pivot calculation
Submitted by murhii on January 16, 2008 - 05:57.
how can i calculate pp accurately and an advice for me as new trader(leaning)
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Submitted by murhii on January 16, 2008 - 05:57. |
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Try this page
http://www.fxpivot-points.com/?page=4
P = (H + L + C) / 3
R1 = (P x 2) - L
R2 = P + (H - L) = P + (R1 - S1)
S1 = (P x 2) - H
S2 = P - (H - L) = P - (R1 - S1)
H - high, L - low, C - close for the previous day.
P - represents pivot point, R - resistance levels, S - support levels.
You may use H, L, C values from mid to midnight or from market close to market close NY time.
Pivots are an easy tool, especially when you have so many online calculators to calculate it for you. Once you trade with Pivots couple of times, I'm sure you will like it.
May I add my observation.
If you calculate pivots points from 5pm to 5pm every day, then if you happen to be trading at 5pm when new pivots are reset there are sometimes quite good opportunities to catch a new market move as it realizes what side of the new pivot it has opened after 5 pm...
Alf
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