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Applying Fibonacci Cluster and Confluence Zones
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Applying Fibonacci Cluster and Confluence Zones

  #71 (permalink)
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I trade just like he does rassi

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  #72 (permalink)
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Picture for tomorrow

For tomorrow their is fib support at 1.2872, pivot range support at 1.2869. Resistance through pivot R1 at 1.2914 and through fib confluence at 1.2922. This is the micro-picture as shown on the first chart.

The larger picture shows that 6E is still in an uptrend, it is currently sitting on cross resistance. The likely scenario would be continuation of the uptrend.

Nobody, however, can exclude that it breaks down, the downward targets would be 1.2825 and 1.2780. Remember that the 1929 decline started after Labour Day, LOL.

The trend oscillator has a neutral reading.


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  #73 (permalink)
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For fun using Mr. Pitchfork:
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Confluence...of pivots

Wasn't a fib confluence trade, but I saw a confluence of daily, weekly and resistance lines that was a nice trade last friday.

https://futures.io/journals-daily-charts-chart-reading/477-shodsons-trading-journal-37.html#post59616

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shodson View Post
Wasn't a fib confluence trade, but I saw a confluence of daily, weekly and resistance lines that was a nice trade last friday.

Also saw resistance there, see chart below, but again I am curious, how you establish your pivot levels. Our weekly pivots are identical, but your daily pivot R3 is completely different and your monthly pivot is 0.75 points off.

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event with a simple 61.8 level is enough to watch some price action

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Fat Tails View Post
Also saw resistance there, see chart below, but again I am curious, how you establish your pivot levels?

I use the levels printed my MTG. For dailies they use 9:30am - 4:15pm NY OHLC. Not sure why the monthly was off.

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shodson View Post
I use the levels printed my MTG. For dailies they use 9:30am - 4:15pm NY OHLC. Not sure why the monthly was off.

For the monthly pivots, it is easy to calculate by hand:

ETH: High 1127.25, Low 1037.00, Settlement 1048.25 -> PP 1071.00, R1 1105.00

RTH: High 1126.75, Low 1037.00, Settlement 1048.25 -> PP 1070.75, R1 1104.25

so both values are correct, just the difference between ETH and RTH pivots. However in this case, price seemed to be reacting to RTH pivots rather than ETH pivots.

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  #79 (permalink)
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This is a great indicator brother! I use a Fractal Pivot Confluence indicator. I was actually looking for the NEXGEN Fibonacci Confluence indicator but stumbled upon yours. Now if we could somehow combine yours with what I have I think we would have the ultimate pivot indicator.

Check out some screen shots.

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Applying Fibonacci Cluster and Confluence Zones-croppercapture-271-.png   Applying Fibonacci Cluster and Confluence Zones-croppercapture-272-.png  
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Fat Tails View Post
Hi tinkerz,

thanks for the comment. I absolutely agree on your statement that it is necessary to observe volume on the edges of the trading ranges. Volume spread analysis is my current favorite, as it confirms support or resistance. Below an example for ES about an hour ago. You can see how price hit the double support (fib confluence and floor pivot R1). This was the ideal entry point for a pullback trade. However, I needed some volume confirmation, which I got from two different volume indicators.

(a) my own better volume indicator, which showed a higher volume expansion bar (light blue) followed by a strong churn bar (yellow)

(b) The signal from the Volstop indicator (thank you Cory), which showed rising volume on lower lows with a neutral/upclose for the third bar.

With the volume confirmation this was a low risk trade with a first target just at the next fib line and the second target arounf the midpivot.

I like that volstop! That's in the downloads area of the forum? It's awesome to see others who trade exactly like me. I'd like to combine Twiggs money flow, (shadow in background), Better volume with Vol stop alerting on the chart! Zero lag macd divergence along with fib/fractal confluence and volume is as sure a bet as you can get in capital markets!

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