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Commodity Futures Trading Commission (CFTC), National Futures Association
(NFA), Securities and The benefits of having a tightly constricted set of pivot
points is that the market may provide several areas of congestion. When they
are close together, it may take only a few five-minute candlesticks before the
next one is met. It really can make for an exciting and active trading session,
as price tends to show a level of intraday sensitivity to pivot points, and
trade set-ups can occur relatively frequently. When the day was over, I
basically had identified six main decision points in my trading from today and
will address them in numerical order: 1. In this first market scenario, price
breached resistance 1 and indolently sat on top of the level within a couple
pips of it. As the general concept goes, old resistance can turn into new
support, in the event that it’s broken (and vice versa). But in the three
following candles after the break of resistance 1, the level continually held
as can be seen in the image below, with a touch and rejection on each candle.
You can’t really consider it much of an uptrend here, as the market had barely
moved thus far, as we were less than an hour into the start of the European
session (typically taken as 2AM EST). The only uptrend-ish element we had was
the break of resistance 1. But with three consecutive touch and rejections of
resistance 1, I had the confidence to get into a touch of the level on the
fourth consecutive re-touch on the 2:50 candle. It rejected as well, as did the
next before getting a bit of a boost finally on the closing candle. This trade
won by about three pips. photo Screenshot2014-07-28at104719PM_zps80cc6b7d.png
2. The next decision came right away, governing how to react with the
resistance occuring at the.