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So first of all I want to say about pivot:
- Resistance 1 (R1): this is the 1st resistance line, which could stop a rising price.
- Resistance 2 (R2): this is the 2nd resistance line, which could stop a rising price.
- This is the middle line. A price above this line is a sign to go LONG. A price under this line is a sign to go SHORT.
- Support 1 (S1): This is the 1st support line, which could stop a falling price.
- Support 2 (S2): This is the 2nd support line, which could stop a falling price.
In my template I am using camarilla mode of Live Charts Fibo Pivots indicator on H4 timeframe with indicator's period D1.
The other indicator (^Pivot_ResSup) is drawing R1 an S1 based on the previous day.
So the price may stoped near resistance line, may break this line out, or may be reversed.
I estimated the profit level according to the following:
- R1, R2, R3 or S1, S2, S3 (this lines are static ones - they are not moving during a day);
or
- ^Pivot_ResSup indicator (static value as well);
or
- i-DayOfWeek indicator (see image - it is dynamical lines). This lines are moving during the whole day. Do not forget to set the right day in i-DayOfWeek indicator (Monday is 1 and Friday is 5), you should set the number of the day every day;
or
- dynamic support/resistance/trend lines on M15 chart (see image): hight1, hight2, low1 and low2 (and trendline sometimes). The lines are moving all the time. If one of the line is red or blue so it means buy stop order on breakout (blue) or sell stop. But I did not use these buy stop and sell stop orders.
or
- Fisher_exit indicator.
or
-Ichimoku_h4 chart.
Last edited by newdigital; 06-19-2006 at 10:48 AM.
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