Pivot Points

Pivot Points

Pivot Points Introduction
Pivot points are sometimes associated with difficulties for traders, especially for beginners. Today we will try to explain as simple as possible about Pivot point trading so that tomorrow you can confidently apply this knowledge to your Forex trading!
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Support and Resistance
Support and resistance represent key junctures where the forces of supply and demand meet. In the financial markets, prices are driven by excessive supply (down) and demand (up).
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How to use Pivot Points ? The Strategy
We are going to show you the way we trade Forex using Pivot points.
We calculate Pivot points on daily basis using daily charts and then use those Pivot levels on 15 minute charts — our main charts — where we will look for entries, stops and exits.
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Pivot Points Trading
Pivot point trading is a technique widely used among Forex traders, that allows to determine important support/resistance levels for the day which derived from the previous day's trading range.
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Tricks Pivot Point
Pivot Trick 1 — early bird gets all worms. Early hours are where all support/resistance levels are tested. Later the market usually makes adjustments only. Early hours start from the first minutes of the new day! Sleep in and you've missed it.
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Placing Support Resistance
Placing support and resistance lines is an art not a science. It will never be a science as long as humans are trading. Support and resistance lines are one of the most basic aspects to trading.
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Support and Resistance Zones
Because technical analysis is not an exact science, it is useful to create support and resistance zones. This is contrary to the strategy mapped out for Lucent Technologies (LU), but it is sometimes the case. Each security has its own characteristics, and analysis should reflect the intricacies of the security.
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Trading Range Support Resistance
Trading ranges can play an important role in determining support and resistance as turning points or as continuation patterns. A trading range is a period of time when prices move within a relatively tight range.
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