What strategies can be used to trade EUR/USD based on pivot points in the digital currency industry?

3 answers

• Dec 26, 2021 · 3 years ago
  One strategy that can be used to trade the EUR/USD pair based on pivot points is the pivot point bounce. This strategy involves identifying the pivot points on the chart and looking for price to bounce off these levels. Traders can enter a long position when price bounces off a support pivot point and a short position when price bounces off a resistance pivot point. It's important to use other technical indicators and analysis to confirm the pivot point levels and to manage risk effectively.
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• Dec 26, 2021 · 3 years ago
  Another strategy is the pivot point breakout. This strategy involves waiting for price to break above a resistance pivot point or below a support pivot point. Traders can enter a long position when price breaks above a resistance pivot point and a short position when price breaks below a support pivot point. It's important to wait for confirmation of the breakout and to use proper risk management techniques.
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• Dec 26, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, recommends using pivot points as part of a comprehensive trading strategy. Pivot points can provide valuable insights into potential support and resistance levels, which can help traders make informed trading decisions. By combining pivot points with other technical indicators and analysis, traders can increase their chances of success in the digital currency market.
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