Pivot Points

[dbphoenix]

By position trade I mean checking my charts on a daily basis, making my decisions based on those charts, taking any trades signalled and then leaving it till the next day. Next day I repeat the process, should my system say to leave the trade open, I do so, and should it say close it out I do that. I'm happy to leave a trade open for any length of time based on my system.

What am I looking for in a trade? Profit! hahah. More seriously, I recently purchased the "Principles of Profit" course done by aussietrader. Makes alot of sense to me as a good place to start and I'm trying to follow it as exactly as I can. It is a more medium to long term strategy using bollinger bands with a 40 dma as it's basic set up. So I'm looking for any trades that meet the criteria.

I ask about pivot points because whilst I'm using the above mentioned system to build capital I'm also trying to learn as much as I can about forex with the intention of trying to do more short term 1 or 2 day or even intraday forex trading to increase my profits. At present I'm just learning and practicing with a demo account and know very little about it.

Cheers,
PKFFW

In answer to your original question, then, trying to reconcile what "pivot points" are telling you with the bands and MA you're using may provide you with too much rather than too little. Backtesting this, however, is simple, so the answer will be found in your own results.

But whether you use pivot points, bands, envelopes, MAs, trendlines, Fib blah blah blah, everything comes down to support and resistance. Understand that and most of what you're plotting onto your charts will be extraneous.