Adjust your trading strategy based on changes in pivot point calculations from "summary" of Secrets of a Pivot Boss by Franklin O. Ochoa
When it comes to trading, it's important to be adaptable and flexible. This is especially true when using pivot points as part of your trading strategy. Pivot points are powerful tools that can help you identify potential support and resistance levels in the market. By adjusting your trading strategy based on changes in pivot point calculations, you can better align your trades with current market conditions. Pivot points are calculated based on the previous day's high, low, and closing prices. As the market moves, these calculations can change, leading to shifts in potential support and resistance levels. By staying on top of these changes and adjusting your trading strategy accordingly, you can increase your chances of success in the market. For example, if a pivot point that was previously acting as support suddenly shifts to resistance, it may be a signal that the market is changing direction. In this case, you may want to adjust your stop-loss levels or consider taking profits earlier than planned. On the other hand, if a pivot point that was previously resistance shifts to support, it could indicate a potential reversal in the market. In this scenario, you may want to consider adjusting your entry or exit points to capitalize on the new trend. By staying vigilant and monitoring changes in pivot point calculations, you can stay ahead of the market and make more informed trading decisions. Remember, the market is constantly evolving, so it's important to be adaptable and willing to adjust your strategy as needed. By incorporating pivot points into your trading strategy and being proactive about adjusting to changes, you can improve your chances of success in the market.
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