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Confluence of trading signals

Written by NoAgro 6 months ago
This article, brought to you by AFund forex trading investment fund is focused on explaining topic of confluence in trading with a real trading opportunity example.
Confluence means atleast two trading signals showing same direction coming together to make the possible setup stronger, more probable to happen. It is important to look for confluences when you start investigating trade setup. It is largely accepted, that you should have atleast THREE confluencial signals before you take the trade! The more you have, the stronger setup it becomes.
Let’s bring up an easy theoretical example: If I see a possible trade, first signal might be a candle shape - pin bar (small candle body and big wick), the second signal might be the fact that this pin bar created itself on some very important support/resistance price level and the third signal could be a fibonachi retracement level on that same price. In this scenario you have three confluential signals, all of them saying “go short/long.” This is what you are looking for to even start considering to take a trade.
I was inspired to write this article by one specific trading opportunity where is huge number of confluencial signals. Let get into it and demonstrate confluence of trading signals on a practical trading setup that will happen today.
Trading opportunity:
EURGBP short position, 4hour/daily chart
So far I have found 9 confluential signals for taking this position, that’s the biggest number of confluential signals I have ever seen, so let’s get into it and talk about every single one.
1) Longer term trend line was breached. A trend line that was holding price above itself since December was breached and price closed below it.

2) Shorter term trend line was breached aswell. A trend line that was hodling price above itself since januery was also breached and price stayed below it on closing basis.

Those two signals showing each longer term and mid term change of direction.

3) Head and shoulders reversal pattern. This pattern formed sending another short signal.

4) Strong support area is holding the head and shoulders pattern above itself, that means, once this support level is breached, it will also confirm the head and shoulders pattern.

5) Fibonacci retracement levels – fibo 23.6% retracement lines up perfectly with the resistance from number 4), besides this fact fibo 50% level fits perfectly with measured objective for taking profit from head and shoulders pattern….what a coincidence huh?

6) Support level – Measured objective also fits perfectly to a very strong 10 months lasting support area of high importance….another interesting coincidence don’t you think?:)

7) Resistance level – superstrong resistance level stopped the up move forming the head and shoulders reversal pattern from number 3). You can notice extremely powerful resistance area on monthly chart which was holding price above itself for 7 years!

8) Pin bars – Two pin bars formed on a retest of those two trend lines that were breached before.

9) Fundamentals – ECB (European central bank) is going to cut rates today at 12:45 GMT, which is bad news for Euro, supporting my short position even more.

This picture shows you the 3) Head and shoulders pattern marked by blue rectangle on top of the pic., it also shows you the 10 months support area from 6) also market as a blue line. You can notice two trendlines going nearly from bottom to the top and how price cuts through them 1) and 2). Vertical yellow line with squares in midle and at its ends mark the measured objective for head and shoulders pattern 6).

Closer look at the setup, here you can also notice those lovely two pin bars mentioned in 8)
The last picture shows monthly chart to show you the superstrong resistance level above our formation 7).

Final recommendation from AFund: wait for the support area below head and shoulders pattern to get broken 4), and open short when it happens, targeting the fibo 50% area above 6) at 0.746, or simply deposit your money in our AFund and we will trade this setup for you if the trade is confirmed.

We charge 0 management fee, because we feel like management fee is taking money for nothing, instead we charge 30% profit fee, which makes more sense for us, because we take money from our investor only if we create profit for them.

AFund manager

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Transactions in derivatives based on foreign exchange rates or the prices of precious metals, commodities or equity indices products carry a high degree of risk. Any transaction involving these products is exposed to, among other things, changes in a country's economic condition or political climate as well as acts of nature or terrorism - each of which may substantially affect the price or availability of the these derivatives. Speculative trading in derivate products is a challenging prospect with a high level of risk. You must therefore carefully consider your investment objectives, level of experience and appetite for such risk prior to trading these products. Most importantly, do not invest money that you are not in a position to lose. In addition, trading on a margin basis means that any market movement will have a magnified effect on your deposited funds. This can work against you as well as for you. The possibility exists that you could sustain a total loss of all the funds you have deposited. PipsTycoon's trading system is designed to automatically liquidate all open positions if your margin deposit is in jeopardy so that you cannot lose more than the funds you have on deposit in your account. We encourage you to employ such risk-reducing strategies as 'stop-loss' or 'stop-limit' orders, but you should be aware that market conditions may make it impossible to close out your order at the level specified. There are also risks associated with using an Internet-based trade execution software application including, but not limited to, the failure of hardware and software. ANNO1777 Labs maintains ‘back up’ systems and contingency plans to minimise the possibility of system failure. Before deciding to trade, you should become aware of all the risks associated with leveraged productstrading, and seek advice from an independent and suitably licensed financial advisor. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to your trading operations any direct, indirect, special, consequential or incidental damages whatsoever.

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