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Chapter 15, Part II. How to use Pivot points. Page 9

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 21, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Another important note about pivot breakout trading is to watch – does some strong Fib levels or common support/resistance stands near the pivot or not:


    Chart #4 | 60-min EUR/USD and Weekly Pivots – Fake breakout due Agreement resistance
    [​IMG]

    Here is the same chart as on #3, but now you can clearly see, that just above the WPP stands Agreement – a strong resistance area. Just to remind you is that an Agreement is a combination of a Fib extension target and a Fib retracement level in tight area. Here is 0.618 Resistance that coincides with 1.0 Fib extension.
    Pipruit: Thanks Commander, I’m really forgotten that bit. Looks like I can’t relax even for 1 second during trading. Curious but my attention is sufficient only to current material that we study, and I do not think about other tools and how could I apply them in current situation. I am a bit upset.​
    Commander in Pips: Don’t worry with that. This is just a lack of practice. When you start to apply all our methods in a calm environment in your trading room – you will be able to do that, and even better.
    Pipruit: Commander, can we take a loss even if we apply the conservative entry tactic?​
    Commander in Pips: Absolutely, because we always can take a loss. This is the market – probability business. It based not on each particular trade, but on probability. If some tool has positive math expectation function – you will make money applying it, although catch losses in a number of trades. But also if you will apply a tool with negative expectation function – you will gradually loss your money, although in some trades make profit.
     
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