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Gen, Pivot calculation formula attached



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pivots are  support and resistance levels, 

heres  the formula    use the previous days   high, low and close figures.
work out the pivot first, the rest follow from that.  this is for daily
support resistance, but you can use weekly   h, l, c,  data. etc..

resistance 3 =   (pivot - sup 1 ) + Res. 2
resistance 2 =    (pivot -sup. 1 ) + Res. 1
resistance 1 =    (2 x pivot) - low

PIVOT =   (high + low + close)  divide by 3 

support  1  =   (2 x pivot) -  high
support  2 =    Pivot - (res. 1 - sup. 1)
support  3 =    Pivot -  (res.2 - sup. 1)


so  calculate  the figures   put horizontal lines on your  charts at all
the points,  apparently if prices  trade above the pivot  , its  bullish.
below  bearish etc... just  observe, it  can be an eye opener....  traders
(seek to drive prices ?) to these points,  and  others will come in from
the sidelines  and become  buyers and sellers  etc, thats the theory i
think, and if we perhaps can understand how others will act at points, then
we can take positions

anyway they can be used  as  buy  and sell zones,  if  prices  collapse
through a support then will they trade to the next support level. ? same
applies to the upside,    observe and see for yourself. 

perhaps  spike  highs and lows   at the extreme points offer low risk
opportunities ?  maybe use another indicator to give  weight of evidence
perhaps  as pring  might say....., worth a look i think..
J.D