DislikedAll, I am sharing an MT4 indicator which automatically calculates Daily Pivot/S/R levels. Reading the posts in the eur/usd and gbp/usd threads, I'm quite surprised to note that many do not look at these important levels.
Trading with these levels for a few months has been a huge difference in setting entries, exits, identifying divergences, etc. Hopefully, it helps some of you make more pips!
ps. I'm not sure who originally created this, but I retrieved it from Imran Sait's thread on the 5min GBP/JPY scalping method. All credit goes to the original authors.Ignored
You can trade strictly off that. Trade crosses and bounces and just go from one line to the next. If price continues up with out testing daily pivot trend up is strong. If it tests and bounces trend is moderate, and if it drops under and returns and continues theres a chance its the last leg. Price usually visits the weekly pivot or comes close. Just knowing those things there you can make good trades.
Heres mine. The SDX has some features but can get crowded. Defaults are set up nice the way you see on my pivot chart.
The weekly is just that. But can be modded back or copied and modded back to original. I took a daily and made weekly.