Forex Trading Strategy - Make A Killing With Pivot Points
Most traders are always on the lookout for a really effective Forex trading strategy. Although there are a number of them on the market, the best available strategy is to trade using pivot points.
Consistent winning Forex trading includes good utilization of pivot points. Locating a trend quickly and surfing it in Forex trading is really one of the big keys to success. Most traders are familiar with the old saying, "The trend is your friend." The problem is that it is not always easy to spot the trend of the market. As you have probably already gathered, I really am passionate about Pivot points. Most traders have difficulty using pivot points and finding the trend because they have a hard time deciphering whether to go short or long on a currency pair. A Forex trader cannot be consistently successful without knowing when there is a strong trend or if it has already passed them by.
I want to show a very basic but profitable way to establish a few three day rolling pivots to use, thus allowing you to be on the right side of the table. The result will be a nice steady flow of Forex profits.
The first thing is to establish three straight days of central pivot points to include a normal pivot calculator. After they are established you will notice a set of three central pivot points. You need to view these three numbers as a range. The largest number is on the top of the range and so on.
The important thing to remember is when you are trading on top of the high of this three day range it is best to enter short trades or sell the currency pair. When you trade under the smallest number of the range it is time to get into long trades or buy that currency pair.
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