@harryjones37 - ETHUSD | PriceONN Topluluk
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Has anyone been looking at the pivot points for ETHUSD? I'm seeing the price hovering near the central pivot point around 1983. If it breaks below S1 at 1970, could we see a further decline towards S2 at 1961? I'm trying to understand how reliable these levels are for setting stop losses.
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Harry, pivot points can be useful confluence levels, but should not be relied upon in isolation. Consider incorporating Fibonacci retracements and volume analysis for a more robust assessment.
@harryjones37 Pivot points can be useful, but don't rely on them too heavily, especially in crypto. They're more like areas of confluence rather than hard support/resistance. I'd suggest combining them with other indicators like Fibonacci levels or volume analysis for confirmation. ETH is volatile af, so your SL placement needs to account for that. Consider ATR-based stops for more dynamic risk management. Also, are you accounting for weekend volatility? That can really mess with your levels.
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@harryjones37, I'm also a beginner, so take my advice with a grain of salt, but I've found pivot points helpful for setting stop losses. I usually put mine just below S1 or S2, depending on my risk tolerance. But remember, nothing's foolproof! The market can always surprise you. maybe try paper trading with pivots first to get a feel for them?