Pivot Points Formula, How To Trade ...

Hi Traders

Today's I wish to discuss about Pivot Points, The pivot point is the level at which the market direction changes for the day. Using some simple arithmetic and the previous days high, low and close, a series of points are derived. These points can be critical support and resistance levels.
The pivot level and levels calculated from that are collectively known as pivot levels.
If you would rather work the pivot points out by yourself, the formula you can use is below:

Resistance 3 = High + 2*(Pivot - Low)
Resistance 2 = Pivot + (R1 - S1)
Resistance 1 = 2 * Pivot - Low
Pivot Point = ( High + Close + Low )/3
Support 1 = 2 * Pivot - High
Support 2 = Pivot - (R1 - S1)
Support 3 = Low - 2*(High - Pivot)
As you can see from the above formula, just by having the previous days high, low and close you eventually finish up with 7 points, 3 resistance levels, 3 support levels and the actual pivot point.

CURRENCY TRADING SUMMARY – 21 MARCH 2008
The Japanese Yen (JPY) had markets closed for vernal equinox day, although long carry trade positions continued to be unwound ensuring the JPY rallied against the Euro. Overall the USDJPY traded with a low of 98.46 and a high of 100.21 before closing the day at 98.70 in the New York session...

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