but anything good has not turned out.
There was a flat the whole day.