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???



Many Thanks!!

Google fibonacci pivot points and you'll find lots of resources, including a Fib PP calculator.

Shauny, see my post here: http://www.forexfactory.com/showthread.php?p=1506991

Also here: http://www.forexfactory.com/showthread.php?p=1583247

Happy New Year,
David

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.

Here's a pic with daily pivots.

Mike

Acumen,


Are you plotting these manually or using a MT4 indicator? If the latter, could you tell me where to find it.

Thanks.

I just saw your question.......
Here it is....

http://www.forexfactory.com/showpost...&postcount=454

have a nice trading day

Thank you.

Hello,

I am after a simple weekly Fibonacci pivot indicator for mt4 that not only plots the support and resistance levels but also the mid-levels.

I want something that does not draw lines all the way across the screen and show price to the right of the most recent/current candle..

Anyone know of such an indicator please let me know.

Thank you
Raf