I love pivots. 
Pair: GBPUSD
TF: 1HR
Signals:
- Stochastics close to over sold conditions in 1H TF, oversold on Daily TF, heading out of oversold in 4HR TF
- Price was heading towards the daily S2 -> Looking for Buys
Price usually hits to S2 line and bounces, usually about 30-40 pics. So I thought Iād make a quick Buy and grab some pips on the bounce.
Entry:
Placed a Buy order at the S2 line (plus the spread), and a tight protective 20 pip stop loss below it (it could have been tighter, allowing me to risk more).
Exit:
The price hit by Buy order, and then bounced back nicely up 98 pips in the same hour! Of course, I closed the trade at around 26 pips. Checked the chart this afternoon to see the price had moved about 310 pips after I close my trade! Realized my own psychology made me timid. I should have just held out for more pips, or moved my stop to lock in pips and a risk-less trade and set my target for S1. There were more big picture aspects to price action that I missed here. But there will be other opportunities.
These bounces are quite nice, as they can hit the pivot lines down to the pip, allowing very tight tops, and thus large lot sizes can be traded, leading to more profit.
Made a similar technical trade on the GBPUSD on wednesday.
Overall nice trade to end the week.
Synergy
