This trade relies on using pivot points and Fibonacci retracements together to find entry points. You can also use it to accurately determine strong support and resistance areas.What is the Daily Fibonacci Pivot trading strategy?
The strategy involves looking for a confluence or ‘coming together’ between the Fibonacci retracement lines (32 %, 50% or 62% lines) with the pivot support line. For instance, if you want to enter a long position during an uptrend, you may look for a confluence before entering the market. For a strong signal, it’s better to wait for a bullish confirmation candlestick. The Fibonacci gives the highest indication, and it’s supported by the pivot point.