OK! So I’ve been trying to learn pivot points and apply them using Oanda’s client. Basically what I’m doing is zooming out to a daily view, clicking on the pivot point add button, then hovering over the last day candle and it automatically sizes the lines for me. I have a chart attached with these lines drawn.
It also looks like a bearish pennant (if I’m correct… i get confused between that and a wedge). Which is indicative of another drop often equal to the span on of it, isn’t it?
Basically I’m assuming that the market is going to make another ~100pip drop from here through S1 and find support at S2. Have I used all of these tools correctly? Please correct me if I’m wrong, this is a learning exercise for me:)
edit: so far so good… i’m at around +40pips
edit2: took profit at around +105 pips.
Would like to know if I should continue to think like this or if I’m doing something wrong!