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Originally Posted by PowerTrader
The River Wild is finally here. So what is the big deal you are asking? How would you like to trade once or twice a month and make 1000 pips, every single month? Imagine sleeping when everyone else is trading and collecting your profits while others toil day to day trying to figure it out. Here you go and by the way, it is nothing new and I didn’t invent it but I know how to trade it.
Setup an envelope based on a four hour chart. Start by setting up an envelope using a 240 SMA based on close with 0.06% deviation. You want to use a currency pair with a good average daily range. I suggest the GBP/JPY and the EUR/JPY. There are extensions set up for profit taking and my favorite LWMA, the 50. Notice the examples I am posting and download the template. Do some back testing and then tell me what you think. I have traded this to the point I am sure it is a winner.
The Trade-
Enter on after the second candle forms outside the River. By waiting until two candles have formed you will almost eliminate the chance of it backing up on you. Use the take profit areas to scale out of the trade. Notice how price clusters on these areas, its tested and based on Fibonacci.
I will be posting more instructions after you have time to digest what is already here. One more thing.
I dedicate this trade to traderlismiss because her incredible insight was the inspiration for this trade. She is a fantastic trader and probably could trade circles around me if she tried.
Traderbill
Template- http://www.divshare.com/download/509009-a7c
* There will be a slightly different setup for other pairs. |
Very interesting! Thanks for sharing!!
Any chance you could comment on recommended MM and TP strategies. For example, just taking a quick look at the chart I may do the following:
- after say a long entry, my initial SL would be placed on the opposite envelop (I'm assuming it's like the basic river method). Once price has hit the second fib level (288) I'd move my stop to the 144, and continue until finally price retraces and get stopped out.
OR
- after intial long and setup the SL at opposite side of river (same as above) then enter with incremental lots and exit once price hits each fib level.
Looking forward to your MM recommendations (please don't make us wait for a few days
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...and of course to your reversal methods!
Thanks again - very exciting!!!!