Hello All,
I start this thread to track my trades and along with that to introduce fellow traders to some great enriching concept of trading.
Which are mainly:
Discipline for following your System.
Money Management.
My method of Super Duper Confluence.
I will start up with general discussion of Confluence.
Confluence is a traders weapon to line up things in his favors.
Its like a checklist of mental and physical aspects.
Plz see a Sample Confluence as below:
RSI : Overbought
Price nearing A resistance
Macd Shows Divergence
The Kumo in Ichi is flat and overhead the region.
Plotting a Fib we see that the 61 fib is there too.
We have several factors lining up in our favor.
that is confluence.and just increases your chance of winning a trade many folds.
Once you know theres confluence the next thing is acting on it.
Place a pending order say 5-6 pips there or a market order.
Then put a stop loss point safely hidden behind a rich orderflow.
Set your TP
Then let it rip,while you hunt some more trades.
A Sample Chart:
Back to my Den.
Taz
I start this thread to track my trades and along with that to introduce fellow traders to some great enriching concept of trading.
Which are mainly:
Discipline for following your System.
Money Management.
My method of Super Duper Confluence.
I will start up with general discussion of Confluence.
Confluence is a traders weapon to line up things in his favors.
Its like a checklist of mental and physical aspects.
Plz see a Sample Confluence as below:
RSI : Overbought
Price nearing A resistance
Macd Shows Divergence
The Kumo in Ichi is flat and overhead the region.
Plotting a Fib we see that the 61 fib is there too.
We have several factors lining up in our favor.
that is confluence.and just increases your chance of winning a trade many folds.
Once you know theres confluence the next thing is acting on it.
Place a pending order say 5-6 pips there or a market order.
Then put a stop loss point safely hidden behind a rich orderflow.
Set your TP
Then let it rip,while you hunt some more trades.
A Sample Chart:
Back to my Den.
Taz