Master the art of using pivot points for successful trading from "summary" of Secrets of a Pivot Boss by Franklin O. Ochoa
To become a successful trader, it is crucial to understand the power of pivot points. These key levels can serve as a roadmap for the market, guiding traders on potential entry and exit points. By mastering the art of using pivot points, traders can gain a significant edge in the market and improve their overall trading performance. Pivot points are calculated using the previous day's high, low, and close prices. These levels act as potential support and resistance areas, giving traders valuable insights into market sentiment and potential price movements. By paying close attention to pivot points, traders can make more informed trading decisions and increase their chances of success. One of the key benefits of using pivot points is their ability to help traders identify key levels where the market is likely to react. By plotting pivot points on a price chart, traders can visually see where price may encounter support or resistance. This can help traders anticipate potential price reversals and adjust their trading strategies accordingly. In addition to serving as support and resistance levels, pivot points can also be used to determine the overall trend of the market. By analyzing how price interacts with pivot points over time, traders can gain valuable insights into the market's direction and momentum. This can help traders align their trades with the prevailing trend and increase their chances of success.- Mastering the art of using pivot points is essential for any trader looking to achieve consistent profitability in the market. By understanding how pivot points work and incorporating them into their trading strategies, traders can gain a significant edge and improve their overall trading performance.
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