System Forex Pivot Point Strategy
This pivot strategy uses 5 minute timeframe and is applicable to major pairs.
Forex Indicator:
- Pivot Points
Long Trades:
- The currency price must trade in the vicinity of the oversold S1 or S2 support level.
- Price isn’t able to close below S1 or S2 (otherwise skip the trade).
- Wait for the price to be bullish in the vicinity of S1 or S2.
- Now go long according to the bullish pattern’s trading rules and place stop accordingly.
- Target Profit five pips before the Pivot level.
Short Trades:
- The currency price must trade in the vicinity of the overbought R1 or R2 resistance level.
- The price isn’t able to close above R1 or R2 (otherwise skip the trade).
- Wait for the price to be bearish in the vicinity of R1 or R2.
- Go short according to the bearish pattern’s trading rules and place stop accordingly.
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