Pivot Point Forex Strategies Forex pivot points are calculated horizontal price levels on the chart. These levels show potential areas where the price can reverse, especially during the first touch of these levels. Many Forex traders make their intraday trading decisions based on daily pivot levels, and as such it is important for intraday traders to watch price action at these levels closely.
The Standard Pivot point calculation is quite simple. It requires only three numbers – close, high, and low.
We should first calculate the main daily pivot point. The formula for this:
Pivot Point (PP) = (Daily High + Daily Low + Close) / 3
Since the Forex market is a 24/5 market, there is some confusion as to which time to use for the daily market opening and closing. Most forex traders use the 11:59 PM (23:59) GMT for Forex market closing time and 12:00 AM (00:00) GMT for Forex market opening time. By doing this you can separate the daily trading sessions from each other.
When you get the PP, you can start calculating the further upper and lower pivot points. These are called first, second, third pivot resistance levels, and first, second, third, pivot support levels.
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