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  1. #1
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    Double Confirmation trading strategy!

    This is a strategy created by me. I have named this strategy DOUBLE CONFIRMATION , beacuse we will not just use one analysis, but we will use 2 or more analysis . Like if there is a candlestick pattern formation like doji or pin bar, and there is a near term support/resistance, then this trade would be called Double Confirmed trade!

    I will share charts here, old and new, so that you can get idea what i want to say about .

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  2. #21
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    This is nzd.usd chart . this chart gave double confirmation signal because because although it is a head and shoulder formation but this one is unique . it has 3 shoulders; one left and 2 on the right . this makes triple top as well.
    market broke the neckline as well and retracement also took place. yesterday a good bearish candle with wick formed in daily time frame . so we can expect some downwards movement from this pair.

    Attachment 3570

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  3. #22
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    This chart is double confirming to sell because firstly there is a head and shoulder pattern formation which is a nice bearish confirmation pattern. secondly the neckline is broken and right now market is again testing the neckline's resistance.

    Attachment 3584

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  4. #23
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    There is a double top in weekly time frame of usd.jpy . not only this but a symmetrical triangle has also been formed in this weekly . making this trade, double confirmed.
    if this weekly candle closes like this then we can expect some sell off from this area.
    buyers should be careful. and sellers stop loss could be the high of this weekly candle +1 pips.

    Attachment 3600

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  5. #24
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    I have attached two charts below.
    1) in the daily time frame eurusd trendline is facing up and market has made head and shoulder pattern
    2) in the daily time frame , usdchf's trendline is facing down and market has also made an inverted head and shoulder pattern in the daily timeframe.

    these two things are making this trade double confirmed as firstly they both have reversal pattern formation and they are being traded on the real true trend .

    Attachment 3694

    Attachment 3695

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    Last edited by pak forex; 12-05-2013 at 09:54 PM.

  6. #25
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    It will need more time if you want to get confirmation before you implemented the strategy because confirmation will be gotten if there are at least 2 indicators or some tools which gave same direction.

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  7. #26
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    Quote Originally Posted by andry777 View Post
    It will need more time if you want to get confirmation before you implemented the strategy because confirmation will be gotten if there are at least 2 indicators or some tools which gave same direction.
    well all forex traders need patience to succeed in this forex trading business there is no problem with the length of time the system uses before producing good signals, what is important is if the trading system can produce accurate signals that can give consistent profit.

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  8. #27
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    It is a way to make sure of the direction you are entering,a s you have known, there is not often that you see a single trading strategy that will be giving you more than 65%. But you can be sure that you will not lose much when you are using the two way to double check for the trading direction, it is the better way to trade the market.

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  9. #28
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    Well i dont think that we need to analysis the the market rapidly if we analysis the market before getting updated news about forex from forex factor or other forex market then i guess we can easily make a good market analysis and it would be much easier and candle stick analysis is a lot easier and its a lot easy to understand the market.

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  10. #29
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    Thanks a lot for this suggestion really we need to confirm, reconfirm and cross confirm our orders before placing so that the chances of losses are bare minimum, but still we can not get assured of everything as Forex trading business is very risky uncertain and unpredictable business, so never break the money management principle.

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  11. #30
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    it is good, then we combine two analysis, candlestick and support resistance, i want to know ,what methods we use for it, and also it it for long term or short term or we can use for both of them ? because now, i used candlestick as my best indicator and use channel to indicate support resistance too, and i believe it will complete each others

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