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➡️ Pivot Points— is a technical indicator that is used to determine the levels at which price may face support or resistance. The Pivot Points indicator consists of a pivot point (PP) level and several support (S) and resistance (R) levels.
🛑 How to Trade with Pivot Points the right way? 🛑
+ You need to learn how to trade with Pivot Points the right way. if you want to take full advantage of the power behind the pivot points.
+ Trading with pivot points is the ultimate support and resistance strategy. It will take away the subjectivity involved with manually plotting support and resistance levels.
+ Pivoting usually occurs around areas of strong resistance or support.
+ In order to calculate this, you will identify the opening price, high point, low point, and closing price from the most recent trading period.
+ Pivot points are also called the floor pivot points!
+ The pivot point’s parameters are usually taken from the previous day’s trading range. This means you’ll have to use the previous day’s range for today’s pivot points.
+ Or, last week’s range if you want to calculate weekly pivot points or, last month’s range for monthly pivot points and so on.
🟩 How to Trade with Pivot Points Day Trading? 🟩
+ The most powerful way to day trade using pivot points is the pivot point bounce strategy and breakouts of the central pivot point.
Let me explain:
Here is how to identify pivot point day trade setups using the central pivot point.
Step #1:
The market needs to start the new trading day consolidating above or below the central pivot point.
Step #2:
If the market consolidates below the central pivot point we look to buy potential upside breakouts. On the other hand, if the market consolidates above the central pivot point, we look to sell any downside breakouts.
☣️ IMPORTANT ☣️
If you day trade with pivot points make sure you go to settings and change the timeframe of the pivot points to daily. This way no matter if you’re looking at a 5-minute chart, or 1-hour chart, the pivot points you’ll see are calculated based on the daily OHLC prices.
📢'This explanation is very brief, please contact me for detailed one.'📢
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