How to use daily pivot indicator
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- This topic has 3 replies, 4 voices, and was last updated 3 years, 4 months ago by FXGuru.
Dec 6, 2017 at 11:25 am #1584chalithuoMember
I find the Pivot points indicator to be very helpful in identifying support and resistance levels. It calculates and draws the support and resistance levels for you making it very easy to predict the market trends and also the entry and exit point.
Most of them normally displays three supports levels (S1,S2 & S3) and three resistance levels (R1, R2 & R3).
When the market prices diverge at any of the resistance levels, it is usually the best time to open a short position. However, is not advisable to place a sell order when a divergence occurs at R1. R1 is in most cases the best place to place your take profit.
On the other hand, when the market prices diverge at either S3 or S2, you should place a buy order. It is usually advisable to exit the market when the prices hits the S1.00Dec 10, 2017 at 5:30 pm #1651miki123Participant
I never use such indicators, as I mostly use sites like investing.com to keep up with the daily pivot. I believe that is the way I can get the proper idea. I never found any solid indicator for that, so that’s why I believe using a site like I mentioned above is far better and much more rewarding for everyone. But ultimately, it is all about personal comfort.00Dec 16, 2017 at 6:57 am #1719AlexMember
When I started my career, I was entirely working on Pivot points; I did it through some manually created indicators. But, I was not able to get much result.
I then switched to something else; I was able to benefit much more from it. So, I will say that this is not exactly one that we can use standalone type or it will be very bad.00Nov 18, 2019 at 12:19 am #2254FXGuruParticipant
It’s not just alone enough, so we need to put a lot of effort on these things to ensure that we have complete strategy. I don’t just use indicators but I also use Market Analysis with tight risk/money management which helps me with performance. And also having a broker like FreshForex helps with their epic 101% Tradable Deposit Bonus.00
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