Standard Pivots and Fibonnaci Pivots?
Hi, I just recently come across Fib pivots. Would appreciate if someone can point to me their differences and which is more reliable? And also I cannot find much reading on Fib pivots, can someone kindly show me the source, so I can go read up myself as well???
Google fibonacci pivot points and you'll find lots of resources, including a Fib PP calculator.
Fibos and floor trader pivots
Also here: http://www.forexfactory.com/showthread.php?p=1583247
Happy New Year,
What is the Fibonnaci? Could someone help me with that? How does it work the fibonnaci, how is it useful when trading forex? I recently downloaded my metatrader 4 and I need to understand the Fibonnaci
I have been using Daily Fibo Pivots. Price seems to stall or bounce off from these areas, sometimes to the PIP. Here is the formula for Fibo Pivots:
Pivot = ((YesterdayHigh + YesterdayLow + YesterdayClose)/3);
DailyRange = YesterdayHigh - YesterdayLow;
R1 = Pivot+(0.382*DailyRange);
S1 = Pivot-(0.382*DailyRange);
R2 = Pivot+(0.618*DailyRange);
S2 = Pivot-(0.618*DailyRange);
S3 = Pivot-(1*DailyRange);
R3 = Pivot+(1*DailyRange);
If you are a scalper, take profit at these levels. Usually, once price breaks below S2 or above R2, the move is usually strong.
In addition to the Daily pivots, the weekly pivots are calculated by weekly prices. The markets seems to treat them as support and resistant as well. Here is the formula for the weekly Fibo pivots:
WeekPivot = ((WeekHigh + WeekLow + WeekClose)/3);
WeeklyRange = WeekHigh - WeekLow;
WR1 = WeekPivot+(0.382*WeeklyRange);
WS1 = WeekPivot-(0.382*WeeklyRange);
WR2 = WeekPivot+(0.618*WeeklyRange);
WS2 = WeekPivot-(0.618*WeeklyRange);
WS3 = WeekPivot-(1*WeeklyRange);
WR3 = WeekPivot+(1*WeeklyRange);
Hope the information helps.
Are you plotting these manually or using a MT4 indicator? If the latter, could you tell me where to find it.
I just saw your question.......
Here it is....
have a nice trading day
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