The pros and cons of pivot trading
Hello Traders, I decided to start this tread for all lovers of PIVOT TRADING. Please lets share ideas on this historic trading method!
Pivot points are most successful if you are a breakout trader and trade on breakout of these levels e.g breakout of R1 you buy then all should be good, if you are trading pivots with reversal mindset, chances of failing if very high. Reversal also works but it may require you to combine pivots with price action of candlesticks. e,g, you watch a bullish engulf on S1 support then you may think about buying at 50% of engulf range and with SL at low of engulf, if you decide to buy sell blindly without verification of price action, then its very dangerous to trade on pivots. for trading without verification on levels there are other things to learn e.g. elliot waves and fibo
Pivot points are most successful if you are a breakout trader and trade on breakout of these levels e.g breakout of R1 you buy then all should be good, if you are trading pivots with reversal mindset, chances of failing if very high. Reversal also works but it may require you to combine pivots with price action of candlesticks. e,g, you watch a bullish engulf on S1 support then you may think about buying at 50% of engulf range and with SL at low of engulf, if you decide to buy sell blindly without verification of price action, then its very dangerous to trade on pivots. for trading without verification on levels there are other things to learn e.g. elliot waves and fibo
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