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Rules, confluence Scalper System, long Entry, channel down medium green. Heres a video on drawing support and resistance levels. Confluence Scalper System is an price action forex strategy. With a wide array of technical variables available and different ways of using them, trading confluence, as you can imagine, takes on a number of different shapes. Combining levels us forex leverage restrictions of confluence with price action signals. If you want to learn more about how I trade clean and effective price action strategies from confluent levels in the market, check out my price action trading course here. In this example, we can see that the Stochastics indicator was clearly trading above the 80 level (labelled number 1). Therefore, when you apply a confluence based strategy to trade forex, you should be very careful in how you pick your technical analysis tools.
However, when developing and using confluence based trading systems, you need to have a thorough understanding of the indicators you are using. This offers a large enough sample size to work with and make any alterations needed to operate with a high-probability trading strategy. Firstly, let me take a moment to explain what confluence. Forex traders consider such market point of confluence forex conditions as an indication of a possible overbought market. A trading edge is a set of conditions a junction of key levels (or areas) binding together collectively forming high-probability trade confluence.
The second major support resistance level point of confluence forex is a bit interesting, as it is the.7575 level. Trend traders draw to this type of price movement, as it provides high-probability trades. By way of an example, say the underlying fundamentals point to a rally in the dollar, though technical studies on the lower timeframes show price action trading at the underside of strong resistance (a level in the market price had trouble breaking beyond). If we used an oscillator like Stochastics with ADX, the oscillator might have generated an oversold signal when the downtrend was about to start. This type of price action confluence, where you see support and resistance zones that overlap Fibonacci levels, are extremely powerful signals.
Using Price Action to Trade Forex Confluence When trading Forex confluence, you dont necessarily need to combine complicated technical indicators or several technical analysis tools. Without this, currency trading successfully is difficult. However, if you closely examine the previous few buy and sell signals generated by the ADX indicator, you can see that due to a range bound market condition, most of these signals did not result in any significant directional movement of price. In the next example, we can see an fakey pin bar combo pattern on the 4 hour gbpjpy chart that had 3 of the factors of confluence mentioned above:. Short Entry, channel UP being green, wait for the intersection of the channel yellow green pink OR green which occurred near critical levels as follows :. Figure 5: Using Confluence of Trend Line and Support Resistance with Price Action We have previously touched on how you can use the confluence of technical indicators and trend lines. It is in TF M1 scalping strategy to wait price with important intersection. Four days after the ADX signal, you will notice the SMA 5 crossed below the SMA 21 (labelled number 2). The formation of the downtrend line signaled the diminishing bullish momentum above this price level. Trading setups using the noted indicators: Trade the outer limit of the Bollinger bands when merging with the EMA.
Next, you can see the euraud price respected the.5200 level as a major psychological pivot zone (labelled number 3 where the market previously found both support and resistance. Take profit when the price reaches the bottom line of the green channel when the bottom line is adjacent to the points a-b-c-d. To remove an indicator from the chart, one has to execute its context menu commands of Delete Indicator or Delete Indicator Window, or the chart context menu command of Indicators List Delete. Technical Analysis and Fundamental Analysis, despite countless theories attempting to explain currency movements, technical and fundamental analysis are widely accepted modes of study to forecast potential direction. Most professional Forex traders follow economic calendar events, such as key overnight interest rates, employment rates, unemployment benefit claims figures, consumer price index, and various other economic indicators. Template confluence scalper:. How about three, four or even five? This resistance zone could happen to be a Big Round Number (BRN) as well. The Technical Confluences Indicator shows that AUD/USD may find support around.6898 where we see the convergence of the Bollinger Gand one-day Lower, the Pivot Point one-day Support 2, and PP one-week. A back test demonstrates how many variables a trading strategy requires to operate consistently. This fakey pattern had confluence with the strong downtrend that was in place. Dont, however, make the fatal mistake thinking more variables applied to the charts will somehow offer the holy grail of trading.