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Price Action @ Confluence Zones
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Price Action @ Confluence Zones

  #1 (permalink)
Trading Apprentice
New York
 
Futures Experience: Beginner
Platform: MT4
Favorite Futures: Currency
 
Posts: 7 since Dec 2011
Thanks: 1 given, 3 received

Price Action @ Confluence Zones

Hey Guys,

I wanted to get the feedback of fellow traders new and experienced on the way they take reversals and continuation in confluence zones in trending markets between 5m-4 hour charts. In the spot fx market.

I understand that continuations make up 65-70% of developed market patterns and reversals make up 30-35%.

To my understanding for price action to make a continuation it usually stabs through the Support/Resistance zone or a momentum candle then pullbacks, which may been seen in lower timeframes for it to hold to make a continuation. Reversals usually make a pin bar reversal signal at a major structure level or between 38.2 - 78.6% fib level at times a double pin bar. I also seen at times price hugging the S&R lines especially in the Asian session coming into Europe for price to pullback and breakout only for it to fake out and then breakdown or a true breakout after a false breakout. Also, price tends to have a control point at 00 numbers with it either poking through and reversing or blasting through and continuing.

What's your experience been like? Please stick to the topic.

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  #3 (permalink)
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You nailed it on the head! I notice exactly what you do!

Some pairs I think tend to breakout better than others and also considering the TF makes a difference.

I think if you go down to 5M you will get a higher fakeout % overall, but nothing to back it up and just my opinion.

To me, the weekly/daily and then 4HR is the easiest and the GBPJPY is the best breakout pair for continuation or reversal.

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  #4 (permalink)
Trading Apprentice
New York
 
Futures Experience: Beginner
Platform: MT4
Favorite Futures: Currency
 
Posts: 7 since Dec 2011
Thanks: 1 given, 3 received


bluemele View Post
You nailed it on the head! I notice exactly what you do!

Some pairs I think tend to breakout better than others and also considering the TF makes a difference.

I think if you go down to 5M you will get a higher fakeout % overall, but nothing to back it up and just my opinion.

To me, the weekly/daily and then 4HR is the easiest and the GBPJPY is the best breakout pair for continuation or reversal.

Oh no my secrets are not a secret anymore! lol

Yeah, the GBP/JPY is good as well as the USD/CHF and GBP/USD on breakouts the EUR/USD has a lot of fakeouts in my experience. Has there every been a study done by anyone through the major pairs on fakeouts?

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  #5 (permalink)
Trading Apprentice
New York
 
Futures Experience: Beginner
Platform: MT4
Favorite Futures: Currency
 
Posts: 7 since Dec 2011
Thanks: 1 given, 3 received

Yeah, I am starting to believe that it happen today! on the AUD/USD for me trading a 123 pattern price broke structure and bam it reversed even more while this pair was apparantly the strongest bull out there today than any other!

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