Here's a quick USDCAD short I took earlier for 50 pips profit
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 previously made a lower low
- No resistance areas in the way of 50 pip take profit
- 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 previously made a lower low
- No resistance areas in the way of 50 pip take profit
- 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
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