Do Not Use Pivot Points When Trading The Forex

The biggest financial market in the world is the FOREX! If you are looking to get into forex trading or are looking for a online forex trading opportunity, make sure you do not take any forex training or forex training systems that include methods that use pivot points.
Here is why! First what is a pivot point?
A pivot point is a technical indicator derived by calculating the numerical average of any financial instrument, using the high, low and closing prices.
How to Calculate Pivot PointsThere are several different methods for calculating pivot points, the most common of which is the five-point system.
This system uses the previous days high, low and close, along with two support levels and two resistance levels (totaling five price points) to derive a pivot point.
The equations are as follows:R2 = P + (H - L) = P + (R1 - S1)R1 = (P x 2) - LP = (H + L + C) / 3S1 = (P x 2) - HS2 = P - (H - L) = P - (R1 - S1)Here, “S” represents the support levels, “R” the resistance levels and “P” the pivot point.
High, low and close are represented by the “H”, “L” and “C” respectively.
Note that the high, low and close in 24-hour markets (such as the FOREIGN EXCHANGE) are often calculated using New York closing time (4pm EST) on a 24-hour cycle.
Limited markets (such as the NYSE) simply use the high, low and close from the day’s standard trading hours.
THE reason I don’t use pivot points is because they are nothing more than a FIBONACCI.
YOU SHOULD NOT USE PIVOT POINTS FOR POINTS OF ENTRY, which is what a lot of trainers are teaching their students to do!