Pivot point.rtf

# Pivot point.rtf - Pivot points All you need to do is open...

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Pivot points All you need to do is open hourly charts. Highlight (for visual aid) the time period from 5 pm to 5pm EST, for example, by drawing two vertical lines, as seen on the screenshot below. Withing the highlighted time period find: the highest price point - High the lowest price point - Low the close of the last candle (technically it will be 4:59:59 pm) - Close Use calculator to find Pivot points. ~ identify potential support and resistance level ~ it is objective (not included personal opinion), same from others ~ take advantage of small price movement ~ range- bound ( use it to identify revearsal point) ~ identify level where it need to be broken ~ PP = pivot point S = support

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R = resistance Pivot point (PP) = (High + Low + Close) / 3 First resistance (R1) = (2 x PP) – Low First support (S1) = (2 x PP) – High Second resistance (R2) = PP + (High – Low) Second support (S2) = PP – (High – Low) Third resistance (R3) = High + 2(PP – Low) Third support (S3) = Low – 2(High – PP) ~ need to configure to make sure it use correct closing time and price ~ the more times it test the resistance/support, the more stable it is

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