In the last article we looked at Fibonacci. In part 14, we look at something that is visually similar: Pivot Points. I find that Pivot Points are one of the best tools for trading intraday FX or Stock Market Indices. Like Fibonacci, they give you a road map for price support and resistance. At times they behave like magnets towards the price action and because of this, a trader can use these pivot points to anticipate future short term price action. They can be used in the longer term, but in my experience, this approach isn’t so popular. [Read more…]
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