Daily pivot experiment
Updated
Last week I read about pivot points and decided to apply them on MONABTC pair. On chart you can see marked pivot levels based on daily data of 19.10.2017. Price levels are calculated with formulas you can find here: investopedia.com/articles/technical/04/041404.asp
Please note, that these pivot points are short time, valid only for one day and have to be recalculated every day. In our example we can see that they provided good support and resistance levels to us until today, but this is not how they should be used. And of course we have to take a look also at some other indicators before entering trades (for example RSI).
It looks interesting and I will give it a try sometime in the future.
Please note, that these pivot points are short time, valid only for one day and have to be recalculated every day. In our example we can see that they provided good support and resistance levels to us until today, but this is not how they should be used. And of course we have to take a look also at some other indicators before entering trades (for example RSI).
It looks interesting and I will give it a try sometime in the future.
Note
Well, I found a script that does this for us :)
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