PowerTrading/The River

Ohh i forgot Happy Thanksgiving everyone

Happy Thanksgiving!

PT

Update on Positions..Both were stopped out for BE sometimes today.. (aud/jpy ran up to around 70pips (but i was not around to secure some of them) It ran up top the 38.2 of the last downmove and then fell again!

My GPB/JPY Entry for today..entry is a bit early and i dont expect Target 2 to be hit..but maybe Target 1 comes near..

Here what i think about cable today..

Sometimes things run too perfect i missed to enter on cable(seems this day is a river trade day though)

Notice the how the 38.2Fib on geppy is halting the momentum!

Pictures say a thousand words!

Firs Pic :Geppy
2nd Pic : Cable

Can somebody please tell me how i can sort the text to the right Picture?
I mean

Text
Pic
Text
Pic

Sometimes i dont know how to explain myself

What the heck there were 75+Pips as i went away..so fast the tide can turn..maybe i will watch for an reentry if trend resumes!

But this thing was VEEERY fast at least to fast for me to take some profits..you go out for a smoke and think thats sure 50pips you have in your pockets,and in the blink of an eye the market makes you humble..


I remember i wondered why there is only reaction on geppy and other japs didnt move that much north..this was an hint to be prepared to take profits early..dont you love this job guys..lessons everyday

Now i will consume some chocolat to make the missed cable move worth it..there are still lots of opportunites comin`..hope there is enuff chocolat for me to survive missin`them

I am in a reversal now. I am expecting the 2.0700 area to be a tough area to get through. This could be a quick retracement and we could bounce right back up if the big boys want to take us long. Otherwise I will expect this to run back to at least the 38.2 area of the total up move. Fibs are a little out of whack because of gap and it is why I kept the last up swing which was two days. I made 25 pips on the break out long tonight based on the high of yesterday and it was the top of my zone. I caught it a little late or it was worth 50+.

Just closed my short trade for another 30 pips on the day. This is now 55 for the day. We bounced off the 38.2 fib level and started back up. Not sure if this is a continuation of the up move or not but I am done trading for a while. Going to sit on my hands with my 55 pips in the bank and go to to sleep.

PT

Hi PowerTrader,
Todays price action was very confusing to me in the london session. I know the market tried to go higher, failed and fell. The question is rather general, but do you have any extra mental filters which give you a hint that perhaps we are going lower/higher.?I mean is there any candle pattern that you look for or anything else that you use apart from the break out of the zone?
I hope i have been able to ask an understandable and answerable question.
Thanks.

Well we had a pretty good break on the upper end of the zone and then when it turn back we had a bounce off the 38.2 Fib. It can sometimes be difficult to know when price is turning. I think yesterday was more difficult coming off the Holiday. I will sometimes look for a candle with a long wick and a few going the opposite direction to trigger the turn. I always want some confirmation, patience will help you most.

PT

Hi PT,
I guess i need to study candle action this weekend. One observation that i have made is that price always, well almost always makes a 123 pattern before making the move in the London open. Often the market is taken to the opposite direction first. Perhaps you can shed some light on this point.
Anyway Have a good weekend and thank you for all the help and tips this week.
DD

Here is an overview of todays action. We broke out of the Zone in the Asian session last evening. The top of the Zone was also the previous days high. I caught it a little late and only got a portion. I made 25 pips on this move. I then took a reversal at the top and made another 30 pips. When we broke short I was sleeping and did not hear the alert so I missed that entire move. Finally I caught some of the retrace from that move and made another 11 pips. This should have been one of those days to make 100 + but I was only able to get 66 total.
I am posting the chart from the entire trading day and you can see the moves. I have the final fib pool of the day but imagine the different swings and fib placement for the day. You will never get all of the pips available in a day but you certainly could have made some today.

PT

I think i need to be more frequent on this site to have a through learning section about your method. am catching it gradually and am doing very fine with it.

thanks

How was your weekend?

Please could you do a PDF files that explained your strategy in details for your students to study?

thanks

Hi all, I have a very bad cold so I was unable to post yesterday. I will try to get some charts up tonight before things break loose.

PT

hehe !

i have also a terrible cold and had some pretty strange days.

i will also post some charts sometimes but for now i let PT have the first move


Here only a River240 on Gold ! Entry on Friday !

Thats an great idea IMHO and i would volunteer to help you with anything if i can PT!

I am posting the chart of our current situation and I will explain my thinking. I think we must defer to the 4hr chart at this time and there are two very strong areas of support and resistance. The resistance or the point where you would take a long is at 2.0762 and I would like to see a candle open above that number to go long. I think we will run at least 80 pips or more if we pass that point. The area of support or the point where you would take a short position is under the 2.0700 area and probably about 2.0685. Now this is different than our Zone is currently but it will be the point where I place my trades. Remember, this is based on my interpretation of the charts and I respect that others may come to a different conclusion.

PT

If you are watching the charts on the Gbp/Usd you will see the importance of my last post. We are in a wide area of range and we could still break in either direction. You must have confirmation before entering a trade. Be careful and be smart trading today.

PT