Point of confluence forex


point of confluence forex

setup. Latest posts by CoachShane ( see all ). The market has retraced from a recent high and now appears to be finding support at this level. Of course, learning what constitutes on obvious or high-probability price action setup and a confluent point in the market is the result off education and screen time, but they really do not take long to learn. Now that we've defined what confluence is and how we can apply it to trading, lets discuss why its so important. To keep things fair, Ive discounted areas that didnt have a line up of all our variables. This works both ways, however. Pin bars can be a great indicator that the market has reached a swing high or low and is about to reverse. The dictionary has the following definition. You could also use smaller trend line channel to indicate strength. In this chart below, notice that there was a support level that was broken (in blue box) and price was heading this was a potential support-turned-resistance level coming into play here.

Point of confluence forex
point of confluence forex

Pointing out the blue box which coincides with the biggest drop makes things interesting. However the point to take away from all of this forex eur rub chart is that the more Confluence Factors we have on any given setup, the better the odds are that the setup will move in the intended direction. Trading Confluence, think of traders who trade moving averages such as the 20 SMA. If many people are looking at Y, expect a reaction. The second thing we notice is a key support level that has just come into play. Even better, price exhibits a sharp move and pulls in counter-trend traders who quickly see their position underwater and are forced to exit. Read High Probability Trading (AND 2 things YOU need TO know about) You could also have pulled up the Fibonacci retracement tool and seen that as soon as price hits the trendline, that level coincided with the.8 fib level. The inside bar formed at a horizontal level of support.

Point of confluence forex
point of confluence forex

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