You might want to read and watch some You Tube video's on: Day Trading with Pivot Points Strategy
* Always use 5 minute time frames to do the following:
Previous days: High, Low & Close
Pivot Point (P)= (High + Low + close) divided by 3
Support 1 (S1) = (P x 2) – High
Support 2 (S2) = P – (High – Low)
Resistance 1 (R1) = (P x 2) – Low
Resistance 2 (R2) = P + (High - Low)
Yes, you can put a 3rd Support and Resistance on your charts, if you would like too. I can't put a 5 minute chart here (so PRETEND), noted 15 mn is a 5mn one.
* Always use 5 minute time frames to do the following:
Previous days: High, Low & Close
Pivot Point (P)= (High + Low + close) divided by 3
Support 1 (S1) = (P x 2) – High
Support 2 (S2) = P – (High – Low)
Resistance 1 (R1) = (P x 2) – Low
Resistance 2 (R2) = P + (High - Low)
Yes, you can put a 3rd Support and Resistance on your charts, if you would like too. I can't put a 5 minute chart here (so PRETEND), noted 15 mn is a 5mn one.