What is Pivot Point?
Professional Forex traders and market makers use pivot points to identify potential support and resistance levels.
Simply put, a pivot point and support / resistance levels are areas where prices are likely to change direction.
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Why are pivot points so attractive?
This is because they are objective and empirical.
Contrary to some of the indicators we have already taught you, pivot points do not require special intelligence and insight.
In many ways, Forex pivot points are very similar to Fibonacci levels. Because so many people observe these levels, they act almost spontaneously.
The main difference between the two is that in the use of Fibonacci, unlike Pivot Point, a mental and theoretical state is involved when choosing floor fluctuations and ceiling fluctuations.
In using pivot points, forex traders usually use the same method to calculate.
Many traders observe these levels and you should do the same.
Point Point is especially useful for short-term traders who are looking to take advantage of small price movements. In other words, it feeds the scalpers.
How to use pivot points
Just like normal support and resistance levels, traders can trade both when a level reacts and jumps in a level and when a level breaks.
Traders who trade in limited range use pivot points to identify bounce points. They see pivot points as areas where they can place their buy or sell orders.
Traders trading in price failures use pivot points to identify key levels that need to be broken to classify a price move as a valid break to enter the trade.
The following is an example of a pivot point drawn on a 1-hour EUR / USD chart:
What is PivotPoint in Forex?
As you can see here, the horizontal support and resistance levels are plotted on the chart.
And you see خوب how well they are marked for you! It is easy ?!
Terminology of pivot points
The following is a summary of the meaning of pivot-related acronyms:
PP stands for Pivot Point.
S stands for support.
R stands for resistance.
But don’t get too caught up in the thought that “S1 must be supportive!” Or “R1 must be resistance.”
We will explain why later.
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