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PowerTrading/The River

  • #441
  • Dec 3, 2007 5:59pm Dec 3, 2007 5:59pm
Good setup for tonight. The high of the day and the 38.2 retrace. Be careful that we have good Price Action when we break through the Zone. If not wait a little before placing your trade. Better to be late, than be wrong. Just trade smart, lock in profit as soon as possible and the the worst you can do is make one or two pips. That is what I did on the first break last night and then I had a chance to come back and get my pips later.

Good Trading,
PT
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Zone Breakout Method
  • #442
  • Dec 3, 2007 7:14pm Dec 3, 2007 7:14pm
I know this is a little different than what we normally look at in here but it is important to the entire method. The 4hr is a good way to see what is happening in the big picture. Sometimes things are happening too fast in the 15 min and you need to step back and look at the overall picture. Notice where I have the crucial trend line market. That is a horizontal trendline and it has been strong resistance several times. I also have other trend lines drawn and you should be doing this too. You can see they fan downward and each one will be support. The trend lines with the most touches and have held the longest amount of time will be the strongest. So when you are stalling out on the 15 min or hour and you want to know why, here you go. Practice this, it will make you a strong trader. Also run Fibs.

PT
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Zone Breakout Method
  • #443
  • Dec 4, 2007 1:08am Dec 4, 2007 1:08am
Hello PT(Pretty Teacher)

Hmm, this is another techniques you are teaching here to add to my weapon arsenal but will need more lectures on this, presently, am already studying trendlines and how it can be drawn.

We need more explanations but be rest assured that in no time it will be well understood.

Your student
  • #444
  • Dec 4, 2007 1:29am Dec 4, 2007 1:29am
Hello all

Can somebody tell me the effect of this period(december) on trading?

I've heard series of discussion about it. people said its always a ranging month because of low volume. can somebody confirm this to me.

thanks
  • #445
  • Dec 4, 2007 3:59am Dec 4, 2007 3:59am
Hi Guys !

another perfet day for me
+100 in pocket again

short GJ from 227.65 as per our rules and clos eit with +100 just 10 mins ago

thanks GOD and thanks again PT u r the best


Netwise
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  • #446
  • Dec 4, 2007 8:38am Dec 4, 2007 8:38am
Hey guys, PT, netwise: ya'll are really doing good. I can find the zones, its pretty easy on gbpusd on 15 tf. What keeps happening is my entries get activated and then reverse on me. I guess I have them too close but ya'll seem to get better entries than me. How can you determine when a breakout will occur and estimate good targets? Do you know any good articles/books on price action. I'm also reading the fibonnaci thread by bobo here to try and help. Any other ideas? TIA and Good Luck!!
Jar
  • #447
  • Dec 4, 2007 9:00am Dec 4, 2007 9:00am
Quoting jarcrocker
Hey guys, PT, netwise: ya'll are really doing good. I can find the zones, its pretty easy on gbpusd on 15 tf. What keeps happening is my entries get activated and then reverse on me. I guess I have them too close but ya'll seem to get better entries than me. How can you determine when a breakout will occur and estimate good targets? Do you know any good articles/books on price action. I'm also reading the fibonnaci thread by bobo here to try and help. Any other ideas? TIA and Good Luck!!
Jar
I just took a quick short position for some quick pips.
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Zone Breakout Method
  • #448
  • Dec 4, 2007 9:11am Dec 4, 2007 9:11am
Quoting jarcrocker
Hey guys, PT, netwise: ya'll are really doing good. I can find the zones, its pretty easy on gbpusd on 15 tf. What keeps happening is my entries get activated and then reverse on me. I guess I have them too close but ya'll seem to get better entries than me. How can you determine when a breakout will occur and estimate good targets? Do you know any good articles/books on price action. I'm also reading the fibonnaci thread by bobo here to try and help. Any other ideas? TIA and Good Luck!!
Jar
It is important to wait until there is Price Action. Sometimes the wrong time of day will kill you. This week is difficult because it will be non-farm payroll on Friday and that always makes the week crazy. My pips are coming from the Gbp/Usd, but these other guys are hitting home runs with the other pairs. I am satisfied with my usual daily pips because I know I will get them and I can put more money on each pip.

PT
Zone Breakout Method
  • #449
  • Dec 4, 2007 9:15am Dec 4, 2007 9:15am
When you say "price action" you mean the price bars are giving you clues as to direction? The only thing I can tell from them right now is when there are longer wicks usually you have indecision in the market or a large in bar retracement. But by the time I see them I've missed the move. Any way, keep posting guys i'll learn. Thanks for taking time to help!
  • #450
  • Edited 9:43am Dec 4, 2007 9:20am | Edited 9:43am
Quoting jarcrocker
When you say "price action" you mean the price bars are giving you clues as to direction? The only thing I can tell from them right now is when there are longer wicks usually you have indecision in the market or a large in bar retracement. But by the time I see them I've missed the move. Any way, keep posting guys i'll learn. Thanks for taking time to help!
I am talking about activity. You can not make decisions when there is no activity in the market. If you take trades too early or late in the day there is nothing to tell you the direction. We had two breakouts of the Zone today on the Gbp/Usd, both for about the same amount of pips. It was easy to do the Zone, you simply put it between the High of yesterday and the 38.2 retrace because that is where price consolidated when the action was slow. Hope this helps.

PT
Zone Breakout Method
  • #451
  • Dec 4, 2007 10:20am Dec 4, 2007 10:20am
Price Action:

Normally, our fibo is drawn from the previous day high and low(sometimes, recent high and low) and the zone box is drawn where there is price consolidation(you might saying when price is ranging or where there is indecision between buyers and sellers)

It is expected that price will break-out from the zone on either side of the zone, but a picture from bigger time frame like 4hrs should be able to give a clue where the price will go after the breakout(anyway, that's speculations)

That's all in summary about our method, probably, the professor(PT) might want to add more but this is just the 'piece meal' from a fellow newbie like you.

The reversal, is for guru, still learning it but the trend changing candle stick around the golden ratio is a sign that reversal is possible.
  • #452
  • Dec 4, 2007 10:41am Dec 4, 2007 10:41am
Quoting PowerTrader
I know this is a little different than what we normally look at in here but it is important to the entire method. The 4hr is a good way to see what is happening in the big picture. Sometimes things are happening too fast in the 15 min and you need to step back and look at the overall picture. Notice where I have the crucial trend line market. That is a horizontal trendline and it has been strong resistance several times. I also have other trend lines drawn and you should be doing this too. You can see they fan downward and each one will be support. The trend lines with the most touches and have held the longest amount of time will be the strongest. So when you are stalling out on the 15 min or hour and you want to know why, here you go. Practice this, it will make you a strong trader. Also run Fibs.

PT
Hi guys ! nice to see you made pips today! my schedule is still very uncertain and crazy so today i could not do any trades..

I just wanted to add to PT`s 4H chart that the river which is visible there is the 240River .i will now add the config und hope it`s okay with PT ..i just dont want anyone to be confused !
Settings are 240 Period Envelop (Simple) with an 0,06 Deviation applied to close!

Because of Price action ! Study James16 Chart Thread & Stuf ! His teachings are gold and greatly apply to the PT method!

Hope I can post&trade tomorrow!


All the best !
  • #453
  • Dec 4, 2007 2:46pm Dec 4, 2007 2:46pm
Quoting AidanPryde
Hi guys ! nice to see you made pips today! my schedule is still very uncertain and crazy so today i could not do any trades..

I just wanted to add to PT`s 4H chart that the river which is visible there is the 240River .i will now add the config und hope it`s okay with PT ..i just dont want anyone to be confused !
Settings are 240 Period Envelop (Simple) with an 0,06 Deviation applied to close!

Because of Price action ! Study James16 Chart Thread & Stuf ! His teachings are gold and greatly apply to the PT method!

Hope I can post&trade tomorrow!


All the best !
Good to see you. I was wondering where you had been.

Good trading,
PT
Zone Breakout Method
  • #454
  • Dec 4, 2007 7:49pm Dec 4, 2007 7:49pm
We have currently broken yesterdays low and I took a short but let me tell you what is happening. There is a horizontal trend line on the 4hr chart that has 15 4hr candles touching this area since it has be broken short. It is a tough area. I will post my 15 chart. I do not have a Zone because we did not slow down to consolidate.

Make sure you look at that 4hr and draw a trend line horizontally from our current price so you can see what I am talking about.

PT
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Zone Breakout Method
  • #455
  • Dec 4, 2007 9:04pm Dec 4, 2007 9:04pm
Here my actual entry @ GPB/JPY ! cannot comment much as i have guests but its selfexplanatory
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  • #456
  • Dec 4, 2007 11:50pm Dec 4, 2007 11:50pm
hi guys,

Am just learning how to draw trendlines on chart. woould anyone of you be grateful to tell me the basic things to watch out for when drawing trendlines.

thanks
  • #457
  • Dec 5, 2007 1:19am Dec 5, 2007 1:19am
Hi Guys !

well yesterday some guys contact me on my yahoo and i give them trade to long from 226.23 and targetting 227.23 or +100

well today the target reached

+100 again in pocket with the help of THE RIVER

thanks POWERTRADER

i attached the chart with this post and also i will short GJ again from 227.69 area so lets see

thanks
netwise
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  • #458
  • Dec 5, 2007 1:35am Dec 5, 2007 1:35am
Hi netwise... your chart looks great.... care to share your template with fellow traders here !

Thanks again.
  • #459
  • Dec 5, 2007 1:40am Dec 5, 2007 1:40am
Quoting Syahmi
Hi netwise... your chart looks great.... care to share your template with fellow traders here !

Thanks again.
well its the same what PT give on the top of this thread
hehe i just change the color nothing else
  • #460
  • Dec 5, 2007 3:26am Dec 5, 2007 3:26am
Hi Guys !

well here is the 2nd trade of mine
i miss the short entery i think that gj will reached the 227.69 area hehe but its just turn from 227.40 the 76.xx fib level anyway its ok

well rite now i am just took long again in GJ from 225.10 targettting 226.10
attached the chart so lets see if i got more +100 or not

thanks
netwise
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