Custom tool for establishing Price Pivots based on a Arbitrary price set by the user. Plug in any price in the input such as a daily open, weekly open, All Time High/Low, Big Round Number, I like using Fix Rates which can be difficult to establish but hidden support and resistance levels are established by central banks based on their respective trading bands. Great tool to use on Forex pairs under going heavy handed Central Bank intervention....ala USDRUB
Here Ive used the Swap level of 110.80 on USDJPY. We see it is a very strong level on this pair. I know I have a good level picked out when I see a very strong reaction to the 3rd deviation on the first visit. Power of 3 is very strong factor.
ajmzfx
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Nice....thanks!!
cooney_s
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@ajmzfx, you are very welcome. Simple tool, yet very effective to sort through the noise. Pretty good to use on Fx common Swap levels too...resistance turned support and vice versa.
cooney_s
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cooney_s
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Granted, I could/should have done this earlier, at monthly opening. Regardless, an update on Euro USD price placement within the month of January. See how something as simple percentages from the beginning of the month can prove very effective.
good point of resource info for Daily and Historical Fix Rates, plug in the fix rate and set the indicator to calculate your personal % pivots, very useful !
cooney_s
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Please keep in mind, the default listing is London 4pm, obviously this is 11am EST.
IvanLabrie
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Looks great, have to look into fix rates more closely, been away from FX for a while.
Thanks for sharing!
cooney_s
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Thanks Ivan! Russia "says" they won't commit any more funds to Intervention efforts yet that laid a smack down of 700 million USD$ at the 54.91 USDRUB level last night. Let's see how that works out.
Here Ive used the Swap level of 110.80 on USDJPY. We see it is a very strong level on this pair. I know I have a good level picked out when I see a very strong reaction to the 3rd deviation on the first visit. Power of 3 is very strong factor.