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Pivot point trading can greatly simplify Forex day trading. Pivot points provide good reference points at which to enter or exit trades as well as give an indication of the market bias. You can either go online and download a pivot point calculator or use the free one referenced in the resource box below. Simply get the High, Low, Close, Open figures from the daily chart by checking the previous day's candle values and enter them into the calculator. You can then draw horizontal lines on your chart marking the Central Pivot Point and then the other reference levels such as S1, S2, R1, R2 S for support, R for resistance.

When pivot point trading it is also a good idea to put the mid reference points in also, M1, M2, M3, and M4 as price often will respect these levels. The Indicators You Need For The Setup. After marking the pivot point levels on your 15 minute chart, also show the following on the three time frames: Mark significant previous support and resistance on the 60 minute and 4 hour charts with a h orizon tal line. Look for this setup around two time periods: London Open GM.

London Close GM. Similarly, price action often slows considerably around the time of London closing. Check to see if price is anywhere near M4 or M3 on the upside or M1 or M2 on the downside on your 15 minute chart. Next consult your higher time frames, the 60 minute and 4 hour to see if any of those M levels coincide with a Fibonacci retracement or extension level, or the EMA, or a previous support resistance line.

Of course, nothing is guaranteed but the more factors you have coinciding at a specific level around a pivot point, the more likely price will react at that point. Check to see where a stop will put you and whether there are other levels of support and resistance nearby to offer protection and start taking profit as price approaches the other pivot levels either on the way up or on the way down.

Remember, pivot point trading suggests that when price is around M4 or M3 you are in a sell area and when price is around M1 or M2 you are in a buy area. Now we come to the other end of the trading day which also lends itself to pivot point trading. Often price will have done its run for the day by the time of London close and a retracement can be expected. However, you need to consider other factors.

Again check to see if price has reached a key level by the end of London close. Fibonacci retracement extension levels. Previous strong support or resistance Next check your Average. Now check the range of the current day's trading. Has it equaled or exceeded the average range for the last few days? Practice these methods, get your eyes used to looking for the combination factors surrounding pivot points, and trade with confidence.

Most definitely add pivot point trading to your list of trading strategies! What do we mean by pivot point trading? Pivot point trading puts emphasis on these levels, and uses them to guide entry and exit points for trades. However, as with any technical indicator, there are limitations and pivot point trading, to be high probability, needs to stay within certain parameters. Pivot points should not be used as a standalone indicator. Use them in conjunction with other indicators such as candle patterns, Fibonacci levels, MAC.

While some traders living in various parts of the world may calculate their pivot points according to the time zone in which they live, a fairly safe standard for calculating the levels of pivot point trading is to use GM. About About Scribd Press Our blog Join our team! Contact Us Join today Invite Friends Gifts. Legal Terms Privacy Copyright. Sign up to vote on this title.

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