How to use Pivot Points - Part 4 | Vantage FX
- 11 years ago
Vantage FX (www.vantagefx.co.uk) look at how to use the support and resistance levels generated by Pivot Points.
Pivot Points Week
We are looking at a 30-minute Cable chart from 11 October onwards. We start off with a narrow range, then on Monday we can see that the prices tend to cling to the Pivot Points.
On Tuesday the third support level comes in close to the previous day's second support level. Here we drop down to the second support level which, again, is not far off the first support level from the previous day, while the first resistance level comes in line with Monday's highs.
On Wednesday we widen out but the second support level still comes close to Tuesday's first support level.
Today we widen out further still, which is a warning that today was going to be different. Sure enough, in the European trading session we burst through R1, R2 and move up close to R3. However it is worth noting that at today's high of 1.6172 we are still lower than September's high of 1.6260.
Pivot Points Week
We are looking at a 30-minute Cable chart from 11 October onwards. We start off with a narrow range, then on Monday we can see that the prices tend to cling to the Pivot Points.
On Tuesday the third support level comes in close to the previous day's second support level. Here we drop down to the second support level which, again, is not far off the first support level from the previous day, while the first resistance level comes in line with Monday's highs.
On Wednesday we widen out but the second support level still comes close to Tuesday's first support level.
Today we widen out further still, which is a warning that today was going to be different. Sure enough, in the European trading session we burst through R1, R2 and move up close to R3. However it is worth noting that at today's high of 1.6172 we are still lower than September's high of 1.6260.