PowerTrading/The River - page 41
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I am in a reversal now. I am expecting the 2.0700 area to be a tough area to get through. This could be a quick retracement and we could bounce right back up if the big boys want to take us long. Otherwise I will expect this to run back to at least the 38.2 area of the total up move. Fibs are a little out of whack because of gap and it is why I kept the last up swing which was two days. I made 25 pips on the break out long tonight based on the high of yesterday and it was the top of my zone. I caught it a little late or it was worth 50+.
Closed
Just closed my short trade for another 30 pips on the day. This is now 55 for the day. We bounced off the 38.2 fib level and started back up. Not sure if this is a continuation of the up move or not but I am done trading for a while. Going to sit on my hands with my 55 pips in the bank and go to to sleep.
PT
Todays Trades
Here is an overview of todays action. We broke out of the Zone in the Asian session last evening. The top of the Zone was also the previous days high. I caught it a little late and only got a portion. I made 25 pips on this move. I then took a reversal at the top and made another 30 pips. When we broke short I was sleeping and did not hear the alert so I missed that entire move. Finally I caught some of the retrace from that move and made another 11 pips. This should have been one of those days to make 100 + but I was only able to get 66 total.
I am posting the chart from the entire trading day and you can see the moves. I have the final fib pool of the day but imagine the different swings and fib placement for the day. You will never get all of the pips available in a day but you certainly could have made some today.
PT
How you identify the zone?
Zone
How you identify the zone?
By pulling fibs and isolating where price consolidates. Refer to page one. It does take a little practice.
PT
Current Chart
I am posting the chart of our current situation and I will explain my thinking. I think we must defer to the 4hr chart at this time and there are two very strong areas of support and resistance. The resistance or the point where you would take a long is at 2.0762 and I would like to see a candle open above that number to go long. I think we will run at least 80 pips or more if we pass that point. The area of support or the point where you would take a short position is under the 2.0700 area and probably about 2.0685. Now this is different than our Zone is currently but it will be the point where I place my trades. Remember, this is based on my interpretation of the charts and I respect that others may come to a different conclusion.
PT
How about for pair GJ..is it true that I was identified the three zone of pair GJ today
Yes
How about for pair GJ..is it true that I was identified the three zone of pair GJ today
At one point I traded the Gj only but it moves so much up and down there are many false signals. Your charts are good and you have identified the areas of consolidation very well. You can see with each breakout there was good pips.
PT
Current Zone
This is what I have for the current Zone.
PT
November
Does PowerTrading work? I am posting the actual results of our live audited account for the month of November. We had more losses this month and our win ration was down but our pip count was up. Plug in a your value to the pip count and estimate what you could make. We have now completed 3 months on this account and it has grown just under 35%. This is a fantastic rate of growth. If you invested 100,000 you would now have a profit of approximately 35,000. What other investment with give you these kind of returns and remember. Our Money Management is very conservative.
575 Positive pips for the month
Averages: 144 pips per week
46 of 55 Positive trades
84% Success Rate