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1 Combining Pivot Points with Chart Patterns on 30th September 2013, 4:00 pm

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Chart patterns may be used in combination with most indicators, especially with those based on price action such as the pivot points. The figure below shows an head and shoulder framed with pivot points.
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In Forex, the most price ranges are bounded by horizontal lines with enough height in pips to make trading them worthwhile from a reward to risk perspective. The above chart is a good example, where two approximately equal touches of a price level on a bottom and a breakout failure of a price level on the top create a potential head and shoulders pattern the following day. Notice how price advances are shortly interrupted by those pivot point supports and resistances.


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