GBP/USD Pivots on June 12

Pivot Point Trading

I have uploaded a 5 minute chart of GBP/USD showing all my trades today. As you will notice they are all based on Pivot points (I use MT4 for charting) and all were very low risk and all were profitable. Waiting for bounces off the pivots is safer than using Fibonacci in my opinion as these are clearly defined and watched by thousands of traders. With Fibonnaci I prefer the longer term (1 hour charts in my case) as major swings are more obvious. The Fibs you see on this chart are from the Jun 6 low to June 11 high and you'll notice that we had a bounce off the 50% level which coincided with S1 and the 76.4 level which coincided with M1. A point to consider is that often once these pivots have been breached during the London session they often lose their magic during the US session. In fact I generally trade the currencies during the London session and trade Index futures after the US open. The US open is great for scalping (see prior posts). Economic announcement I always trade for either a spike or volatility.

Anyway, here is the chart

Cable pivots



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