Nifty Weekly Fibonacci Pivot Point Level

    Posted by Admin on 26 May 2015 0

    What is Fibonacci Pivot Point Level

    Most traders know what Pivot Point Support and Resistance are but many of them don't use or hear about Fibonacci Pivot. If you have never heard or use of them, then get out a pen and some paper to do some paper trade.
    Fibonacci Pivot Points start just the same as Standard Pivot Points. From the base Pivot Point, Fibonacci multiples of the high-low differential are added to form resistance levels and subtracted to form support levels.

    How to Calculate Fibonacci Pivot Level

    The Fibonacci Pivot levels are found by performing various mathematical operations on the numbers of high-low range along with the key Fibonacci ratio.
    You can see the below formula to calculate the Fibonacci Pivot Point.

    Support 1 (S1) = P - {.382 * (High  -  Low)}
    Support 2 (S2) = P - {.618 * (High  -  Low)}
    Support 3 (S3) = P - {1 * (High  -  Low)}
    Pivot Point (P) = (High + Low + Close)/3
    Resistance 1 (R1) = P + {.382 * (High  -  Low)}
    Resistance 2 (R2) = P + {.618 * (High  -  Low)}
    Resistance 3 (R3) = P + {1 * (High  -  Low)}

    How to use Fibonacci Retracement in Forex Trading

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