I have attached on the chart above 8 confluence factors that were taken into consideration prior to taking a position.
In my opinion building a tick list of requirements prior to a trade not only gives you a higher probability of long term success, but also minimises impulsive emotional behaviour.
Unfortunately, due to the lack of indepth content available many new traders believe that executing more positions = more profit, when in actual fact it is more profitable ( for me personally ) to take less positions with a higher strike rate, this long term will minimise your drawdown and increase your probability of success in the markets.
Please note my view above is based on my personal trading style and research.
Traders should conduct their own due diligence prior to implementing these setups into their strategy.
Have a great week.
In my opinion building a tick list of requirements prior to a trade not only gives you a higher probability of long term success, but also minimises impulsive emotional behaviour.
Unfortunately, due to the lack of indepth content available many new traders believe that executing more positions = more profit, when in actual fact it is more profitable ( for me personally ) to take less positions with a higher strike rate, this long term will minimise your drawdown and increase your probability of success in the markets.
Please note my view above is based on my personal trading style and research.
Traders should conduct their own due diligence prior to implementing these setups into their strategy.
Have a great week.
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My currently long position with similar high confluence factors.
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For those who ask me on a daily basis how to a break down a currency pair, the above information should give you some valuable content on what i look for on a daily basis.