How to use daily pivot indicator

MoneyTec Forums Tools of the Trade How to use daily pivot indicator

This topic contains 1 reply, has 2 voices, and was last updated by  miki123 10 hours, 12 minutes ago.

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  • #1584

    chalithuo
    Participant
    • 19

    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.

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    #1651

    miki123
    Participant
    • 8

    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.

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