SCALPING & INTRADAY Price Action Trading with PIVOT POINTS Support-Resistance

Pivot points are one of the few leading indicators and should be the first tool a trader should look at to enter a trade. Today we will dive deep into the significance of Pivot Points for scalping and day trading.

Pivot points are one of the few leading indicators and should be the first tool a trader should look at to enter a trade. Only when prices reach a certain point the trader will be able to determine whether to go long or short and set his profit objectives and stops accordingly.

 

• Step number 1. Watch the Pivot Points
  • Ensure that the current pivot point is higher than the previous one. If the current pivot point is higher than the previous one, we consider taking only long entries
• Step number 2. Enter Your Trade
  • Considering price action, pivot points, and Stochastic Oscillator, all you have to do is to pinpoint your entries around Pivot Point, Support 1, and Resistance 1 levels.
  • Enter your short trade when the stochastic indicator is oversold, or below 20 level, but is starting to reverse upwards.
  • As soon as your entry order has been filled, make sure place your target and stop-loss orders.

 

 

• Step number 1. Watch the Pivot Points
  • Ensure that the current pivot point is lower than the previous one. If the current pivot point is lower than the previous one, we consider taking only short entries
• Step number 2. Enter Your Trade
  • Considering price action, pivot points, and Stochastic Oscillator, all you have to do is to pinpoint your entries around Pivot Point, Support 1, and Resistance 1 levels.
  • Enter your short trade when the stochastic indicator is overbought, or above 80 level, but is starting to reverse downwards.
  • As soon as your entry order has been filled, make sure place your target and stop-loss orders.