Pivot Point and Calculator

Well Today I am going to teach you about Pivot Point and Support & Resistance  Levels before going to know about Pivot Point you must understand something about Support and Resistance Level

Support 

It is the price area below the current price where prices declines for going further down or Stop and Reverse.Like below Chart

Resistance 

It is the price area above the current price where prices stop for further upside or advances.

Like below Chart

I think now you understood about Support and Resistance Level little bit but you have to go through our topic that is Pivot Point and Support & Resistance.

Before going to trade you have to calculate pivot point with below Pivot point calculator and understand  Support & Resistance Level. Oh well! how will do it. First of all you have to take previous bar high, low,close and open price like

Open  == 1.6361

High   == 1.6415

Low    == 1.6302

Close  == 1.6387

The we put these prices into below calculator.........

and we will get like these Support & Resistance value

Pivot Point 

  R3    =  1.6547

  R2    =  1.6481

  R1    =  1.6434

   PP    =  1.6368 

  S1    =  1.6321

  S2    =  1.6255

  S3    =  1.6208

Now it is very important thing that how we will open trade according to these pivot point levels and how???????.  OK.. Don't worry  It is No. Problem First of all you have to consider PP(1.6368) this mid point of GBP/USD  = 1.6368. Now you have to check current price of GBP/USD in Market of Watch of MT 4.  If it is above PP(1.6368) really it means bullish sentiment. If it is below from  this PP(1.6368) it means bearish sentiment. congratulations you must be very happy!!!  Why ???

because now you know Bullish & Bearish Sentiment.., So What and what is next ???

Good Question!!!!! hmmmmmmmmmmmmmm???

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