Resistance levels

Trading Systems Free Forex Trading Systems
1

Hi
Ive been hearing a lot of the R1, R2 R3 etc

Are these specific resistance levels taken from the recent closing prices or are they set in stone psychological levels that stay the same accross the board ?

forex wales

2

Pivot points.

Derived from Open, high low and close.

Pivot Point Trading Tutorial

They can act as support and resistance, but they also act as very good intraday profit targets aswell.

N

3

am i right in thinking these are information from recent days?
How we apply out the R1 , R2 etc on the charts? I get the what they are, but i dont get how we relate to the R1 , R2 etc

thanks
forex wales

4

n aftab
Thanks for the reply

Am i right in saying that for the various different pairs, you have to carry out this math calculation for every currency?

as they all have had various close prices etc from the previous days.

Please tell me thers an APP for this - lol

forex wales

5

There is an indicator for metatrader, most packages have it built in, no idea why metatrader doesnt the calculations are based on the previous days data, normally taken from NY close.

Ive atached the pivots mql file if you use metatrader, drop this in the

metatrader\experts\indicators folder

close metatrader and reopen this indicator will then be under indicators ->custom

6

thanks
ill give it a try