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Pivots: Look At This

Posted on 05/18/2007 08:53:17 | Link | Post Comment

In another post I was talking about correctly calculated pivots etc, and respect for the one hour chart. Check this out:

This is the EURJPY (one of my fave pairs) 30M chart, doing what would look like a breakout of the pivot right? It was moving fast too and you could easily get excited and sucked into this trade before it moved too far without you. In fact this used to be MY BIGGEST MISTAKE - it burned me time and time again, which is how I learned this.

However, then price paused and it hung there in nomans land until THE LAST 3 MINUTES of the hour, when an obvious struggle ensued. Then price closed HERE and is now at the time of writing trading back up towards the open. (1H chart):

This is what experienced traders are talking about when they wink at you and say cryptic stuff like "you gotta watch the clock dude!" ;-P

Correctly calculated pivots and the one hour chart - as someone said to me "trading without them is like trading blind."

And by the way, take note of the fact that I had the presence of mind to take a screen shot of this BEFORE IT HAPPENED - why? Because it happens time and time again thats why.


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