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Forex Longshot_nl's confluence system

Discussion in 'Forex Forum' started by longshot_nl, Mar 18, 2016.

  1. longshot_nl

    longshot_nl Guest

    I mainly use the following indicators:
    - Pivot points, daily, weekly and monthly.
    - Trend lines & parallel lines.
    - Price action / support & resistance.
    - Fibs.
    - Other traders. They may have different strategies but the same turning-point as i have.
    - Cross pair confluence.

    My strategy:
    The trades i make occur on confluence points where more indicators converge.
    My perfect trade entry would be one where fib, TL, pivot point and parallel lines converge / have confluence.
    I also love a retest of a broken strong trend line.
    I want to have a view of multiple time-frames so i know what my targets and possible turning points may be.
    My stop/loss is never more then 30 pips.
    When confluence is missed i walk away from the trade.
    When rejection is poor, i walk away from the trade even if i have some loss.
    I move my stop/loss to break/even after rejection seems apparent. In case of a double top: bad luck.
    I prefer not to enter longer term trades on Friday because then traders close their positions and price becomes less predictable and between Friday and Monday a gap can occur which can leave me with a loss larger then my stop-loss. Will look how price is rejected. Can close trade and buy trade back on Monday.

    I will post my view here on some pairs and when i may enter.

    Source.
     

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