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PowerTrading/The River

  • #321
  • Nov 19, 2007 11:57am Nov 19, 2007 11:57am
Quoting PowerTrader
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
I did more or less the exact same trade today. I was only looking for the 1st candlestick that did not make a higher high. Once that candlestick's low was broken i went short.

No indicators jsut plain price action.

Anyway best of luck trading.
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  • #322
  • Nov 19, 2007 12:20pm Nov 19, 2007 12:20pm
Quoting iandekoker
I did more or less the exact same trade today. I was only looking for the 1st candlestick that did not make a higher high. Once that candlestick's low was broken i went short.

No indicators jsut plain price action.

Anyway best of luck trading.
Thanks,

I do want to be clear that I agree with you and I believe I could trade simply with Fibonacci and Trend Lines, but we do have some other tools as well and I use some of them.

Good luck as well,
PT
Zone Breakout Method
  • #323
  • Nov 19, 2007 1:00pm Nov 19, 2007 1:00pm
Quoting PowerTrader
Thanks,

I do want to be clear that I agree with you and I believe I could trade simply with Fibonacci and Trend Lines, but we do have some other tools as well and I use some of them.

Good luck as well,
PT
Hey Power Trader,
Perhaps your thread and thinking will educate me more than what i initially thought. Like yourself i do not use indicators, i do look at fibs and use them in the conventional way. What i am seeing here is a complete strategy. I want to thank you for your generosity. I think I need to read and reread this a few times to comprehend it.
  • #324
  • Nov 19, 2007 1:03pm Nov 19, 2007 1:03pm
Quoting doubledutch
Hey Power Trader,
Perhaps your thread and thinking will educate me more than what i initially thought. Like yourself i do not use indicators, i do look at fibs and use them in the conventional way. What i am seeing here is a complete strategy. I want to thank you for your generosity. I think I need to read and reread this a few times to comprehend it.
Glad to have you. We are all about the complete learning process and from the few items of yours I read, I think you get it.


Good Luck,
PT
Zone Breakout Method
  • #325
  • Nov 19, 2007 1:05pm Nov 19, 2007 1:05pm
Quoting doubledutch
Hey Power Trader,
Perhaps your thread and thinking will educate me more than what i initially thought. Like yourself i do not use indicators, i do look at fibs and use them in the conventional way. What i am seeing here is a complete strategy. I want to thank you for your generosity. I think I need to read and reread this a few times to comprehend it.
You say right, this system opens my newbie eyes days ago and i'm working on it to gain better advantages.
  • #326
  • Nov 19, 2007 3:31pm Nov 19, 2007 3:31pm
I have been contemplating your advice for the past few hours and the more i think about it the more sense it makes to my simple mind. Indeed, the sole aim of trading (for me at least) is to make money. It doesn't matter what the trend is, it doesn't matter how strong or weak the trend. What matters is my ability to spot it early and trade it. From the superficial reading of this thread it appears you have put up a strategy which makes the task of establishing s/r reasonably simple. In a nutshell i don't have to spend hours trying to figure out the trend. I just wait for the break out of the zone, be it support or resistance and take the trade. This simple yet comprehensive strategy appeals to my rather limited intellect.
Thanking you for changing the chip.
  • #327
  • Nov 19, 2007 5:08pm Nov 19, 2007 5:08pm
Quoting doubledutch
I have been contemplating your advice for the past few hours and the more i think about it the more sense it makes to my simple mind. Indeed, the sole aim of trading (for me at least) is to make money. It doesn't matter what the trend is, it doesn't matter how strong or weak the trend. What matters is my ability to spot it early and trade it. From the superficial reading of this thread it appears you have put up a strategy which makes the task of establishing s/r reasonably simple. In a nutshell i don't have to spend hours trying to figure out the trend. I just wait for the break out of the zone, be it support or resistance and take the trade. This simple yet comprehensive strategy appeals to my rather limited intellect.
Thanking you for changing the chip.
In your Forex journey you will find that nothing is as it appears. This method, while it seems simple, is actually very complex. There are only a few people out there making a living and millions trading so when you do the math you will find it is not at all easy or simple. This thread is a great place to start because we will help you with the basics and in my humble opinion, everything begins there. Your observations about S/R are right on the money though. When you can isolate S and R you can then be prepared to take the trade in whichever direction price takes you. Trade as much in demo as possible and then trade in small amounts when the money is real.
Good Luck,
PT
Zone Breakout Method
  • #328
  • Nov 19, 2007 7:25pm Nov 19, 2007 7:25pm
Sorry ! had not time to post yesterday..but here my trade for now ! (Ignore the Fibs..they are wrong) !
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  • #329
  • Edited 1:42am Nov 20, 2007 12:42am | Edited 1:42am
Quoting PowerTrader
This method, while it seems simple, is actually very complex.
PT
Indeed it is, you quite rightly inform the reader at the outset that in order to succeed one must be aware of and incorporate sound money management, longer term fib levels as well as your strategy. Practising sound money management in itself is quite complex.
  • #330
  • Nov 20, 2007 2:11am Nov 20, 2007 2:11am
Hi PT,
Did a trade in my demo account based on your strategy. Went long in Cable at 2.0534. The reasoning was that it had bounced of the 38.2% retracement level of yesterday, and the next likely resistance on the chart was the 38.2% of( Aug 17 1.9651 to the high of 2.1159).I placed my stop at 2.0518, below the 50% level of (1.9879 to the high2.1159). Took profit rather prematurally at 2.0583, the above mentioned 38.2 fib. Of course the market went higher ans higher.
Nevermind, mustn't grumble a profitable trade with a 2.1 reward/risk ratio i will it take any day.
Early days yet.
Now how i wish i had taken that trade in my real account.
  • #331
  • Nov 20, 2007 10:27am Nov 20, 2007 10:27am
I was Stopped out on my Cable Trade for BE..missed the ReEntry for a long but managed to get into an good Geppy Entry for 116 Pips (it reached 240Pips for while but i was not arround )


Here my Shot:
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  • #332
  • Nov 20, 2007 10:43am Nov 20, 2007 10:43am
Quoting doubledutch
Hi PT,
Did a trade in my demo account based on your strategy. Went long in Cable at 2.0534. The reasoning was that it had bounced of the 38.2% retracement level of yesterday, and the next likely resistance on the chart was the 38.2% of( Aug 17 1.9651 to the high of 2.1159).I placed my stop at 2.0518, below the 50% level of (1.9879 to the high2.1159). Took profit rather prematurally at 2.0583, the above mentioned 38.2 fib. Of course the market went higher ans higher.
Nevermind, mustn't grumble a profitable trade with a 2.1 reward/risk ratio i will it take any day.
Early days yet.
Now how i wish i had taken that trade in my real account.
Plenty of time to trade the real account. Good job on this one.

PT
Zone Breakout Method
  • #333
  • Nov 20, 2007 10:57am Nov 20, 2007 10:57am
Quoting AidanPryde
I was Stopped out on my Cable Trade for BE..missed the ReEntry for a long but managed to get into an good Geppy Entry for 116 Pips (it reached 240Pips for while but i was not arround )


Here my Shot:
Great Job here and nice post. Your charts are set up different but I like the concept. Keep it up.

PT
Zone Breakout Method
  • #334
  • Nov 20, 2007 10:59am Nov 20, 2007 10:59am
Quoting PowerTrader
Great Job here and nice post. Your charts are set up different but I like the concept. Keep it up.

PT
Beside 2 other Indics(only for visualizing) and the Daily Pivots in which way are they different ?

Please tell me actually i thaught i am on the same map as u besides some visual enhancements lol !
  • #335
  • Nov 20, 2007 11:01am Nov 20, 2007 11:01am
Here is what we have been looking at this morning. We had a good break long and it was made a better break because it was the high of Moday. When you get a break of Fibs and a high of the day, you are usually going to get some pips. Here you had an opportunity for 80 +
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Zone Breakout Method
  • #336
  • Nov 20, 2007 11:09am Nov 20, 2007 11:09am
Quoting AidanPryde
Beside 2 other Indics(only for visualizing) and the Daily Pivots in which way are they different ?

Please tell me actually i thaught i am on the same map as u besides some visual enhancements lol !
I was speaking of visually here. The charts look good.

PT
Zone Breakout Method
  • #337
  • Edited 11:30am Nov 20, 2007 11:12am | Edited 11:30am
Now here is a chart with the fibs drawn after the first break. Notice we had a bounce down to the 38.2. This is a common place to retrace to if we are going to continue the move up and we did.

PT
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Zone Breakout Method
  • #338
  • Nov 20, 2007 11:19am Nov 20, 2007 11:19am
Quoting PowerTrader
I was speaking of visually here. The charts look good.

PT
okay ! now i am relaxed again ..thx !
  • #339
  • Nov 20, 2007 11:24am Nov 20, 2007 11:24am
Here is the current chart with the new Zone started. I feel much better about this Zone than yesterdays because it falls between the 0 and the 38.2 retracement so far and this is a perfect setup for a break in either direction.
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Zone Breakout Method
  • #340
  • Nov 20, 2007 11:33am Nov 20, 2007 11:33am
Here is a look at the 4hr chart. Notice the blue trend line. It was major support and had held for a few weeks. This is why we refer to the longer time frames for a peek at the big picture. Notice what happened when we broke that line.

PT
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Zone Breakout Method
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