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Thread: Confirmation Techniques for the 121 pattern: Pivot Points

  1. #1
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    Confirmation Techniques for the 121 pattern: Pivot Points

    To familiarize with Pivot Point concept and methods to use it in combination with harmonic trading please read first-> Confirmation Techniques for the Gartley pattern: Pivot Points

    Then, follow the examples provided in this thread. Feel free to comment or ask here.
    Last edited by Admin; 08-08-2012 at 02:53 PM. Reason: Confirmation Techniques for the 121 pattern: Pivot Points - Updated

  2. #2
    Wizard
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    Pay attention when the point D from harmonic pattern comes close to pivot point. Price may (and often happens) does not respect the harmonic / market geometry, and reaches the pivot level. Knowing the location of nearest pivot points (daily, weekly, monthly) may help you in defining possible price behavior at point D. You may want in such cases skip the trade or extend the StopLoss.

    See example from USDJPY where 121 bearish pattern failed, but price respected nicely the monthly pivot point.
    Confirmation Techniques for the 121 pattern: Pivot Points-harmonic-trading-pivot-failed-121-bearish-usdjpy-m30-2012-04-02_2315.png

  3. #3
    Wizard
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    121 bearish pattern confirmed additionally by the Daily Pivot level -> Confirmation Techniques for the 121 pattern: Pivot Points-121-bearish-daily-pivot-eurusd-m15-2012-07-20_2237.png

  4. #4
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    Just to reinforce what Kor mentioned previously, in this example we had confirmation of pitchfork as well as channel but price didn't react, some could still enter here and place a stop below the nearest pivot. As you see price bounced off the Weekly S1 right back up to the Monthly pivot.

    Confirmation Techniques for the 121 pattern: Pivot Points-2012-08-09_0958.jpg
    vvalerya likes this.

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