PowerTrading/The River - page 29
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News
All trades can be trumped by news. In the case of my last open position we were following a good downward trend and were not threatening the upper trendline until just prior to this mornings news. At that point, not knowing which way the news would go, I set a stop loss at 72 pips profit and hoped it would continue to go short. It took me out, as usual, and I ended with 72 pips for this last sell order. Not bad but not what I had hoped for with this trade. Notice in the chart the upper trendline and how it held right up until news time. You can certainly see the news effect.
PT
Powertrader
Do you use anything to determine if price will keep going in the intended direction to avoid being a false move?
Yes
Powertrader Do you use anything to determine if price will keep going in the intended direction to avoid being a false move?
You should use Fibonacci, price action, support and resistance and trendlines. You should never just trade a cross, you need this other knowledge to be successful. For example, if you know that price has not broken a given area for several days and the you break it, that could be an indication it is going to move further in that direction. Combine this with Fibs and you start to put the puzzle together.
PT
September
When you learn a new method/system you should first decide if it works and if it is worth your time to learn.
Here are some facts you may want to consider before spending any of your time learning the River and my Power Trading Method. So many people here and other places claim to make pips but never actually show you the proof. Most of the charts I have and will post will have actual sell or buy orders in place you can see. In addition I opened an new account in September along with my trading partner that will be audited by a CPA. I will report pip count, win to loss ratio and other important information from this account. Wouldn't it be nice if everybody did the same. Here are the figures for
September:
Total Positive Pips 481
Lost Pips -59
Net Pips gained 422
Total Trades 36
Wins 32
Losses 2
Breakeven 2
The account grew by nearly 20 % for the Month!
These are the results I had from this account trading only one currency pair, GBP/USD. If you are having better results then these, you should start your own thread.
PT
Edit/Delete Message
PowerTrader
Though I have downloaded the video, I still cannot play it: TheRiver.avi - DivShare
You need TechSmith Screen Capture Codec (TSCC).
Thankyou Txsundevil and PowerTrader for your confirmation about trading hours.
I had tried to download video from post 17 - page 2 but i can only hear it I can not see anything, does somebody else has this problem?
PartyPipsVideo
PowerTrader Though I have downloaded the video, I still cannot play it: TheRiver.avi - DivShare
I will try to post that video again. I have made some changes to the method since that video, so maybe I will need to make a new one.
PT
Today
Here is our trade for today. We are currently up 60 pips and I am looking for a signal to exit or stay in this position. You can see the sell order in place and this move was based on a break of support and fibonacci
In Progress
This will explain our entry and exit strategy on this trade. We enter on a River move but we needed to wait until support was broken. As you can see from our target entry we missed by a few pips because we had a falling knife candle at that point. We are now up about 70 pips and you can see the support is my 76.4 Fib area. If we can break the 76.4 and the 2.0300 level we should run for 100 pips. If we come back up through the 61.8 level, that would be an exit for me on this position.
PowerTrader
Nice explanation using the system. Since FIB plotting is discretionary, how do you determine where to plot the HI/LO? Did you use the prior session or ????