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Davit's Confluence Trading

  • #221
  • Jul 29, 2013 2:59pm Jul 29, 2013 2:59pm
Since this is a journal I post what helps me to become better trader and I always try to keep open mind for ideas to improve.
I believe every trader who wants to succeed must know at least basic harmonic set ups.
Gartley pattern is all you need in conjunction with S/R and market order flow and dynamics
I always try to see if my orders fit into Harmonic patterns and if they do positions become lot more stronger.

Memorize these simple patterns and internalize
As exercise see if you can find as many as you can on daily and weekly charts.

If you like deeper understanding please visit here http://www.harmonictrader.com/ and download free ebook by Scott Carney master of harmonics (upper left side of the page green color)
Attached Images
In trading, you have to be defensive and aggressive at the same time
  • #222
  • Jul 29, 2013 3:43pm Jul 29, 2013 3:43pm
Looking at Swissy
For long.I'll wait patiently until bottom of the range or close to it.
Limit Buys
9125 9150 9175 92
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.daily.png Size: 45 KB
In trading, you have to be defensive and aggressive at the same time
  • #223
  • Jul 29, 2013 5:55pm Jul 29, 2013 5:55pm
Im almost finishing the book. Now I understand better your way. David Are you using 1H to take your trading decision as the book say?
Look in this chart another use of Fibbo to find out levels. According to the book, I choose tops and bottoms of a period of time, then I look for the middle area and draw other zones. A range between 300 to 500 pips. This is for 1H use, right?... Anyway take a look on how is it possible to use fibbos also for that. What do you think? Using 4H Sup-Res for a longer position or 1h for a shorter position. Another thing, Im going to focus on the yen group and gold, but Im going to trade US-JP and Gold only. I'll use the group just to see the relative strength and correlation.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Yen median L 1H.png Size: 68 KB
Click to Enlarge Name: Yen median L 4H.png Size: 70 KB
Swing with the tide, Surf with the waves!
  • #224
  • Jul 29, 2013 6:17pm Jul 29, 2013 6:17pm
Quoting FxRetro
Im almost finishing the book. Now I understand better your way. David Are you using 1H to take your trading decision as the book say? Look in this chart another use of Fibbo to find out levels. According to the book, I choose tops and bottoms of a period of time, then I look for the middle area and draw other zones. A range between 300 to 500 pips. This is for 1H use, right?... Anyway take a look on how is it possible to use fibbos also for that. What do you think? Using 4H Sup-Res for a longer position or 1h for a shorter position. Another thing,...
Yen is one of most difficult currencies to trade for me.Its highly unpredictable and highly manipulated by BOJ and Japanese politicians.
If you can manage it then all the Kudos to you.To me Yen is not suitable for this kind of trading.Because it is so inflated it could drop seriously fast before you can do damage control.I just don't trade it.
I use H1 H4 and Daily. I start with Daily go to H4 and enter on H1.I hold trades sometimes 3-5days or more and other times just a day or less.Depends on the market.
You got your fib concepts right.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #225
  • Jul 29, 2013 11:29pm Jul 29, 2013 11:29pm
3shorts triggered on Eur/NZD
Looking at GPB/NZD
Waiting for price to reach minimum 61.8fib
Attached Image (click to enlarge)
Click to Enlarge Name: gbpnzdh1.png Size: 52 KB
In trading, you have to be defensive and aggressive at the same time
  • #226
  • Jul 30, 2013 10:01am Jul 30, 2013 10:01am
5shorts active on EN on both my accounts total 10
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd.h4.png Size: 46 KB
In trading, you have to be defensive and aggressive at the same time
  • #227
  • Jul 30, 2013 11:25am Jul 30, 2013 11:25am
Quoting Davit
{quote} on EC was combination of both.I figured price was not gonna go up to trigger upper shorts so I added more shorts around 45-60. I like not to that because I always like my bigger trades at best prices and to that I must have reserve troops rested fresh for action. Basically concept I am trading is small lots spread at Zone for overall best price.This makes sense if for example conventional way you entered short at 3543 full lot and price went to 3568 most traders would of taken that as loss trade either stopped out or closed manually since...

Ok...I am kind of with you on this. Thanks. But I will need to follow along, more. And, yeah, not conventional...that's an artist for ya...jaja. And also why I am here.

just conceptually thinking, out loud here...seems like you look for price to sweep through a zone or a range, either the upper or lower portion depending on whether you are long or short the market...and fill your orders. And, as long as price returns to your zone or range boundaries, opposite of the side your orders are on...you should come out with profit....???

And the market does not really have to move that far...like you mentioned in an earlier post.
  • #228
  • Jul 30, 2013 11:28am Jul 30, 2013 11:28am
Quoting Davit
5shorts active on EN on both my accounts total 10 {image}
This is a pretty good explanation of your set-up style, the chart I mean...If I am beginning to understand correctly.

Thank you
  • #229
  • Jul 30, 2013 11:34am Jul 30, 2013 11:34am
Quoting Davit
3shorts triggered on Eur/NZD Looking at GPB/NZD Waiting for price to reach minimum 61.8fib {image}

Ahhhhh...ok, this is making more sense. You will wait til price nears a certain level, like here...618 fib. And then you will look to distribute a 'zone' of sell limits..??

sorry for all the posts...I was just taking these one at a time.
  • #230
  • Jul 30, 2013 11:43am Jul 30, 2013 11:43am
Quoting Davit
5shorts active on EN on both my accounts total 10 {image}
I'm with you at 6621 and 6640

davit look USDCAD i think good price for buying..

what do you think?
  • #231
  • Jul 30, 2013 11:01pm Jul 30, 2013 11:01pm
All my positions have been activated.The beauty of limit?The monster spike which triggered 6650
immediately in profit.
Bryno not ignoring you but I have to let you figure things little on your own.It shows effort.Without effort nobody goes anywhere.Read the book.It eloquently explains a lot of things.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd.h4.png Size: 46 KB
In trading, you have to be defensive and aggressive at the same time
  • #232
  • Jul 31, 2013 5:29am Jul 31, 2013 5:29am
Quoting Davit
All my positions have been activated.The beauty of limit?The monster spike which triggered 6650 immediately in profit. Bryno not ignoring you but I have to let you figure things little on your own.It shows effort.Without effort nobody goes anywhere.Read the book.It eloquently explains a lot of things. {image}

Ah...sounds good mate, I hear ya. And, nice fills on the EN. I'll see if I can get through the rest of the book today during the US news.
  • #233
  • Aug 1, 2013 9:32am Aug 1, 2013 9:32am
i think the ecb hold rates made EN remain strong, what's your view davit, are you still holding your shorts?
  • #234
  • Edited 1:29pm Aug 1, 2013 1:14pm | Edited 1:29pm
Quoting mr.thinker
i think the ecb hold rates made EN remain strong, what's your view davit, are you still holding your shorts?

Yes I am still holding my shorts.Having drawdown is part of my trading system.Trades need time to mature.Please look at day chart.
You'll see price is in fact in range.

Trading small lots is the essence of it.It looks like I have ton of orders but in fact they are all mini lots.Trade small so when in red you don't panic.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd.daily.png Size: 39 KB
In trading, you have to be defensive and aggressive at the same time
  • #235
  • Aug 1, 2013 1:45pm Aug 1, 2013 1:45pm
Quoting Davit
{quote} Yes I am still holding my shorts.Having drawdown is part of my trading system.Trades need time to mature.Please look at day chart. You'll see price is in fact in range. Trading small lots is the essence of it.It looks like I have ton of orders but in fact they are all mini lots.Trade small so when in red you don't panic. {image}
yup that's look good, we need to be patient..tomorrow will be US Nonfarm payrool data, is that news will effect this pair?
  • #236
  • Aug 1, 2013 4:51pm Aug 1, 2013 4:51pm
Davit slowly Im getting use to the median line methodology. Along side with what I know about Sup-Res, Levels, Accumulation - Distribution & the Reversal Patterns I showed you before, my "technical-price & fundamentals analyze" will improve a lot. I just need to work on myself (psicology) hahaha!! More patience!

Bellow some charts showing the effectiveness of the median line levels. Most of the JPY pairs works very good with it. So, maybe in the future you might add them to your other pairs. I have to work now on the multiple positions. By the moment Im just placing one at a time to get use to the methodology. Sometimes Im late because Im not checking charts everyday, so next week I'll star placing limits orders, at least one at a time until I can achieve the "unconscious" process we should achieve to place the orders after the analyze.

On real I have long open positions in US-JP and open new ones on NZ-JP, fallowing the median line method and after an accumulation area. On demo I also have one short on GB-US.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usa-jpy median line long.png Size: 64 KB
Click to Enlarge Name: nzd-jpy 2-3rd long.png Size: 61 KB
Click to Enlarge Name: chf-jpy 3-4th rebound.png Size: 45 KB
Click to Enlarge Name: eur-jpy 2-3rd long rally.png Size: 59 KB
Click to Enlarge Name: gbp-usd 1-3rd short rally.png Size: 58 KB
Click to Enlarge Name: gbp-usd daily 2-3rd short rally.png Size: 50 KB
Click to Enlarge Name: gbp-jpy suport between 3-4th & 4-4th long rally.png Size: 60 KB
Swing with the tide, Surf with the waves!
  • #237
  • Aug 1, 2013 4:52pm Aug 1, 2013 4:52pm
open positions look
Attached Image (click to enlarge)
Click to Enlarge Name: open positions.png Size: 18 KB
Swing with the tide, Surf with the waves!
  • #238
  • Aug 1, 2013 5:51pm Aug 1, 2013 5:51pm
Quoting Davit
{quote} Yes I am still holding my shorts.Having drawdown is part of my trading system.Trades need time to mature.Please look at day chart. You'll see price is in fact in range. Trading small lots is the essence of it.It looks like I have ton of orders but in fact they are all mini lots.Trade small so when in red you don't panic. {image}

Nice, Davit...was wondering if you were holding them. Looks like you have added positions? whewww.

I finished the book and took a swing at it. Grabbed about 60 pips on demo, two different set-ups. Below was one on the EJ. My charts got messy so I cleaned them up so you can see them.

Of my 3 sell limits, only one was filled and price hit my TP, for 40pips. I used the 'quadrant idea' within my 'median grid' to set my TP...I removed the remaining orders once my target was hit. I clustered my sell limits around the 50 fib.

Below are a few charts of the same trade so you can see how I approached it. Your comments/criticism is more than welcome.

Thank you
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpyh1-davit-03.png Size: 59 KB
Click to Enlarge Name: eurjpyh1-davit-02.png Size: 56 KB
Click to Enlarge Name: eurjpyh1-davit-01.png Size: 54 KB
  • #239
  • Aug 1, 2013 11:49pm Aug 1, 2013 11:49pm
Quoting FxRetro
open positions look {image}

FXRetro (Your name would be better.Feel weird addressing you FXretro)
Your Chart looks good but Fibs get little on a way.You should Target levels where S/R are and Round numbers.
I think Bryno got the levels right.Its optional I trade for maximum gain but taking profits in increments is good as well.
REgards
In trading, you have to be defensive and aggressive at the same time
  • #240
  • Aug 1, 2013 11:57pm Aug 1, 2013 11:57pm
Quoting bryn077
{quote} Nice, Davit...was wondering if you were holding them. Looks like you have added positions? whewww. I finished the book and took a swing at it. Grabbed about 60 pips on demo, two different set-ups. Below was one on the EJ. My charts got messy so I cleaned them up so you can see them. Of my 3 sell limits, only one was filled and price hit my TP, for 40pips. I used the 'quadrant idea' within my 'median grid' to set my TP...I removed the remaining orders once my target was hit. I clustered my sell limits around the 50 fib. Below are a few charts...

Charts look great.You got the level idea beautifully. I just want to emphasize that key to this system is small lots 1 direction.Author recommend to go with the trend.
I use both CT and main Trend.I hope you understood the significance of minor noise comparing to major news and idea of allowing trades to mature.
I really think this book is great.Lot of wisdom.
Ideally you should either go long or short bottom /top 20% 50fib is dead center.You want greater edge on your side.
Congrats on your 60pip profits
In trading, you have to be defensive and aggressive at the same time
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