Pivot points

This is a discussion on Pivot points within the First Steps forums, part of the Reception category; Originally Posted by forex2010 pivot points can be calculated from previous highs, lows, closes etc, but other pivot points (areas) ...

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Old Dec 10, 2010, 6:37pm   #8
SRC
Joined Jun 2010
Re: Pivot points

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Originally Posted by forex2010 View Post
pivot points can be calculated from previous highs, lows, closes etc, but other pivot points (areas) are identified by looking for areas of support and resistance that occur at the same price level historically, but at different times in the past The more they repeat, the more powerful they are, and the higher the probability that they will happen again in the future.
Hi Forex,

Would you look at weekly / monthly charts for this information?

Many thanks

SRC
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Old Dec 12, 2010, 8:22pm   #9
 
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Re: Pivot points

Hi

yes you can. In fact its a very sensible idea to check weekly and monthly charts for pivot points and other indicators like fibonacci etc. Because they are acting over a longer time frame they tend to be more powerful.

Cheers

forex2010
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Old Dec 12, 2010, 8:42pm   #10
 
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I will never get the relevance of pivot points as a tool. They don't work so why do so many folks use them?
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Old Dec 12, 2010, 9:49pm   #11
 
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Re: Pivot points

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I will never get the relevance of pivot points as a tool. They don't work so why do so many folks use them?
what do you think works then
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Old Dec 12, 2010, 9:56pm   #12
 
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Support\resistance ... Plain and simple
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Old Dec 13, 2010, 12:38am   #13
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Re: Pivot points

At times the lack of intellectual (trading) curiosity on display on this suite of forums staggers me; dyor, 'Google' pivots, watch the many you-tube vids on the subject..

BTW, just about any charting package you can buy, or get free, puts S&R (3 levels) + the daily pivot on your chart as an indicator option/choice..IMO you should not trade without these 3 key levels on your charts, particularly if you're day trading fx.
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