Pivot Points Standard: Free, Powerful, Precise, the HOLY GRAIL ?
This Application:
NZD rate decision was a complete surprise to the market.
Kiwi crosses saw huge volatility, NU moved 1 cent in 1 min.
When markets go wild, use this ONE indicator for overview.
How I used them:
I have Multi-Chart layouts for each Currency, vs the major 6 crosses.
As the news hit, Pivots showed relative strength, and possible targets.
Started with AUD.NZD short, added remaining crosses in order of strength.
What is a Pivot?
The word "Pivot" is used a lot, meaning many different things.
What I am showing is the ''Old-School'' definition of that term.
This "indicator" has been in use since 1970's with great results.
Pivots are as simple as this:
(H+L+C)/3 of the previous period = Center Pivot (P) in current period.
The 'Support' ( Sx ) and 'Resistance' ( Rx ) pivots are calculated based on above equation.
There are many variations used, but ''Traditional'' is the first, and I think most commonly used.
Some very cool aspects:
Pivots do NOT repaint, they are plotted at period beginning and stay till end.
Back-testing is easy, change "Historical Pivots" setting as far back as you want.
Clutter free, Interpretation free, Labor free, and best of all, for FREE on TV :)
What do they tell you?
They seem to make good TARGETS for a move, and often lose energy there.
Many traders will look to take profits at a Pivot , which is obvious in above chart.
Strength of a trend can be gauged by which Pivots the asset is hitting most often.
Who uses them?
Many, many traders still use them, as do Banks and Money Managers.
Swing traders looking for Daily, Weekly, or Monthly trades, set and forget.
Even Fibonacci fans such as myself will glance at the Pivots to get a bearing.
How to Deploy them?
Back in the day Pit Traders had index cards with Pivot Points (values).
Trading View has a free indicator "Pivot Points Standard" which I use.
For a detailed Tutorial on How to Use Pivots, see these Ideas below:
Chapter 1: Intro and Setup
Chapter 2: Adding "Mid Pivots"
Chapter 3: Plotting Future Pivots
NZD rate decision was a complete surprise to the market.
Kiwi crosses saw huge volatility, NU moved 1 cent in 1 min.
When markets go wild, use this ONE indicator for overview.
How I used them:
I have Multi-Chart layouts for each Currency, vs the major 6 crosses.
As the news hit, Pivots showed relative strength, and possible targets.
Started with AUD.NZD short, added remaining crosses in order of strength.
What is a Pivot?
The word "Pivot" is used a lot, meaning many different things.
What I am showing is the ''Old-School'' definition of that term.
This "indicator" has been in use since 1970's with great results.
Pivots are as simple as this:
(H+L+C)/3 of the previous period = Center Pivot (P) in current period.
The 'Support' ( Sx ) and 'Resistance' ( Rx ) pivots are calculated based on above equation.
There are many variations used, but ''Traditional'' is the first, and I think most commonly used.
Some very cool aspects:
Pivots do NOT repaint, they are plotted at period beginning and stay till end.
Back-testing is easy, change "Historical Pivots" setting as far back as you want.
Clutter free, Interpretation free, Labor free, and best of all, for FREE on TV :)
What do they tell you?
They seem to make good TARGETS for a move, and often lose energy there.
Many traders will look to take profits at a Pivot , which is obvious in above chart.
Strength of a trend can be gauged by which Pivots the asset is hitting most often.
Who uses them?
Many, many traders still use them, as do Banks and Money Managers.
Swing traders looking for Daily, Weekly, or Monthly trades, set and forget.
Even Fibonacci fans such as myself will glance at the Pivots to get a bearing.
How to Deploy them?
Back in the day Pit Traders had index cards with Pivot Points (values).
Trading View has a free indicator "Pivot Points Standard" which I use.
For a detailed Tutorial on How to Use Pivots, see these Ideas below:
Chapter 1: Intro and Setup
Chapter 2: Adding "Mid Pivots"
Chapter 3: Plotting Future Pivots
Comment:
Picture Perfect reaction of NZD.USD at the Weekly Resistance 1
(the weekly central reaction was early in the week, and this R1 reaction is after the surprise RBNZ rate decision).
So once again, we can see that bulls took profit at the Weekly R1.
And probably some Bears jumped in with shorts on the back of that profit taking momentum.
.
So once again, we can see that bulls took profit at the Weekly R1.
And probably some Bears jumped in with shorts on the back of that profit taking momentum.
.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
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