May 8, 2011

Great Tools to Identify Support and Resistance

Great Tools to Identify Support and Resistance

Thanks for THV Team on Forex Factory

I would like to show you a simple indicator called Fibonacci Pivot that helped me much in identifying support resistance levels in a blink of an eye.

The simple pivot indicator and calculator are the tools that have been with me since the first time I know about forex trading. I have used to calculated it manually. Now, the fibonacci pivot is quite a time saver.

Below is the screenshot:

Before using Fibonacci Pivot Indicator

After Applying Fibonacci Pivpt Indicator

Before use this indicator effectively, you need to study the basic usage of pivot, support and resistance.
A few tips on using the pivot:

1. Make your decision whether using a breakout or reversal trading strategy.
2. Watch out for the pivot level (white), if the price is near the pivot level better to stay out for a while until it confirmed its direction.

Ready to insert it to your chart? This works on MT4 Software and shows as custom indicator.

Want to download the Fibonacci Pivot Indicator? Click Here
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  1. Hi Ivan,

    Thank you for sharing this fib pivot indicator. I will try it on demo. Thanks also to the THV team.

  2. Hi DB,

    Thank you for visiting my blog. I have put your link on my 'link-echange' page.


About ArrowFX

Technically analyze the forex market mainly on USDJPY, EURUSD and GBPUSD by using market rhythm method started by Philip Nel on Forex Factory. The thread started on 2007 and still alive.
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