PowerTrading/The River - page 14
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Clarification please
I have just scan read the whole of this thread and could not see any mention of what all the gray MA+/- lines and the ZigZag is for. I may have missed a post but as far as I can see its just an entry when price crosses and clears the envelope. I am not trying to belittle the system just want to make sure I haven't missed anything. By the way I am experienced in writing EA's Scripts and a few indicators soif anyone wants to verify what I have said and needs something writing will have a go. I tend to ignore all idicators and use just candles. I have noticed some very interesting facts about singletons. Funnily enough I started this analysis when I read a paper by Orange.... describinging taking 10 pips of GBPUSD after breaking previous day high/low's. It doesn't work. The profit/loss ratio never works in the traders favour. based on this interesting concept and the fact that it could be analysed statically, to start with, I looked at other things. I am not quite ready to share yet but might if it works. Anyhow look forward to hearing from someone.
PS Alerts etc are dead easy to build.
I have just scan read the whole of this thread and could not see any mention of what all the gray MA+/- lines and the ZigZag is for. I may have missed a post but as far as I can see its just an entry when price crosses and clears the envelope. I am not trying to belittle the system just want to make sure I haven't missed anything. By the way I am experienced in writing EA's Scripts and a few indicators soif anyone wants to verify what I have said and needs something writing will have a go. I tend to ignore all idicators and use just candles. I have noticed some very interesting facts about singletons. Funnily enough I started this analysis when I read a paper by Orange.... describinging taking 10 pips of GBPUSD after breaking previous day high/low's. It doesn't work. The profit/loss ratio never works in the traders favour. based on this interesting concept and the fact that it could be analysed statically, to start with, I looked at other things. I am not quite ready to share yet but might if it works. Anyhow look forward to hearing from someone. PS Alerts etc are dead easy to build.
Good observation Steve. First the gray ma extensions were originally added to define Take Profits. I believe that was only a good idea if one were trading mega lots and started to scale back at each TP area. I have adapted this with just three lines for use as TP and fib areas such as used by Vegas. Understanding that this trade has been used for years and I am certainly not the first to use it but, I will say there is more to the entire strategy than waiting for a cross. If it were that easy, it would be the only trade out there. The zigzag is used to define a change of direction and an easy way to define highs and lows for fibo. I am just beginning to introduce filters for this method such as the channel and the 50 LWA. It reallly is something that must be traded to understand. I am making in excess of 300 pips every week with this method and have had weeks of over 600.
As for what is put out by anyone else as far as daily high and lows or whatever, I have no comment on that approach. I will say that trading any breakout can be a great trade but just targeting 10 pips would not be the way I would do it. I believe if one trades the daily high and low each and every day and takes the good days when price may run for 30 to 100 pips, and you factor in the days when price turns on you and hits your stop, you can make a tremendous amount of money with this trade. It can not be put into a formula or a pending trade but in my opinion, it must be traded while babysitting it.
PT
Reply
Hi,
What is your timezone? Our broker? Your entry in 0:45 broker time? GMT? CET? Recommended trading hour?
RegardsI am in the eastern timezone of the US. This trade works equally well for both the Gbp/Jpy and Gbp/Usd. Lately, I would be very unlikely to take a trade before Euro session unless there was just a huge amount of price action. In the past several weeks you could have hit the early Asian session but it has changed recently.
PT
Here is the move from today on the Gbp/Jpy. As you can see there are a few filters on this chart that I have not previously posted. I use some of these filters on both 1 hour and 15 minute. The first is a channel. This is an LRC and I use it with the nonlag zigzag to determine where to start the channel. I will also use a 50 LWA as a filter for the River. If price crosses the LWA 50 and then goes into a River trade, I can actually enter on the first candle outside the river. You will want to practice this before changing the rules. Look at the River trade from today. With normal entry you would have made about 50 pips on first exit and about 90 on second exit. However, if you use the 50 LWA to confirm early entry, you could have picked up an additional 20+ pips.
Happy Trading,
PTCan you post the LRC indicator?
Thanks.
Coyan
Lrc
Can you post the LRC indicator?
Thanks.
CoyanLRC is included in your MT4 platform. Go to inserts and channels, then choose LRC.
could someone post here indicators needed for this setup I can''t understand how it works
Indicators
could someone post here indicators needed for this setup I can''t understand how it works
Use the 62 SMA and the envelop indicator in MT4 set to 62 SMA and deviation of 0.05.
And thats all?
Use the 62 SMA and the envelop indicator in MT4 set to 62 SMA and deviation of 0.05.
So i put setup on charts but i have something like this it differs from yours why???
Can someone please post his template and settings, or PM me please.
Lrc
I can't see LRC, what does it stand for its not on my system.
Steve
LRC is included in your MT4 platform. Go to inserts and channels, then choose LRC.