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Fx BFP Pivot Points

5

A forex pivot point strategy could very well be a trader’s best friend as far as identifying levels to develop a bias, place stops and identify potential profit targets for a trade.

Pivot points have been a go-to for traders for decades. The basis of pivot points is such that price will often move relative to a previous limit, and unless an outside force causes the price to do so, price should stop near a prior extreme. Pivot point trading strategies vary which makes it a versatile tool for forex traders.

Keep reading to learn more about:

  • Defining the pivot point
  • How to calculate pivot points
  • Using pivot points in forex trading
  • Pivot point trading strategies
  • Difference between pivot points and Fibonacci retracements

WHAT IS A PIVOT POINT?

A pivot point is a is a technical indicator used by forex traders as a price level gauge for potential future market movements. The pivot point indicator is used to determine trend bias as well as levels of support and resistance, which in turn can be used as profit targets, stop losses, entries and exits.

Pivot point example:


HOW TO CALCULATE PIVOT POINTS

The calculation for the most basic flavor of pivot points, known as ‘floor-trader pivots,’ along with their support and resistance levels:

Pivot point formula

Pivot point (PP) = (High + Low + Close) / 3

First resistance (R1) = (2 x PP) – Low

First support (S1) = (2 x PP) – High

Second resistance (R2) = PP + (High – Low)

Second support (S2) = PP – (High – Low)

Third resistance (R3) = High + 2 (PP – Low)

Third support (S3) = Low – 2 (High – PP)

There are other ways to calculate the pivot point, which is available on most trading platforms and can be extended through different time frames. The support and resistance levels will be calculated as above. Below is an example of what is offered on the IG trading platform for daily pivots. The same calculation can be made for weekly or monthly pivots too:


How did the pivot point calculation come about?

Up until recently, computers were not available on a mass scale. Therefore, market makers and floor traders needed a way of determining whether price was ‘cheap’ or ‘expensive’ on a relative basis. From a simple mathematical calculation, pivot points were born.

Traders simply took the high, low, and closing price from the previous period and divided by three to find the ‘pivot.’ From this pivot, traders would then base their calculations for three support, and three resistance levels.


HOW TO USE PIVOT POINTS IN FOREX TRADING

Pivot points are used by forex traders in line with traditional support and resistance trading techniques. Price tends to respect these levels as they do with support and resistance. Pivot point price levels are recurrently tested which further substantiates these levels.

Traders frequently use additional validation tools such as indicators, candlestick patterns, oscillators, fundamentals and price action to use in conjunction with the pivot to make trade decisions in the forex market.

There are a few basic guidelines to follow when trading with pivot points:

  1. Price above pivot = bullish bias
  2. Price below pivot = bearish bias
  3. Longer period pivot points are more dependable due to increased data set
  4. Support and resistance levels are extensions of the pivot which can be used as supplementary key price levels

PIVOT POINT TRADING STRATEGIES

1. Pivot point swing trading

For traders who prefer the medium to longer-term trades, swing trading with the pivot point is possible by using weekly/monthly time frames.

The chart below depicts a weekly chart with the addition of the pivot point only (this can be edited by changing the pivot settings on the platform). It is clear there has been a trend reversal to the upside which is evident after the price breaks through the previous pivot resistance.

Now acting as a support level, forex traders can place long entry orders at the pivot price. There is a false breakout (blue circle) but after this, there is substantial upside which could be exploited. The pivot levels won’t always contain the price, but it does offer a price level to maintain the directional bias. This would be a lengthier time horizon which would be ideal for swing traders.


Reviews 7
Heiner G.
515
Heiner G. 2024.08.05 10:03 
 

TipTop pivot lines. Very accurate and precisely set. Super calculation!

Arthamaratama
20
Arthamaratama 2024.02.10 17:13 
 

Does this have an MT5 version?

zofesu
350
zofesu 2023.02.25 20:23 
 

Super indicator, I miss setting the color of the lines, their thickness and font size.

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Halloween Promotion for 24 hours only with a 40% discount on the original price!  $̶5̶9̶  $35 ONLY!  This indicator is unstoppable when combined with our other indicator called  Support & Resistance . After purchase, send us a message and you will get it   for  FREE as a BONUS! Introducing Trend Punch , the revolutionary forex trend indicator that will transform the way you trade! Trend Punch is uniquely designed to provide precise buy and sell arrows during strong market trends, making
Currently 20% OFF ! Best Solution for any Newbie or Expert Trader! This dashboard software is working on 28 currency pairs plus one. It is based on 2 of our main indicators (Advanced Currency Strength 28 and Advanced Currency Impulse). It gives a great overview of the entire Forex market plus Gold or 1 indices. It shows Advanced Currency Strength values, currency speed of movement and signals for 28 Forex pairs in all (9) timeframes. Imagine how your trading will improve when you can watch the e
CURRENTLY 26% OFF Best Solution for any Newbie or Expert Trader! This Indicator is a unique, high quality and affordable trading tool because we have incorporated a number of proprietary features and a new formula. With only ONE chart you can read Currency Strength for 28 Forex pairs! Imagine how your trading will improve because you are able to pinpoint the exact trigger point of a new trend or scalping opportunity? User manual: click here That's the first one, the original! Don't buy a worthle
Currency Strength Wizard is a very powerful indicator that provides you with all-in-one solution for successful trading. The indicator calculates the power of this or that forex pair using the data of all currencies on multiple time frames. This data is represented in a form of easy to use currency index and currency power lines which you can use to see the power of this or that currency. All you need is attach the indicator to the chart you want to trade and the indicator will show you real str
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Heiner G.
515
Heiner G. 2024.08.05 10:03 
 

TipTop pivot lines. Very accurate and precisely set. Super calculation!

Arthamaratama
20
Arthamaratama 2024.02.10 17:13 
 

Does this have an MT5 version?

zofesu
350
zofesu 2023.02.25 20:23 
 

Super indicator, I miss setting the color of the lines, their thickness and font size.

Segun
97
Segun 2022.07.29 17:55 
 

User didn't leave any comment to the rating

John Winsome Munar
3471
John Winsome Munar 2022.06.15 01:02 
 

Indicates pivot points precisely

[Deleted] 2022.03.21 10:58 
 

User didn't leave any comment to the rating

MAREK JANKOWSKI
1008
MAREK JANKOWSKI 2022.01.31 19:59 
 

Wskaznik bardzo dobrze mi służy, jestem zadowolony.. dzięki za Twoją pracę. Pozdrawiam.

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