By Justin Bennet m, if you want to get news of the most recent updates to our guides or anything else related to Forex trading, you can subscribe to our monthly newsletter. Its common knowledge that most major moves in the markets tend to retrace approximately 50 at some point after they form. So Confluence Factor #1 becomes a strong uptrend. In this example below, you will notice that: price was in an uptrend and eventually it started to head back down. I think I can be so bold as to say that consistent profits is the goal of every serious Forex trader. At the risk of sounding cliché, the old saying, the trend is your friend is absolutely true in my experience. Let me start with the first. Forex metatrader indicator: Auto pivot plotter; Hours Channel; Jaguar SR indicator; Recent SR; SDC ; SDX 8H; THV4 TZ pivot; Trade Day; TVI; Ultratrend. These are the classic horizontal support and resistance levels that typically connect highs to highs or lows to lows. Its important to keep in mind that although confluence helps to put the odds in your favor, it doesn't mean a setup with four or five factors cant fail. With respect to the key support level, price action has now formed a bullish pin bar from this level.
In other words a strong trend might be one factor, a price action buy signal might be a second factor and. So it appears our moving averages are also providing dynamic support in combination with the latest trending forex pairs key support level. Rules, confluence Scalper System, long Entry, channel down medium green. Becoming a profitable Forex trader is a marathon, not a sprint. In the next example, we can see an inside bar pattern on the daily gbpusd chart that had 3 of the factors of confluence mentioned above:. Wait for the intersection of the channel yellow green pink OR green which occurred near critical levels as follows :. Sure enough, price comes down, hits the 50 fib level as well as hits the zone of those past level and shoots back. Figure out a way to do this over and over again and youll be well on your way to becoming profitable.
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