PowerTrading/The River

Thanks PT for this news.
Are you upgrading the first post with instructions about Zone Breakout?

Today was an excellent trading day. We had a clear break from the top for a nice short position. I picked up 69 pips there as seen in my earlier posts. Then on the reversal I was able to pick up 23 more on a retracement back to the 38.2 fib of todays downward move. At the bounce there, I picked up another 17 on my second short position of the day. So two short positions and one long today for a total of 108 pips. I always try to post charts showing actual buy and sell positions and except for the last move I was able to post live everything I was doing. These charts are from a live account with real money.

Important:

Here is where a knowledge of Fibonacci really paid off. I was convinced after such a strong move down today we would have at least a small retracement so I entered long close to the low at the time (refer to earlier post). I figured it would go to at least the 23.6 and possibly the 38.2 if the downward movement was strong. I then entered short after the bounce at the 38.2. Notice I did not get all the pips that were on the table, nobody does. You must take your share and be smart about banking profits when you can. Really look at the chart I am posting. I have the Fibonacci of the up move of the last two days in gray and the retracement in red. See if you are able to understand my entries. It is now over for the week, any moves now would just be stupid and I would probably get burned.

Have a great weekend,
PT

Great trading system... I've been testing quite a lot of forex trading system... But this one rocks !!!

Hi Powertrader and thanks for all this information!. I have been trading the method for a few months now and any method to reduce the 'false' breakouts is so useful to add to the system, so reading with interest.. I am also testing on the 5 min charts across a few currencies taking the trades just on the break of the river with usual stops and 20 pip TP. This seems fairly successful, but riskier.. Any views?. Do you have a separate forum or dimilar where we can all post results on a trade by trade basis?. I find that is a great way to improve, by seeing what trades others took the previous day and comparing 'notes'.

When would you take a trade if price bounces into the river and then back out? Should it touch the opposite side of the river? Or do you always wait for a cross? Should you be alternating between long and short trades?

you don't need to wait a cross...bounce is good too

Hello PT,

I want to congratulate you for the wonderful work you are doing here. About the new strategies, I have 2 questions:
1. Will you present the Box Breakout strategy in the beginning of this thread?
2. I would like to know how do you pull the Fibs - from the high to the low of the previous day?

Thanx a lot and keep it up.

I am starting to post the revised setup and it will all be up over the next 24 hours.

PT

This is the first draft of the revised setup. I will be placing templates and other files later.

http://www.forexfactory.com/showthre...08#post1430908

i am new to this one.........look like amazing...

Thanks, I hope you learn it well and make lots of pips.

PT

Here are the moves from this morning. I am a little late in posting these but here is the possible entries from today. You will see I am in a long position now for a possible reversal. I am not completely sure of this move so I have a very tight stop loss here. Be smart!

The moves today were textbook PowerTrading. This move today was made because of the zone breakout and you would have had some false signals without waiting.

Just a reminder, I have updated the first page and included the breakout strategy. I will continue to refine in the next week or so.

PT

Thank you,

I have posted the breakout strategy on the first page and will try to refine it so it is very clear for all to understand.
As for the Fibonacci placement, I pull from the previous dominant move. For example if the last major move was a short, I will pull from top to bottom, because we are looking for a percentage of retracement. Basically you are going to pull from left to right. I will also pull swings within the day. The smaller swings will allow you to pick up some extra pips. I am also looking at the fibs on the longer time frames as well.

PT

This is my setup for today. The zone has topped out at the 38.2 retracement of todays down move. It could go higher. Keep in mind the is some Gbp news coming out around 4am Eastern US time.

EDIT: (ALL TALK ABOUT G/J)
Hi PT !

just wanna inform you that ur pic is not showing..

I follow with big interest !!

and i guess (while looking) at my charts the Position should be around +180pips as of writing..right?

Edit:I personally will take out my First half of Position @ 229.30..

As i cannot see ur screenshot i added mine ! i do not understand exactly what u mean by "it topped out @ 38.2 retracement"

IMHO i see it bottom out @ the red arrows..

I would have taken (if i were in front of my screen @ this time) my first trade with the closing of the first candle above and added to the position as price "bottomed" out @ 38.2 and around the Daily Pivot...@ the second red arrow..
I cannot see an "zone" there clearly ...hope my interpretation is right...
(JUST IMHO i would have traded only half my normal position size as i am not quite sure of the yen situation and chinas yen buying overall...anyone else who would have hesitated to trade against the tide? )


EDIT: ohohoh me idiot lol ...no wonder i dont see the zone when i look @ gbp/jpy haha..okay forget it but may i know how u would have traded this , PT?
Kind Regards

Not sure why you can't see my chart. I am able to see it. Is there any other charts you can't see? BTW.. I am not supporting the Gbp/Jpy in this thread. I am only charting the Gbp/Usd.

PT

Here is the current chart. I took a short as we broke the zone and am up about 60 pips. I will be moving stop up before the news at 8:30 to protect my profit.

PT

Hi can we have your templates ??