Trading with Confluence

The concept of trading with confluence is something that is very interesting to me and that I learned from my mentor Nial Fuller. The idea of trading with confluence revolves around waiting for price action to form a strong signal near an important support or resistance level, moving average, retracement level, or other "confirming" indicator, although Nial Fuller does not recommend trading with "lagging indicators" except a few moving averages which he discusses in detail in his forex trading course.

Nial's commentary

Today's forex commentary over at learn to trade the market is pretty interesting. In it Nial discussed the overnight fakey's that occurred in gold and EURJPY. The gold fakey was just ridiculous in size and pushed the precious metal up towards 1,310.00 an ounce. The EURJPY setup looks to have potential for a continued push higher if prices can break past 114.80. Anyways, you don't need a review from me you can go read the forex commentary from Nial Fuller for yourself!

USDCAD

The USDCAD is looking like its finding support near 1.0200. Check out this 4 hour chart that clearly shows a solid price action setup that formed near this support level. I learned about price action setups forming at support levels from Nial Fuller review and the free videos and other materials over at his website.

GBPUSD update

Just wanted to update everyone on the GBPUSD fakey setup from the previous post I made. The setup did come off to the downside as I thought it would and ran into support near 1.5500. Price has since bounced back higher back to 1.5700 resistance. It is becoming apparent that price is entering into a trading range in the GBPUSD. It will be interesting to see what happens as this week closes out and the next week begins.

GBPUSD fakey

Hey everyone, I just spotted a pretty nice looking fakey setup on the GBPUSD that I learned about from browsing the forum over at learn to trade. I know the setup is counter-trend but I am considering taking it anyways due to the definition of the setup. Price action tends to work very well when taken with the trend, we need to be a bit pickier when trading against trends however..