Please, can you tell your exit strategy?
Exit strategy can be accomplished a number of ways. There are several take profit areas. You can continue to move stops just behind recently passed profit area until you are stopped out. I like to scale out of a trade. In other words lock in profit at each profit level that can not be lost and the move at least a portion of that ahead with each increase of position. On part of your position you could allow a bit more room for price to back up. The main thing is not to let great profit move backwards.
Filters for RiverWild
On the power trading forum you mentioned that you had additional filters in place to avoid bad trades. Unfortunately the forum seems to be down so I'm not sure if you addressed it already there.
For these filters, can you distinguish between those for trades coming out of the river and those for reversals from the 50 LWMA.
Do you use any other indicators to tell if there is momentum in the move?
In my humble opinion all indicators are lagging and therefore it is much better to use price action and trendlines to determine or confirm entry or exit.
Hi, exciting and amazing system this wild river... but I have a question Powertrader.... it's a condition to enter trade above/below of the river if the second candle and the lwma(50) go in the same direction?
Lmwa(50) falling and price hit the top of the river and going up.... may we enter here or still waiting since lwma crosses down and up?
EU - Picture
GJ - PICTURE
You had a great entry on your Eur/Usd chart. I have not tested the Eur but you would wait for a second candle to open and close prior to entry on the pairs I have tested. I would also be worried we could have a turn around since we just came back to the River. I am currently looking for a break on Gpb/Usd which is in the River currently.
Great! On Eu/usd i had a profit of 20pips taking the entry at the second candle on wild river.
And take a look at this two wma's applied to this method from another we're using in our daily trade method.
Little explanation :
I added two new wma's to this method on 5 and 20. We can use this two wma's as primary signs of possible entry/exit points when we're far far away from the river and do not want to wait.
Just take a look... the 20wma act as a good support/resist line on the marks (red arrows) and we look at those points that the red wma(5) did not cross it since that maybe a sign of entry.
More on... take a quick look at the circles... the first 3 circles. When the red wma crosses the blue and black from up/down it is a strong and a very very good sign to enter. We can take blue and black wma's as 2 support/resist lines for possible reversal.
And finally take a look at the last circle.... when we got the conditions of the river and it goes up (in this case), the entry point i took was when the red line crosses the blue one just in the second candle as explained in this thread and having a profit of +20pips... amazing isn't it?
Maybe it worked only today... but i'll follow in the next weeks this 2 systems working together.
Hope this help!
Glad to see some fresh thinking on this trade. I will take a look at this and apply it to other pairs too.
Excellent thread Powertrader...
Adding Murrey Math Levels (another form of powerful Pivot Levels) can give you a better picture where prices might congest. Attached is the MML Indicator.
With regard to Cable, I could see it is flirting on the old resistance where it could become a new support.
Thanks for your insight.