Today’s currency Market closing rates 16 feb 2017
currency derivatives intraday levels for tomorrow 17 feb 2017
Most Professional traders calculate support or resistance levels by one of the most common methods is using pivot points. When calculating pivot points, the pivot point is market bias line. This means that the largest price movement is expected to occur at pivot means breakout or breakdown will be trading opportunity. The other support and resistance levels are less influential, but may still generate significant price movements. It is the best and easy trading tool for professional traders and gives excellent result if combined with momentum indicators and oscillators such as MACD, RSI and SMI.
How to use Pivot trading levels for practical trading ?
- For positional traders, daily support or resistance will be best positional entry levels to trade along with trend. for example: nifty daily chart showing downtrend then one can use intraday R1 or R2 levels as fresh short entry point with stop loss and expect downside S2 and S4 as target zone.
- For Intraday traders, use 5 or 10 minute timeframe chart, put levels on chart and trade long if opens or trading above pivot level with price targets at R1 and R2. Or, sell short if opens or trading below pivot level with stop loss for targets of S1 and S2.
- Using RSI, MACD and SMI along with pivot points will drastically improve your trading skills.
- Main primary trend always influence underlying shorter trends. Means in downtrend you will see larger downside rallies than recovery and vice versa.