These points may appear to be crucial support and resistance levels.
These several points calculated from that are the so called pivot levels. During each trading day the market, in which a trader is interested, marks an open, a high, a low and a close prices. This information actually presents all the data needed in order to calculate the pivot points. The main reason pivot point trading has gained so much popularity is that pivot points have a predictive nature and are also easily calculated.
As a large number of traders stick to pivot points, it is evident that the market reacts at these pivot levels. This usually provides a great opportunity to enter into trades. In case the market opens above the pivot point, then the current days bias is more likely for long positions, as long as the price remains above the pivot point. In case the market opens below the pivot point, then the current days bias is more likely for short positions, as long as the price remains below the pivot point.
Pivot Point Calculator
The idea behind trading pivot points is to expect a reversal or break of R1 or S1. By the time price action reaches R2 and R3 or S2 and S3, the instrument will already be overbought or oversold, while these levels should better be used for exiting the market rather than entering. A perfect scenario would be if the market opens above the actual pivot point, then stall slightly at R1 and continue to R2. Then, the next target will be R3 with the remaining part of the position.
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What are Forex Pivot Points?
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Forex Pivot Points Calculation and Trading Strategy
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