PowerTrading/The River - page 31
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Today
As you can see there is a sell position in place and we are currently up over 100 pips. Already closed one position for 37 pips earlier. Support was broken and it was off to the races.
today
Watching this move closely. I have a stop loss set now and it would be well over 100 pips and we are now up more than 150 pips on this single move. Great isn't it. I wish everyone would post some charts with the sell and buy orders in place. Keeps everyone honest.
Closed
I closed the final trade for 140 pips. That is a total of 177 for the day!
Good day.
PT
according your rules I used before long time ago why did you not enter buy orders on your charts?
There is candle completely formed outside the river???
Ohhh of course support resistance, Fibo levels yesss I forgot.....
So if we know this envelops are useless just maybe some nice design
ok so on the river...for entry.....you are saying it is not really just breaking a candle above or below the river area....but there is some support and resitence involved....
Do you ever use the 84 sma for that or do you rely on the 50 only along with the high and low of the previous day?
Basics
according your rules I used before long time ago why did you not enter buy orders on your charts?
There is candle completely formed outside the river???
Ohhh of course support resistance, Fibo levels yesss I forgot.....
So if we know this envelops are useless just maybe some nice designStace,
Here is the deal. Unless you are willing to adapt to changing markets, you will not succeed with any method. I wish I could tell you to enter based on particular cross and you can, but it will only work a certain percentage of the time. When you base your entry on a breakout of support or resistance or a fib level, your chance for success is increased. Now, are the envelopes useless? I don't think so. It is really the only indicator I use other than the basics I always cover. Price consolidates around the envelope and for that reason it is useful.
I post charts with sell and buy orders in place. These are real trades with real money. If you are doing better I will be more than happy to look at your thread. If you are not, it would help you to learn what I know.
PT
Stace,
Here is the deal. Unless you are willing to adapt to changing markets, you will not succeed with any method. I wish I could tell you to enter based on particular cross and you can, but it will only work a certain percentage of the time. When you base your entry on a breakout of support or resistance or a fib level, your chance for success is increased. Now, are the envelopes useless? I don't think so. It is really the only indicator I use other than the basics I always cover. Price consolidates around the envelope and for that reason it is useful.
Now all sarcasm aside, look at my results. I post charts with sell and buy orders in place. These are real trades with real money. If you are doing better I will be more than happy to look at your thread or listen to your sarcasm. If you are not, it would help you to learn what I know.
PTI agree. But why no GBPJPY any more only GBPUSD?
In the Zone
Trading in the Zone
When trading the River on any other method it is important to understand where the Support and Resistance are located. If you can isolate price you are then able to identify where the breakout my occur. When using this either with the River or Fibonacci, price action will determine where to enter and exit the trade. Notice on my chart I have created a box but unlike other box methods there is no defined time on the beginning or end of this box. This box can extend over multi-day periods. You could extend even if there is a breakout if price then returns into the same area after the breakout. The more times price consolidates inside these zones the more effect the breakout. You continue to update it until you start to have movement in price. I will be posting more on this but for the time being try drawing a box once price action slows for the day and continue till price starts to move again. It requires some practice like all other methods.
PT
Good Question
I agree. But why no GBPJPY any more only GBPUSD?
Stace, That is an excellent question and the answer is simply, I can predict the action on the Gbp/Usd much better than I can on Gbp/Jpy. Look at my published results on my audited account. I had only two losses last month and I have not had any losses this month. Although my pip count has went down, my accuracy has went up, thus allowing me, using very well thought out money management, to increase profits.
I hope this helps,
PT
Check out my trading in the zone post and it might help with when to take that River trade and when to set it out. One more thing, you asked about sell orders and why not buy. We have been at very high levels and I have determined that when we are above 2.0380 or so, I will not take buy orders unless it is just completely obvious. This strategy comes from spending way too much time in front of the computer.
Hmmm I feel i am coming againg very intrested in you way of trading.
Well can we speak more closer in some messenger or PM?
It was long time ago i used it and was very newbie now I use system I like but in addition I am very intrested in this price consolidation and breakouts.
Coz today trades I missed lots of pips approximately 1000 on 5 pairs I use
I took only 300 because of my way of not knowing Fibo how exact to draw them and for resistance and other stuff i use simple indicator
Stace, That is an excellent question and the answer is simply, I can predict the action on the Gbp/Usd much better than I can on Gbp/Jpy. Look at my published results on my audited account. I had only two losses last month and I have not had any losses this month. Although my pip count has went down, my accuracy has went up, thus allowing me, using very well thought out money management, to increase profits.
I hope this helps,
PT
Check out my trading in the zone post and it might help with when to take that River trade and when to set it out. One more thing, you asked about sell orders and why not buy. We have been at very high levels and I have determined that when we are above 2.0380 or so, I will not take buy orders unless it is just completely obvious. This strategy comes from spending way too much time in front of the computer.