Summary of the use of foreign exchange chart pivot point

PS: traders use pivot points to objectively determine potential support and resistance levels.
Here are some easy to remember tips that will help you make smart pivot trading decisions.
·Pivot point is a technical tool used by traders to determine potential support and resistance levels.
·There are four calculation methods of pivot point: standard calculation method, woody calculation method, kamalira calculation method and Fibonacci calculation method.
·In foreign exchange trading, the calculation of pivot point is extremely useful, because most currency pairs usually fluctuate between these levels. Most of the time, the exchange rate remains between R1 and S1.
·Pivot point can be used for interval trading, breakthrough market trading and trend trading.
·Range traders will buy horizontally near the established support level and sell when the exchange rate approaches the resistance level.
·Breakthrough traders can also use the pivot point to identify the key breakthrough position, and the exchange rate may have a strong breakthrough trend after breaking through this price.
·Sentiment or trend traders use pivot points to help them determine whether a currency pair is in a bull or bear market.
·The simplicity of hubs makes it easy for us to put them into our foreign exchange trading toolbox. We only need to pay attention to possible price trends that may cause price fluctuations. By using the pivot point, you will be able to determine the market volatility and make a more perfect trading strategy.
·It's not enough to use pivot points to guide our trading. We need to learn to combine pivot point with other technical analysis tools, such as candle shape, MACD cross, moving average cross, RSI index, etc. It's good for us to improve our chances of winning the deal.