Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: goldpattern on October 02, 2021, 08:17:01 PM
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Pivot Points offer chartists a methodology to determine price direction and then set support and resistance levels. Price direction is determined by looking at the current period's price action relative to the pivot point: starting above or below the pivot point, or crossing it in either direction during trading. The set support and resistance points come into play after price direction has been determined. While originally designed for floor traders, the concepts behind Pivot Points can be applied across various timeframes.
As with all indicators, it is important to confirm Pivot Point signals with other aspects of technical analysis. A bearish candlestick reversal pattern could confirm a reversal at second resistance. Oversold RSI could confirm oversold conditions at second support. An upturn in MACD could be used to confirm a successful support test.
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On a final note, sometimes the second or third support/resistance levels are not seen on the chart. This is simply because their levels exceed the price scale on the right. In other words, they are off the chart.
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I believe that it is almost impossible to predict the pivot point, because at any moment an uncle with a lot of money can come to the market and change everything. We cannot download that the market has reversed until the structure changes. In the future, the trend reversal points become an area of interest and a lot of liquidity appears in these areas, which is very good for trading.
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until now, not to disbelieve, what people have created and used to create the existing system. but again the best learning is to analyze it yourself, if you can compare it with what is in the system that you may get.
trust in any system is highly appreciated, because we also have to study well. it is impossible for what is in the system to be sure it will be good, if we enter the details it is also wrong and not appropriate.
Once again, it all ultimately depends on us interpreting what is happening with the existing phenomena, that the system needs are really needed to make it easy. but we must also believe that what we are about to do is probably the best and most reliable.
Description: some Pivots that are often used.
# Standard pivot points.
# Fibonacci Pivot Points.
# Woodie's Pivot Points.
# Camarilla Pivot Points.
# Demark Pivot Points.
taken from : https://www.moneycontrol.com