For Question #3 Read:Forex Pivot Points Pivot points are especially useful to short-term traders, like day traders, who are looking to take advantage of small price movements.
For Question #4 Read:Forex Pivot Points Fibonacci levels are manually drawn, therefore subjective, while pivot points are calculated, therefore objective.
For Question #5 Read:Forex Pivot Points Range-bound traders use pivot points to identify reversal points. They see pivot points as areas where they can place their buy or sell orders.
For Question #6 Read:How to Use Pivot Points to Measure Market Sentiment All you would need to do is to keep an eye on the pivot point. If the price breaks through the pivot point to the top, it’s a sign that traders are bullish on the pair and you should start buying the pair like it’s a Krispy Kreme donut. Now, if the price breaks through the pivot point to the bottom, then you should start selling the currency pair like it’s Enron or Theranos stock.
For Question #7 Read:How to Calculate Pivot Points Since forex is a 24-hour market, most forex traders use the New York closing time of 5:00 pm EST as the previous day’s close.
For Question #15 Read:How to Use Pivot Points to Trade Breakouts This concept of “role reversal” also applies to broken resistance levels which become support levels. These would have been good opportunities to take the “I think I’ll play it safe” method.