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The pivot point is the sum of the highs, lows, and closing prices of a period divided by 3.
The trader can use pivot points to find support and resistance and make a breakthrough or reverse trade.
Trading without support and resistance levels is like driving without a seat belt -- support can stop a fall, and resistance can disrupt a rally.
If a trader is poorly informed about the level of support and resistance of a currency pair, he is likely to turn a trade that should be profitable into a loss.
The principle behind this is simple: if traders generally believe a level of support or resistance is strong enough, they often place stop-loss or limit prices near that level.
So when prices reach those levels, orders are immediately executed, driving a rapid price reversal.
Each trader may have different definitions of levels of support and resistance -- for some subjective levels of support and resistance, the potential gains may not be as great;
However, for some objective support and resistance, benefit from being recognized by more traders, so it usually helps a lot to trade.
The origin of pivot points
In the early days of the market, most people didn't have computers, but market makers and floor traders still needed a tool to determine whether prices were relatively cheap or expensive, and the pivot point was born.
The pivot point algorithm is simple: the trader simply calculates the sum of the highs, lows, and closing prices of the previous cycle and then divides by 3.
Through this pivot point, traders can find three potential support and resistance levels
When the price is close to these levels, the trader can wait for the price to reverse signal to trade;
If the price does not reverse, then the trader can break out of the trade.
Types of pivot points
Pivot points that take advantage of daily highs, daily lows, and closing prices can be collectively referred to as "pivot points," but traders often also apply support and resistance levels to charts at different times of the day.
The more people use these levels, the higher the gold content.
In addition, many traders believe that more long-term pivot points are more effective, so there is a case for using weekly or even monthly highs to obtain "pivot points" and "pivot points".
As with some other technical analysis, long-term technical indicators tend to make more sense because the longer the cycle, the more transactions are involved.
Make pivot point a profit target
Another use of pivot points, especially long-term pivot points, is as a potential profit target.
Because prices are likely to reverse after hitting resistance (or support) levels, traders may want to sell (or buy) before prices fall (or rise) and buy back (or sell) after prices reach lower (or higher) levels
Traders can even use pivot points to develop long-term trading strategies.
If the current trend is bullish, traders can create stop orders at three resistance levels.
Similarly, if the current trend is bearish, a trader can establish a stop-loss order at three support levels.
Use pivot point trading breakthrough
Many traders prefer to trade during periods of high market volatility because volatility gives them a return.
So, every potential breakout support or resistance level during these periods could be used as a potential trading opportunity.
At that point, long-term pivot points become very important, especially the weekly and monthly pivot points.
The figure below shows more detail on how to trade a breakout using pivot points.
In essence, because reversals are inverting, they must be less common than breakthroughs.
Similarly, if the price is testing resistance, it must be on an upward trend;
Conversely, if prices are testing support levels, the current trend is downward.
Although all traders know to buy low and sell high, they also need to make reasonable judgments based on the current situation.
In this case, multi-time frame analysis is particularly valuable.
So if traders see a long-term trend on the weekly chart, they may buy when the price test day support levels.
This is a good example of "buy low".