Time to report to you guys about Pivot Points for the Forex...
Pivot Points provide multiple levels of support and resistance that I plan to use for my Forex trading. As I mention in the video, I was pleasantly surprised at how well they worked. I do want to stress that these aren't hard lines. They are more like zones where as price gets close it will start to slow down. Perhaps it will over shoot a little bit. The price action (PA) of the candlesticks just before and the current one are pretty telling. If the candlesticks get shorter and shorter as it approaches one of the lines then things are probably going to congest. At least that's what I've been noticing.
Though most brokers should have it automated, here are the formulas for completeness sake..
Pivot Point: (High + Low + Close) / 3
Resistance 1: (PP + PP) - Low
Support 1: (PP + PP) - High
Resistance 2: PP + (High - Low)
Support 2: PP - (High - Low)
One parting comment. Pivot points work until they don't. By that I mean these or any tool are not going to be an end all be all of trading. Its one of multiple things to take into consideration.
Disclaimer: The investments and trades in my videos and blog entries are not recommendations for others.
I am not a financial planner, financial adviser, accountant, or tax adviser. The financial actions I talk about are for my own portfolio and money and only suited for my own risk tolerance, strategy, and ideas. Copying another person's financial moves can lead to large losses. Each person needs to do their due diligence in researching and planning their own actions in the financial markets
EDIT: At the time this blog entry was posted I had a Youtube video here. That has been removed but I want the rest of my content to be remain. Nothing hidden no past mistakes ignored. All out in the open.
Pivot Points provide multiple levels of support and resistance that I plan to use for my Forex trading. As I mention in the video, I was pleasantly surprised at how well they worked. I do want to stress that these aren't hard lines. They are more like zones where as price gets close it will start to slow down. Perhaps it will over shoot a little bit. The price action (PA) of the candlesticks just before and the current one are pretty telling. If the candlesticks get shorter and shorter as it approaches one of the lines then things are probably going to congest. At least that's what I've been noticing.
Though most brokers should have it automated, here are the formulas for completeness sake..
Pivot Point: (High + Low + Close) / 3
Resistance 1: (PP + PP) - Low
Support 1: (PP + PP) - High
Resistance 2: PP + (High - Low)
Support 2: PP - (High - Low)
One parting comment. Pivot points work until they don't. By that I mean these or any tool are not going to be an end all be all of trading. Its one of multiple things to take into consideration.
Disclaimer: The investments and trades in my videos and blog entries are not recommendations for others.
I am not a financial planner, financial adviser, accountant, or tax adviser. The financial actions I talk about are for my own portfolio and money and only suited for my own risk tolerance, strategy, and ideas. Copying another person's financial moves can lead to large losses. Each person needs to do their due diligence in researching and planning their own actions in the financial markets
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