Wether Pivot points or Fibonacci are used depends of course on the individual trader but for the most part in my experience they are not used as much as some might think.
You will often times read reports from “experts” be it for stocks or for currencies or whatever market and they will say price bounced from this pivot point or this pyschological level and really they are just retrospectively applying whatever tool that fits. So maybe the RSI was showing overbought and they credit the reversal to the RSI being overbought the next time the RSI isn’t overbought but priced reversed from a pyschological level. The next time RSI was showing overbought for days price blew through a psychological level but price reversed from such and such pivot point.
I personally do not use them but you don’t need to trade like me though. The key is in finding a tool or some combination of tools that gives you a 50 plus percent win rate and you can you make a heap of money if you manage your risk right. Even a 35-40 percent win rate should be atleast break even if not profitable for you.
And of course buying from a pivot point or Fib retrace will definitely be higher probability if you are trading with the trend.
This is good.
Definitely give trading in the zone a read or listen.
You can do a youtube search for Rande Howell he has some top notch material.
Also you are going to need to truly accept and even embrace the risk of each trade. Trade only an amount you are truly comfortable losing. Don’t even think about how much you can earn. Find the best place to place your stop and then if you are only okay risking $1 only risk $1 and just let the trade play out. It either stops you out or hits TP and you have truly accepted and embraced the risk. Once you build enough confidence losing some money and seeing that you make it back you’ll feel more comfortable risking $2 $5 and so on.
Using real money will definitely be more emotional even for small amounts so start there and build your confidence and increase the amount risked as you do.
I see no reason why a trader would or should focus solely on a single currency pair.
As far as Brexit the down trend caused by it is clearly visible on the price chart and I have favored shorts on the pair simply due to the strong down trend for quite some time profitably.
Brexit is not a fundamental driver of the pound. It is not something that we can look at the history of its reaction over 10 or so years. It is a “short” term impact that will hopefully work itself out.
When I began trading at a bank we learned about the news events that individual currencies reacted to and how strongly they typically reacted. This was sometime ago and of course there was no way to factor in the history of the pound when Brexit news came out. If you understand what I am trying to say.
The gambling aspect applies to those traders that are trying to trade NFP or numbers on a PMI and go long or short in the moments after the release even though they being at home are getting that info later than the “big boy” traders and most end up just getting burned.
General awareness about a political issue like Brexit I hope most would have.
If you want to focus on one currency pair in attempt to “learn” it you may but from my view point it is a waste of time. All markets trend range and consolidate. Looking for high quality signals on the Daily charts that are appropriate for the state of the market (is it trending ranging or consolidating.) On multiple pairs is going to give you much higher probability trading opportunities in the long term than trying to learn the way one market behaves on say the 15 minute chart. The Cable can be trending down now but it will trend up at some point again, it will also become range bound at some point and it will also find itself stuck consolidating and not giving very many good moves to trade.
If you do choose to focus on it though then just make sure to manage your risk and develop your psychology and you can most likely find a way to make it work. I just personally see that as being too complicated.
And believe me I tried focusing solely on the EUR/USD for a time starting out as well as USD/JPY. So I know where you are coming from.