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 DeMark 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.
EURUSD has put in a double bottom on the daily and is showing clear divergence on the RSI. The missed Monthly pivot level makes for the added directional bias to the long side and a sensible price target. Price confirmation off the double bottom gives an earlier entry than waiting for a w pattern and with much a better R:R assuming stops are below the lows.
USDCAD continues to stay strong. As long as we are above the last pivot of 1.3260 I still see higher in this pair. Stops are at 1.3245 and take profit is open.
USD seems to still have life. I see GBP/USD going to retest these lows down here and possibly lower. I have stops at 1.3350 and profit target of ~1.3120.
R3 Resistance at 1.6632 possible double top. Lower highs being created with exhaustion candle wicks, wick rejection of R3 Resistance structure. If previous structural support holds we can expect price to return to R3 Resistance Zone 1.6632 and a break to the upside. 100 EMA 200 EMA 89 EMA cut price to the upside. Hold trade until next structural support.
Lil neg MFI divergence but so far, but key is the higher lows. Could see some profit taking / selling on weakness $YY + a dip @ / around $103. Been keeping this one on watch for a little bit, but just now taking the setup to terms. Mid/long-term definitely has potential to see 200% ($131.50 - $132) as long as trend continues making higher lows. Regardless, that ...
We might still see it go to the (5) on the chart even with all the resistance. It would create an even more sold off market than we see now on the long term. If it goes down from $530 high vol I'm waiting to buy at $450.
I hate to break it to the one's who are not aware of the situation, this cryptocurrency is NOT the way to get out from under the "bankers". The ...
USD/NOK is trading in a long-term ascending channel. The rate bounced off its upper boundary at 8.33—its highest position in 2018 - late in May.
Subsequently, the US Dollar initiated a new wave down towards the other senior channel line located circa 7.90. This bearish movement was stopped by the monthly S1, the 50.00% Fibonacci retracement and the 55– and ...
September Canadian dollar tracks sideways and lower. As Crude goes, so goes the CAD. If production is increased overseas, this market will continue to trend lower. Bear target right now is S2 .76480, followed by S3 at .75755. RSI triangle will need to be breached for any significant downward action. 20 day MA becomes resistance for any upward movement. This is ...
IOTA received the boost from the bulls at the beginning of the day that brought the price to the Central Pivot Point at $ 1.25 but quickly lost strength and resigned the whole raise sending the price to $ 1.16 where it is at this time losing important supports as the EMA-100 and the MA-50. The next important support is $ 1.15 and we must be alert to a possible ...
Acumulating in the short term, I'm still waiting for a spike to 6.9k as 1st resistance, Wickoff explain a bit the performance the last 3 days in the bitcoin market. We are accumulating.
