Special Consultant to the FPA
The same is with pivots - they become weaker after the each touch. The more touches - pivot point becomes weaker and weaker.Hi Sive,
Usually when the a fibonacci retracements point have been 'overrun', it is discarded.
But what about pivot points that have been overun? e.g. penetrated initially early in the day, but retraces back to it - is it considered a good confluence area if there is a fibonacci retracement level there? And previous weekly/day highs and lows?
In determining a good confluence level, what is your rule of thumb