For this trade, I took a position short based of the following:
- Overall momentum was bearish - Daily direction prediction (DDP) was bearish - Daily pivot point coincided with the 20 EMA on the hourly chart and previous support zone - Price previously made a lower low - No resistance areas in the way of 50 pip take profit - Daily, 4HR and 1HR charts confirmed same analysis
I don't always trade from pivot points, but occasionally it acts as a good confirmation of a trade if it aligns well with other factors of confluence.
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