PowerTrading/The River - page 42
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My cable break-out zonw setup for 3-12-2007 trading
Hello PT,
I just wanted you to confirm if my break-out zone setup is ok. as you can see price really consolidated between 2.0546 and 2.0586. and on 4h time frame, we can see that the price is testing ratio 38.2 with a reversal sign candle stick. if price breaks through 2.0593 which is the 50.0 ratio then i will go long cause it conforms with the smaller time frame.
IMHO, i think long is favourable at 2.0593.... but if price goes the other way then i go short at 2.0546.
So, my teacher please comment on my analysis.
thanks
Yes
Hello PT,
I just wanted you to confirm if my break-out zone setup is ok. as you can see price really consolidated between 2.0546 and 2.0586. and on 4h time frame, we can see that the price is testing ratio 38.2 with a reversal sign candle stick. if price breaks through 2.0593 which is the 50.0 ratio then i will go long cause it conforms with the smaller time frame.
IMHO, i think long is favourable at 2.0593.... but if price goes the other way then i go short at 2.0546.
So, my teacher please comment on my analysis.
thanksI was just about to post my chart for the day and your setup is the same. I agree with your thoughts but as you say we are prepared to go in either direction.
PT
BTW- You can change your extensions to 30, -30, 60, -60, 90, -90 so you do not have so many lines on your chart.
Good Job
thanks teacher
The comment you gave yo my analysis really gave me more confidence in trading fx using your method.
can't wait for you to launch the stuffs
Csble in a tight range situation
We are still in a very tight ranging situation. patience is needed here.
long trade hit 30pips target
the first long trade hit itd target.......... 30pips is kept in the bank
Trade
We broke out of the Zone long early and ran about 50 pips from my original Zone. I set my SL just above break even and was stopped out when it turned, with only 3 pips. When we entered into the Zone on the way back down, I took a short position and kept moving the stop each time we went 10 pips lower, finally it came back and stopped me at at 44 pips profit. We had news out at 4:30 and it was good for the GBP and has moved us back up, at least in the short term. If we break low or high of my box again, I will enter in either direction. For now I will catch some sleep with my 47 pips in the bank.
PT
Great
the first long trade hit itd target.......... 30pips is kept in the bank
Good Job, you did better than I did on the long move.
PT
the reversal was perfect
PT,
you opened my eyes to another reversal technique. i didn't see the hammer which it was a good reversal sign and on the golden ratio 38.2....
thanks for posting your chart.....
PT, please always post your chart here too so that we can learn..... honestly i'd like to know you more.
thanks teacher
Current Setup
Good setup for tonight. The high of the day and the 38.2 retrace. Be careful that we have good Price Action when we break through the Zone. If not wait a little before placing your trade. Better to be late, than be wrong. Just trade smart, lock in profit as soon as possible and the the worst you can do is make one or two pips. That is what I did on the first break last night and then I had a chance to come back and get my pips later.
Good Trading,
PT
4hr
I know this is a little different than what we normally look at in here but it is important to the entire method. The 4hr is a good way to see what is happening in the big picture. Sometimes things are happening too fast in the 15 min and you need to step back and look at the overall picture. Notice where I have the crucial trend line market. That is a horizontal trendline and it has been strong resistance several times. I also have other trend lines drawn and you should be doing this too. You can see they fan downward and each one will be support. The trend lines with the most touches and have held the longest amount of time will be the strongest. So when you are stalling out on the 15 min or hour and you want to know why, here you go. Practice this, it will make you a strong trader. Also run Fibs.
PT