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Guest Webinar - Using Pivot Points for Big Profits |
 Contributed by ShadowTrader
Many traders like to use support and resistance but they are fickle about where support and resistance levels are and what qualifies as a strong support or resistance level. This can be easily remedied by using a mathematically based support and resistance such as pivot points.
A pivot point is based on the average of the high, low and close of each day. This average ((H+L+C)/3) becomes the center point of trading direction and bias for the next day. The resistance and support levels are a multiple of the pivot and its relationship between the highs and lows of the day.
A closer look at pivot points can provide traders a strong methodology with trade triggers, money management and profit target or can be used as a filter and mechanical support and resistance approach to other systems.
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