Davit's Confluence Trading

I had a great Christmas gift.Shorted both GU and EU on from London highs.
+180pips
Enjoy your Holidays guys!

Happy New year for FF traders and friends on my journal.
My trading goal is to reach 600k-1million in 5yrs.Trading experience 1year.Account sizes both modest however big enough to fulfill my goal.
My target profit is 10%+ a month.This seems unreal to some whose PT is 2% which to me is very conservative.
Lot of traders at FF will tell you based on their failures that this is not realistic expectation however I know personally few traders here that they make that on weekly bases.So don't let the negative feedback from struggling traders pull you down from your dreams.

Some thoughts

1.Wait,Wait,Wait for the right moment to enter the market.My typical rookie experience had been jumping in early and often in wrong direction.That took some time to correct.Now I just seat back and wait trades to come.No more impulses.I can walk away and not trade.That took some time to achieve mentally.
2.My 2013 goal is Understanding and applying ABCD patterns,Harmonics,123 formations.I have enormous material to master for 2013. My goal is to be proficient in harmonics.I think this is the "holly grail"
Fact is market moves are organic which adhere to Fib ratios which exist just about in everything.Anyway that's an area of interest.
Mentally moving away from EMA's based systems(they have merit but intuitively feel they are lacking)focusing on understanding volume and order flow better.
Harmonics,volume,order flow,supply and demand my 2013 focus.

So lets make green pips my friends!

My 2013 tradesBought 5 orders of UCAD at demand zone 9860-40 area TP target 9970

Happy New Year Davit, KADC and other members. I pray God will bless each of you and your respective families this New Year, and 2013 will be a Year of great achievement and fulfillment of dreams for every one.

Davit, I'm with you in your goals, and will be here posting regularly and we can all compare notes. I am comfortable trading the MA system and using a 1-2-3 price wave for entry after daily pullbacks or trend reversals. As you mentioned patience is the key, in waiting for the right setup and not entering too early or too late. The day my trading started to improve was the day I discovered that (1) there is a structure and pattern to the market (2) there are 22 working/trading days in each month and only need 5 - 10 good setups to earn a living and (3) I do not need to trade every day as my setup may not be there every day. Therefore no need to chase trades but wait for the right setup and be prepared to trade with confidence. We'll miss some but net, net we'll come out tops.

My last few trades on the Euro as attached. I'm off to bed now and will back for the London or US session depending on the setups.

Good trading to all

Cheers, and God bless

George

Going lone in USD-CHF... It has 9 days ranging and broke in the upper side. Maybe Im to early but I dont have much time to watch the markets.

Eur in the same condition. Going Short.

Couldn't resist this short in the Cable with stop now moved to BE + 3 pips. And by the way, good job FXRetro on your trades

Going back to bed as my price alert woke me to a great trade.

Good trading to all

Shalom


George

NB: Trade closed @ 6207 for 20 pips with bounce off 6200 RN and H1 72MA. Will wait for retest of the M15 200MA for re-entry

Davit its about time! you started your own thread its good to see a thread with someone who is open to ideas i have been following you on another simple system and simple money making method since i emailed you 2 months ago i don't bother replying on these forums due to frustrating individuals i have been reading a lot started off with Currency trading for Dummies lol and then got on to the book TECHNICAL ANAYLSIS OF THE FUTURES MARKET BY JOHN J MURPHY. I will be following this thread and for the rest of the year don't lose faith in your trading forum brother because there are people who respect the knowledge posted even if they do not write on the forum, the ones who have an opinion sometimes can't even take there own SO 2013 here we go I will follow you I'm trading live on IG markets using 4 moving averages 12 72 200 and 800 looking for basic rebound and countering trades on the hourly and also on the 15min in times of high volatility I'm reading and studying more and more to add more tools to my tool box i believe it is not wrong to follow different trading patterns but to add more tools to the tool box and to use the correct tools for the job no indicators for me except the moving averages to keep me in line with the pattern but looking more at support resistance, news and using fibbonacci ratio "golden ratio" to predict retracements I'm EXCITED good luck davit lets get this year started!!!

Also davit forgive me if that last message is a bit all over the shop I've had a bit too much caffeine and I'm really excited you have started a forum because i know how open you are to learning different methods and ideas of the market

WOW how is that for a trade i only felt confident getting in after it moved over the moving averages GOOD WORK

nice to see you post here.I like that you are aware of S/R zones.To make your trading even more dynamic use Fib retrace tool and pay special attention to .618 1.618 levels.Here is something that came out last 10yrs that is interesting. The fib 786 level.You have to add this to fib default numbers.
If price violates .618 next important number is 78.6 and often price reverses at this level and if it vioaltes 786 then assume price is resuming current trend.
I think everyone could benefit from knowledge of harmonics.
Go here and download the free E-book by Scott Carney one of best teachers of harmonics.Great book.

Regards

I have currently 5 buys on UCAD on 9840-60 zone.Will hold a week or so to mature.TP 9970 zone.
If price drops I will buy more.
Nice to see you post again.Happy new year!

George very nice post.Thank you and same to you and your family.

I found this simple alert indicator very effective.If you are watching a level like consolidation and waiting for breakout but not willing to seat in front of pc waiting simply place the indi and it will alert you if the level has been touched.this way you can do other things while trading.I often read while trading and this alert indi does the job.
another great indi is my pivot one.I tried many and this one is super.
Also ADR or daily average range.Very useful.If price violates daily range then shorting or longing possibility increases.

Here is something interesting.
AU failed to break 786 fib level on multiple attempts 10527 and I am keen on shorting possibility there.

It is very true that you can't cheat nature and so I missed the continuation of the Cable short I was waiting for, as I had to go back to bed after prior day's late night. I am 8 hours behind GMT, so it is not always easy trading the London session but since it is the most active, I make the necessary sacrifice to be around if I see any setup.

I sold the Cable @ 6228 (as per post 86) and closed @ 6207 after it bounced off the 6200 RN and H1 72MA. I was hoping to re-enter on price retesting the M15 200MA during the London session, which it did but then after waiting about an hour into the London session I went back to sleep. The market seem to have been waiting for me to leave as the market moved almost immediately I left. I am however satisfied with the 20 pip and live to fight another day.

I will be back tomorrow if I find any setup, otherwise next week will bring with it other trading opportunities by the grace of God.

Good trading to all

Cheers, and God bless

George

UC +160 pips and counting. TP around 9950 looking to collect over 500pips

I did very little over the holidays ...just a couple of gold scalps.

I'm hoping US PMI and employment data will give me another entry to short the Yen since I missed my opportunity yesterday. Gold and silver are giving the last push down I was hoping for and I'm looking forward to seeing the bottom shortly so I can start accumulating long-term buy-and-hold positions instead of scalping.

AUD/USD seems poised to fall now that it's bounced off the long term resistance going back to summer of 2011 (top blue line) and was rejected from what was the support line (pink line intersecting in the circle) but I don't like the carry *($2.0869 US$ per day per $25,000 lot) shorting the Aussie, so I'd rather go long from the other pink support line which will probably coincide with daily RSI support for another poke at the long term resistance line. If it breaks below, however, I'll probably stay away from AUD/USD and see if it falls to the bottom pink long-term support line to go long from there.

*Correction: That was the AUD/JPY carry. AUD/USD carry is $1.8836. My apologies.

Hi KADC
Nice to see you post again.Your lot size made my think ant (me) versus an elephant
I agree I hate selling the Aussie for same reason.Come to think of it I dislike this currency and often just ignore it.I tend to be more of a seller trader then a buyer and Aussie is just too stubborn to fall.
Yen pairs are so overdue for retrace and yet I dare not short them because of Japan's fundamental policy of devaluation of it.For now I will be a spectator unless I see real opportunity.
Regards

Reading
Trade What You See: How To Profit from Pattern Recognition

This is about Gartley patterns.Interesting that Gartley was charging staggering $1500 for each copy of the book in 1935!!!Worth of 3 cars at the time...
Anyway I am late comer to Gartley patterns (2nd year trading) and I am very much hooked.I love Fib ratios and Gartley patterns makes the fibs come alive.


Personal notes.
1.Look as many signals NOT to take a trade then take a trade.Kind of opposite of popular paradigm in trading.

I find myself making more money when I am most discerning.Often we tend to see a trade where there is no trade because our subjectivity gets hold of ourselves.



2013 my goal is to make 10% or more monthly.I always believed if its done before it can be done by me.I know that lot of traders make lot more then that.Focus on positive thinking and walk away or stop trading when you can't see the charts clearly.
Anyway since this a journal I just wrote down few thoughts.

I closed my Cad 5 buys total +214 pips.Glad I did because farm news plummeted back where I bought it.I posted this trade with the chart.

Okay Davit, this is how i went this week. What was i concentrating on I started the week off by looking at a few pairs but nothing really excited me lost at little bit of money by trying to trade things out of my own excitement so i lost a bit of money "getting better at controlling that". I have an account with IG Markets and I can only trade at 1 contract I started with 200$ and due to silly errors Im down to 50$ but any way onwards and upwards. yes I'm going to talk about money because in my eyes its just money if this bothers you davit please say so. I then traded the ASX 200 made 50$ on the 1 hour on Wednesday i traded this due to the fiscal cliff and a little bit of study and intuition. For the rest of the week i entered trades but exited them straight knowing that i should not of entered them because there were no indications until friday I became interested in the NZDUSD I was reading about the support and resistance zones and noticed the nzdusd was in downwards movement on 1 hour but in a emerging triangle pattern the bear side of triangle was near a support zone. Watching the 5min and the 1 hour at the same time i felt i could get in early on a retracment of the latest movement. Where i went short is shown in the rectangle on the two separate charts i have posted and the black arrow shows where i took my profit.