PowerTrading/The River
Revised rules.
PowerTrading is a method I developed to bring together the basic elements of trading and what the knowledge I believe it takes to become a professional or full time trader. I think it is fair to say that I was influenced by many of the best traders and many of the things I usesd have been used by others. The PowerTrading method combines Support and Resistance, Fibonacci, Price Action, Trend Lines and sound Money Management. If you leave out any one of these items you will not be successful.
The River Trade is only one aspect and we will use it just for the setup. The old River is just part of our indicator setup and I would never advise taking a trade simply based on a cross. I will attempt to teach you the entire PowerTrading method as we proceed in this thread. Please understand you must practice, and have patience to master the method.
PowerTrading/River Trade
Currency: I am currently only supporting the GBP/USD, although this method will work well on other pairs.
Timeframe: M15
Settings:
1- Envelope
2- 62SMA
1- Create an envelope, period 62, MA method simple, at close, with 0.05 deviation.
Upper color: Blue; Lower color: Red
2- Create a 62 SMA at close, and add the levels -30, +30, --60, +60, -90, +90
MA color Black; Level color: Gray
Template
http://www.divshare.com/download/2724572-c7e
FX Sniper
http://www.divshare.com/download/2919082-c36 http://www.divshare.com/images/icons/share.gif
Entry 1: Enter upon breaking the zone. It is always better if this falls in the area of a Fib number.
Take profit:
1- Use Fibo levels, support and resistance, etc
2- Look for reveral candles and formation.
Stop loss:
1- Use Fibo levels, support and resistance, etc
2- Use the other band, if you´re long, set the SL at the lower band, if you´re short set SL at the upper band
3- SL of 50-60PIPs
Zone Breakout is a way of consolidate price and identify Support and Resistance. You use a box to set up your zone. This is unlike any other box because it is not based on some arbitrary time but on Price Action and Fibonacci. We attempt to draw the box around price as it is consolidating. We do draw when price is making big moves. Here is an example where the box was drawn between the zero on the Fib swing and 38.2. Notice how priced danced inside area for some time. We keep moving forward and this becomes the zone.
Attached Image (click to enlarge)
Zone Breakout Method
