Pivot Point analysis is a technique of determining key levels that price may react to. Pivot points tend to function as support or resistance and can be turning points. This technique is commonly used by day traders, though the concepts are valid on various timeframes. There are several methods of identifying the exact points. Common types of pivot points are Traditional, Fibonacci, Woodie, Classic, Camarilla and DM and each type has its own calculation method.
Most use a variation of significant prices such as established highs, lows, opening and closing prices and then apply a calculation to determine these points. They all calculate additional support and resistance levels alongside the pivot points. They can be used to determine when to enter or exit trades or to determine the range of a market. Conservative traders look for additional confirmation before entering a trade. Whether pivot points are used alone or in combination with other techniques, they are a useful tool in a technical trader's toolbox.
Took a USDCHF long with a an R:R of 2.1
My reasoning for this trade was the strong rejection of the 78.2 Fibonacci retracement level, as well as the pivot line adjacent with it. To me this shows a possible 1.2.3 move with a the push to the downside now ending resulting in a higher high being formed.
I can see a continuation of the bearish trend after a retracement to the 25 EMA due to the RSI being too low.
To support my prediction, I have the bearish trend coming off from a resistance found in the daily timeframe.
The stop-loss has been positioned with respect to the previous consolidation region. An ambitious target price was chosen short of a support...
My overall bias is that GBPJPY will fall towards the lower levels in search of support. I am looking to see PA carry towards the 140.0 price level.
That being said, i do believe we might be starting to see a change in momentum for this pair on a more short term basis towards the upside. This should become more clearer this week, however the multiple wick...
Hi, Price has touched strong level and there was also a strong pivot which is a good sign to reject price for the mid-term position. wait to see good rejection candles
Good luck!
Happy Pips! :)
Potential support/resistance zones
Green line cluster could be used to place stops if you are already in long position
Closest red lines could be either take profit or trailing stop if/when breached
Next far red line could be next target
Historical example:
USD/CAD is a short to 1.3300 as it has stalled around the Resistance 1 and is forming a bearish candle. The stochastic is also reached the 90% level which indicated a drop.
Looking at a potential 110 pip.
With the resistance broken and a successful retest i would strongly advise buying into crude oil because there is also a meeting on the 6th of December which should boost the oil price right up.
After the news from the FED today, the SPY corrected and many of the FAANG stocks corrected heavily. If the SPY continues to run long tomorrow, there is a good chance that AAPL can run into and across the gap shown above depending on its volume in the morning. Stop would be below gap entry at 181, or at the bottom of a retest of gap entry, if that occurs. Back of...
This is a potential long on the NZDUSD. Daily price has pulled back into a swing level and may go up from here. I'll look for a break and close on the 4 hour.
We are currently awaiting the signal to buy on AUDUSD - Set an order at 071616. We are expecting a pullback into the area, this will create a double bottom, we will be aiming for TP2.
Wait for confirmation before buying into this trade.
We will be looking to Short the EURCAD.
We should expect a Pullback to around 1.50406 then we will be looking for this to head down towards our TP at 1.49289.
We will be looking to take a Short Trade on the AUDCHF.
For this plan to work, we must see a pullback to 0.72294, this is a previous resistance level and is just below the previous support level.
We will be looking to Take Profit at 0.71117
This isn't necessarily a trade idea, but more for curiosity.
Based on the 4-hour chart the upwards trend is still going strong, i am unable to see that the trend is going to reverse any time soon.
I have had a look at the fundamental news from last week. The US stock markets ended the week with declines. This provides us with further evidence that this pair...
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