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Wednesday, October 20, 2010

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Pivot Point Levels

Overview of Pivot Trading


Pivot point is an effective method for defining reversal, resistance and support levels of Forex market. Many traders use pivot points to predict daily market price movements.
The Pivot point strategy includes 7 technical levels: 3 resistance levels, 3 support levels and the actual pivot point level. The three most important pivot points are Resistance1, Support1 and the actual pivot point. Here it is what the strategy postulates: If the market is trading above the pivot point, then the bias for the day is bullish. If the market opens below the pivot point then the bias for the day is bearish. By the time the market reaches Resistance2, Resistance3 or Support2, Support3, the market will already be overbought or oversold and these levels should be used for exits rather than entries.
There are 3 methods for computing pivot point levels: Pivot, Woddie and Fibonacci. The Pivot method is a standard one. Woddie and Fibonacci are alternative methods. The service also includes a custom pivot calculator which computes all levers according to the input data.