Please write here how to use the pivot point levels. As I noticed S2 or R2 points are quite away from trading rate. Some time price reaches to R1 or S1. So, R1/S1 points are to be considered as entry level or exit level. Beacause if some one will wait to reach at R2/S2 he might not be able see that price and mkt may turn back. etc. etc.
My friends I am new member. Please express your views. Thanks.
Where is spell check excess. I could not find it.
Friend,
Support and Resistance are not lines they are zones. I mean to say, they work well, but you have to consider it as a guide line. You may not be able to trade under all time using a 'formula'.
You can either consider R1/S1 as entry level or could wait for R2/S2. It is all depends on your trading strategy. There is no single Universal method for profitable trade. Just understand the fact that, we try to manage our trades, using statistical methods (charts, which are scientific). Profits of your trades are mostly decided by your psychology and money management.
Observe the market regularly with your own method of entry and exits. Note them down. Refine them if needed. Then "jump" into trades with little money. Don't hesitate. Have an eye on your account equity and manage risk properly till you learn and after that point too. You will be keep on refining your trading system till you reach a point where you yourself know 'what to do; when to do and how to do'
Restrict discussions about your trading system to certain extend. Discuss and share things in general to know something basic. You need not get green signal from an expert on something, provided it works for you.
Happy Trading
