bro but i seriously doubt ur 156 theory holds correct. gbpjpy didnt even broke 151.80 area. tat was a classic double top at 151.67 area.
im taking profits at 148.3 area but any break there im jumping in. this is gonna sink now.
IMO GBP will be a relative strength winner since GBP cross like GBP AUD, EUR GBP have all been in historic low / historic high. These crosses will continue to unwind and this will in turn support GBP.
closed half of my short at 149.05 (my R2 for today) for about 500 pips overall.. haha.. wait for the bounce and will see from there where this pair will going... but my RSI telling me that it's already in overbought,, need to be carefull.. btw.. my R3 Stand at 148.14 and guys... where are our frendz trigger? i dn't think i am bugger here... haha.... ..
i also agreed with cmellon 156 theory... just wait for US open to see what next...
at writng. it bounce to nearly 149.60 level... i will wait for next 5M candle.. if it turn red, then fresh oppurtnity to short and if it is green and pass my R1 at 149.65.. then need to wait again for a good signal... btw, closed my long from 149.05 at 149.55 for another 50 pips about 500USD for my lunch .. wahaha...
at writng. it bounce to nearly 149.60 level... i will wait for next 5M candle.. if it turn red, then fresh oppurtnity to short and if it is green and pass my R1 at 149.65.. then need to wait again for a good signal... btw, closed my long from 149.05 at 149.55 for another 50 pips about 500USD for my lunch .. wahaha...
as price bounce and can't hold it at 149.80 level and 5M candle turn to red, im short again at 149.65, target at 148.90...
i will out for meeting... hope everything well and have a good day guys.. see ya later..
A pivot point is a level in which the sentiment of traders and investors changes from bull to bear or vice versa. They work simply because many individual forex traders and investors, as well as bank and institutional traders use and trust them. It is known to every trader that the pivot point is an important measure of any market's strength and weakness.
Floor traders love pivot points. They act as magnets for price movements. If you observe how price moves during any trading session, you'll notice that it often stalls or stops at pivot points before resuming its movement.
To calculate daily pivot points you need the High, Low, and Close Price of the previous day. Simply set these three prices in the Forex Pivot Point Calculator and it will give you the values.
Here are the used formulas for calculating daily pivot points:
Pivot Point: P = (High + Low + Close) / 3
Resistance 1: R1 = 2 * P - Low
Resistance 2: R2 = P + (R1 - S1)
Resistance 3: R3 = High + 2 * (P - Low)
Support 1: S1 = 2 * P - High
Support 2: S2 = P - (R1 - S1)
Support 3: S3 = Low - 2 * (High - P)
To calculate weekly pivot points, apply the same formulas, but using the High, Low, and Close Price of the previous week instead of the previous day.
But If you are USING MT4
When you Use this pivot level so that is some good up-gradation see the YELLOW line That is your Turning point line
A pivot point is a level in which the sentiment of traders and investors changes from bull to bear or vice versa. They work simply because many individual forex traders and investors, as well as bank and institutional traders use and trust them. It is known to every trader that the pivot point is an important measure of any market's strength and weakness.
Floor traders love pivot points. They act as magnets for price movements. If you observe how price moves during any trading session, you'll notice that it often stalls or stops at pivot points before resuming its movement.
To calculate daily pivot points you need the High, Low, and Close Price of the previous day. Simply set these three prices in the Forex Pivot Point Calculator and it will give you the values.
Here are the used formulas for calculating daily pivot points:
Pivot Point: P = (High + Low + Close) / 3
Resistance 1: R1 = 2 * P - Low
Resistance 2: R2 = P + (R1 - S1)
Resistance 3: R3 = High + 2 * (P - Low)
Support 1: S1 = 2 * P - High
Support 2: S2 = P - (R1 - S1)
Support 3: S3 = Low - 2 * (High - P)
To calculate weekly pivot points, apply the same formulas, but using the High, Low, and Close Price of the previous week instead of the previous day.
But If you are USING MT4
When you Use this pivot level so that is some good up-gradation see the YELLOW line That is your Turning point line
Vincy,
I use pivots always in my longer term trades. But one question, how do you determine the time frame in terms of Highs and Lows and Closing. Do you take the numbers based on US Close to the US close on the next day, or Japan Open till Japan Open the next day.
Overlay curves are plotted over the price curve. Some traders use them to identify if a market trend is in progress, and to act when the price curve intersects particular overlay curves.
So If we say how to Find Over Value Of AusCad
THERE ARE TWO WAY OF CALCULATE THE AUDCAD.
We found AUDCAD is OVER value between 50 or 60 pips
or you can calculate other way by saying USDCAD is UNDER value between 50 to 60 pips
Both apply in quantitative measurement.
If You have Mt4 So Just Try this Overlay of MT4
so use Below The Prive overlay Value Term
Okay ONE EXAMPLE why The Price Overlay is worth Line...
as you know the Correlation is just Belonging to all pair as Negative term as well positive Like To say The Gbp/usd and Gbp/jpy is Correlation has 92.5 on Hourly ..
So now I just give you an Example CORRELATION is NOT GOOD in POSITIVE ..............The Good CORRELATION OVERLAY IS GOOD ON NEGATIVE... yes You heard Right NEGATIVEof Maximum while you are Trading to other pair..
See Here Chart Of USD/CAD Of Overlay CHF/JPY...NAGATIVE-82.5 1h
In a short Term period this Correlation of Price overlay is very Good when you have a wrong ENTERED in WRONG ...
while You can measure where your Other pair Correlation of Vis versa standing
I use pivots always in my longer term trades. But one question, how do you determine the time frame in terms of Highs and Lows and Closing. Do you take the numbers based on US Close to the US close on the next day, or Japan Open till Japan Open the next day.
Advice please.
Give an Example this is Normal Formula how to find out the Pivot
Pivot Point: P = (High + Low + Close) / 3
Resistance 1: R1 = 2 * P - Low
Resistance 2: R2 = P + (R1 - S1)
Resistance 3: R3 = High + 2 * (P - Low)
Support 1: S1 = 2 * P - High
Support 2: S2 = P - (R1 - S1)
Support 3: S3 = Low - 2 * (High - P)
So DAY CANDLE HIGH DAY CANDLE LOW and DAY CANDLE CLOSE.. This how your Find Pivot with Help of Formula of Pivot..
Do you take the numbers based on US Close to the US close on the next day, or Japan Open till Japan Open the next day
IT ONLY ABOUT WHICH COUNTRY STATION YOU ARE USING.. Japan, uk Usa .. the Measurement only Determine only Basis of your Chart Candle..
Here is a site.... Forex Pivot points - Mataf.net ....just Put ur Number of daily candle high, low , Close Value ..then you have the Result r1 r2 R3..
or u can try My mt4 Pivot level that will going to help.
And second if you are Scalper so it Doesn't matter You are Only Use Your Pivot level on Longer Term Every Body like to trade the Turning Point, so when you have the Pivot level so you can see The Lower Time Frame Also (TF)..
IF my latest count is correct, then an opportunity soon will come after the lower TF completes the 5 waves UP, and correct in 3 waves DOWN; then go long for a wave 3 of 3 of 3. This should be a massive wave with a very good risk and return.
IF my latest count is correct, then an opportunity soon will come after the lower TF completes the 5 waves UP, and correct in 3 waves DOWN; then go long for a wave 3 of 3 of 3. This should be a massive wave with a very good risk and return.
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where are our frendz trigger? i dn't think i am bugger here... haha.... 
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