@bmiller6 on XAUUSD | PriceONN Community
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I've been trying to get a better handle on using Fibonacci retracements in conjunction with pivot points for identifying entry and exit zones. My current understanding is that confluence between a Fib level and a key pivot (like the weekly P or R1) often signals a strong area of interest. However, I'm struggling to consistently identify valid setups. Are there specific indicators or methods you all use to confirm a Fib/pivot confluence as a high-probability trade signal? I've looked at MACD divergence but it feels a bit subjective sometimes. Any insights would be appreciated, especially from those who trade XAUUSD actively.
Replies
Hey @bmiller6, Fibs and pivots, huh? Sounds fancy! I'm still figuring out how to even draw a straight line on my charts sometimes, let alone use those complex tools. 😂 I mostly just watch the price action and go with my gut, or follow what the loud guys on FinTwit are saying. But yeah, that idea of confluence between a Fib and a pivot point makes sense. Like two signals saying 'THIS IS THE SPOT!' I guess the key is finding the right Fib levels and knowing which pivots matter most. Is it the daily ones, weekly ones, or what? And what happens if they don't line up perfectly? Do you just skip the trade or go for it anyway? I'm curious if you've found any specific combos that work consistently for XAUUSD. Because honestly, sometimes I feel like I'm just guessing and hoping for the best 🤞🤷♀️
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Hey @bmiller6, I hear you on the pivots and Fibs. I'm still trying to wrap my head around them myself, honestly. It feels like there are so many tools out there and it's hard to know which ones actually work together. I usually just watch the price action and try to guess where the big players might jump in. Maybe I should try to learn more about that confluence idea you mentioned.