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PowerTrading/The River

  • #301
  • Nov 17, 2007 8:26pm Nov 17, 2007 8:26pm
Quoting PowerTrader
If you are using MT4 charts you go to insert and then shapes and select rectangle. I hope that helps.

PT
Thank you for teaching me how to draw the color box and thank you for sharing your system with us.
  • #302
  • Nov 18, 2007 7:27am Nov 18, 2007 7:27am
PT and guys!!
I dont know how to draw zone box and if you know, please let me know how to do that?
I put your template "river template" but there is no zone box. Please help me!
  • #303
  • Nov 18, 2007 7:47am Nov 18, 2007 7:47am
Quoting pilatus
PT and guys!!
I dont know how to draw zone box and if you know, please let me know how to do that?
I put your template "river template" but there is no zone box. Please help me!
The Zone Box must be drawn manually by going to the insert and selecting insert shapes and selecting rectangle. Where you draw the box is more in depth and you will need to read the first page and the last few pages of this thread to understand. This is a manual trading method not an EA so you have to learn it.

Hope this helps,
PT
Zone Breakout Method
  • #304
  • Nov 18, 2007 12:36pm Nov 18, 2007 12:36pm
Thanks PT!
I have red this entire thread so I am very well initiated that for this strategy EA is not a big advantage.
  • #305
  • Edited 2:50am Nov 19, 2007 2:40am | Edited 2:50am
1st trade of the week was a good one. I caught this near the top placed a short for 68 pips. If you would have waited for the Zone breakout you still could have banked 60 + pips.

PT
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Zone Breakout Method
  • #306
  • Nov 19, 2007 3:11am Nov 19, 2007 3:11am
Took a short position on the Fib bounce and locked in a few pips. It has already started to back up but we will let this one run until it makes pips or backs up a few in profit.

PT
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Zone Breakout Method
  • #307
  • Nov 19, 2007 8:39am Nov 19, 2007 8:39am
These are my 2 Zones on g/j e cable. g/j usually doesn't have ranging periods so take this Zone as a result of the current market sentiment.

PT, do you think the Zone on cable is created correctly?
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  • #308
  • Nov 19, 2007 10:05am Nov 19, 2007 10:05am
Quoting darko80
These are my 2 Zones on g/j e cable. g/j usually doesn't have ranging periods so take this Zone as a result of the current market sentiment.

PT, do you think the Zone on cable is created correctly?

Good job here. The only thing I did different on the Gbp/Usd was to leave the original Zone from early and when we moved back up into it, I just extended it over leaving the breakout short from earlier out of the box.
I think on the short side your box is perfect, but on the high side I would want to see it break that high of the day before entering long. Just a thought.

PT
Zone Breakout Method
  • #309
  • Nov 19, 2007 10:17am Nov 19, 2007 10:17am
ok thanks for the suggestion Powertrader
  • #310
  • Nov 19, 2007 11:10am Nov 19, 2007 11:10am
I extended the Zone @ 2.0478 on cable, because there is the daily pivot there and price bounce on it
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  • #311
  • Nov 19, 2007 11:15am Nov 19, 2007 11:15am
Quoting darko80
I extended the Zone @ 2.0478 on cable, because there is the daily pivot there and price bounce on it
I think this zone is great. We need to watch Price Action and the time of day for entering trades as well. For example: If we break the Zone later in the trading day, I would want confirmation with a candle or two underneath or above the Zone box before entering. Because price is not moving quickly at this time of the day, it should not cost you many pips to wait.

Great work ,
PT
Zone Breakout Method
  • #312
  • Nov 19, 2007 11:26am Nov 19, 2007 11:26am
Quoting PowerTrader
I think this zone is great. We need to watch Price Action and the time of day for entering trades as well. For example: If we break the Zone later in the trading day, I would want confirmation with a candle or two underneath or above the Zone box before entering. Because price is not moving quickly at this time of the day, it should not cost you many pips to wait.

Great work ,
PT

Ok i have just read thru the whole thread and here is my question: "Why dont you just get rid of all the Envelope and SMA indicators and only trade fibs, because as far as i can see that is what you trade anyway?"
  • #313
  • Nov 19, 2007 11:29am Nov 19, 2007 11:29am
Today is all a big zone i tried to gain some pips before price bouncing on the pivot but i picked only a few.
Cable and Zone are brothers really

PT, do you think this relationship is natural or linked to the current cable price market? If so, it could be change in future
  • #314
  • Nov 19, 2007 11:30am Nov 19, 2007 11:30am
Quoting iandekoker
Ok i have just read thru the whole thread and here is my question: "Why dont you just get rid of all the Envelope and SMA indicators and only trade fibs, because as far as i can see that is what you trade anyway?"
the river gives to you signals on ranging market when price bounce inside it or around it
  • #315
  • Nov 19, 2007 11:35am Nov 19, 2007 11:35am
Quoting iandekoker
Ok i have just read thru the whole thread and here is my question: "Why dont you just get rid of all the Envelope and SMA indicators and only trade fibs, because as far as i can see that is what you trade anyway?"
You are correct. I do not use many custom indicators so I do like the LW 50ma to give me an idea of what might happen. If we move through the 50 or the 62 envelope, the probability of a move in that direction becomes more likely. For me, referring to these indicators is the same as referring to other time frames. It is just more information to confirm my decision. I want as much information to help me make my trade as possible.

PT
Zone Breakout Method
  • #316
  • Nov 19, 2007 11:42am Nov 19, 2007 11:42am
Quoting darko80
Today is all a big zone i tried to gain some pips before price bouncing on the pivot but i picked only a few.
Cable and Zone are brothers really

PT, do you think this relationship is natural or linked to the current cable price market? If so, it could be change in future
I think you clearly have to link fundamentals that are happening away from the technical charts to our trading. We must be aware of things like inflation, oil prices, anything in the world economy that my influence our price. It is my opinion and we know about opinions, that the Gbp is over valued against the Usd at this time and a correction will take place. The thing is, we must be prepared to go in the direction price takes us.

Again good work darko80,
PT
Zone Breakout Method
  • #317
  • Nov 19, 2007 11:43am Nov 19, 2007 11:43am
Quoting darko80
the river gives to you signals on ranging market when price bounce inside it or around it

In that case why dont you just draw a S/R line for the ranging market? And go long once resistance is broken or short once support is broken.

I get the impression you guys are making something simple very complicated.

In reality you are only trading breakouts. So S/R levels will do well, complimented by fibs. Even simple chart formations like rising/falling wedges will also do.

You dont need an envelope or moving average to tell you that the price has broken a S/R level. That is the purpose of price action.
  • #318
  • Nov 19, 2007 11:48am Nov 19, 2007 11:48am
Quoting darko80
Today is all a big zone i tried to gain some pips before price bouncing on the pivot but i picked only a few.
Cable and Zone are brothers really

PT, do you think this relationship is natural or linked to the current cable price market? If so, it could be change in future
darko80,

One more thing on this point. If you look at my first post today you will see my zone was based on the last move up. My Zone was between the 0 and the 23.6 fib level. Now I did enter early but, even if you had waited on that break, it was a possible 60 + pips. I have adjusted the Zone as always through the course of the day to where it is now like yours.

PT
Zone Breakout Method
  • #319
  • Nov 19, 2007 11:54am Nov 19, 2007 11:54am
Yes PT, i lost that break cause i opened platform later
  • #320
  • Nov 19, 2007 11:56am Nov 19, 2007 11:56am
Quoting iandekoker
In that case why dont you just draw a S/R line for the ranging market? And go long once resistance is broken or short once support is broken.

I get the impression you guys are making something simple very complicated.

In reality you are only trading breakouts. So S/R levels will do well, complimented by fibs. Even simple chart formations like rising/falling wedges will also do.

You dont need an envelope or moving average to tell you that the price has broken a S/R level. That is the purpose of price action.
Your point is very well taken and I do not disagree with you but I will comment. If you had joined this thread in the beginning it was called the River and it was based solely on a cross of the 62 envelope. It has evolved into its current form. I have not traded a simple cross since I begin to really understand trading. Fibonacci is key, but not the only key. Price Action is another component as is Trend Lines, Time of day, Fundamentals, Money Management and a host of other things. It is possible to make a method appear too simple and then everyone loses money. I am a Full time Forex Trader and I would not insult anyones intelligence by suggesting it is easy to be successful. FF is filled with what appears to be great ideas and the person in the thread doesn't know the first thing about making a profit. Look at my results!

PT
Zone Breakout Method
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