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Using daily pivot points
One of the tried and tested technical tools that traders have used for years is pivot points. Pivot points are a form of technical analysis that is used by traders as reference points for price. The way to think of them is as support and resistance levels. They are technical places where traders can take profit as well as use them as entry points. If you have never used them before consider them as intraday support and resistance levels. Here is a chart showing the daily pivot points on the USDJPY chart. They are labelled as follows: P or PP: The ‘Pivot’ point that is like the halfway line between buyers and ... (full story)