For this trade, I took a position short based of the following:
- Overall momentum was bearish
- Daily direction prediction (DDP) was bearish
- Daily pivot point coincided with the 20 EMA on the hourly chart and previous support zone
- Price made a lower low from 5 days prior
- No resistance areas in the way of 50 pip take profit
- 20 EMA below the 50 EMA and 50 EMA below the 100 EMA
- Daily, 4HR and 1HR charts confirmed same analysis
I don't always trade from pivot points, but occasionally it acts as a good confirmation of a trade if it aligns well with other factors of confluence.
Happy trading everyone!
AvidTrader
- Overall momentum was bearish
- Daily direction prediction (DDP) was bearish
- Daily pivot point coincided with the 20 EMA on the hourly chart and previous support zone
- Price made a lower low from 5 days prior
- No resistance areas in the way of 50 pip take profit
- 20 EMA below the 50 EMA and 50 EMA below the 100 EMA
- Daily, 4HR and 1HR charts confirmed same analysis
I don't always trade from pivot points, but occasionally it acts as a good confirmation of a trade if it aligns well with other factors of confluence.
Happy trading everyone!
AvidTrader
