Steem cryptoacademy season2 week 8 | Technical Indicator PIVOT POINTS by @amritraj

Hey all, Hope you all are good and doing well I go through with the topic Technical indicator pivot points by @stream4u.

Here is my assignment.

^{This design is created by me on canva app}

Discussed your understanding of Pivot Points. (Title For this topic will be Pivot Points)

Pivot Points is a specialized pointer and its examination utilizes the past time of High, Low, and close levels to recognize the future High Level which is Resistance, and future Low Level which is Support. It is discovered by Manning Stoller in 1980s. The merchants utilize the past time of High, Low, close levels and compute the conceivable Pivot Points on their present Trading Day.

Already this should be possible by manual work and checking each level, yet now in a high level framework, we can apply this pointer desperately on an outline, and it will show all Pivot Points.

There are recipes on which the Pivot Points get determined, yet as I said now in a high level framework we no compelling reason to do that numerical computation and we can straightforwardly apply it on our outline, yet, as a piece of learning, we will comprehend what the estimation is for Pivot Points.

Details about Pivot Point Levels.

Pivot points are backing and opposition levels are utilized when deciding turn focuses. At the point when the Pivot Point is applied to the diagrams, the Main Pivot Point level is in the center

^{source : https://images.app.goo.gl/2Z2oNywceWUiZQGR9}

Main Pivot Level (PP):- The PP shows the Market heading. Cost above PP will consider Bullish and Price Below PP will be considered as Bearish .

Resistance 1 (R1):- The R1 addresses the primary degree of opposition where it is conceivable that the cost will move converse and the market pattern change to bearish, this level is an overbought zone where selling may begin. Notwithstanding, on the off chance that this level breaks, more bullish conceivable.

Resistance 2 (R2):- The R2 addresses the second degree of opposition where it is conceivable that the cost will move converse and the market pattern change to bearish, this level is an overbought zone where selling may begin. Nonetheless, in the event that this level breaks, more bullish conceivable.

Resistance 3 (R3):- The R3 addresses the third degree of obstruction where it is conceivable that the cost will move converse and the market pattern change to bearish, this level is an overbought zone where selling may begin. Nonetheless, on the off chance that this level breaks, more bullish conceivable.

Support 1 (S1):- The S1 addresses the main degree of help where it is conceivable that the cost will move opposite and the market pattern change to Bullish. This level is an oversold zone where purchasing may begin. Nonetheless, in the event that this level break, more bearish is conceivable.

Support 2 (S2):- The S2 addresses the second degree of help where it is conceivable that the cost will move converse and the market pattern change to Bullish. This level is an oversold zone where purchasing may begin. Notwithstanding, assuming this level break, more bearish is conceivable.

Support 3 (S3):- The S3 addresses the third degree of help where it is conceivable that the cost will move opposite and the market pattern change to Bullish. This level is an oversold zone where purchasing may begin. Be that as it may, assuming this level break, more bearish is conceivable.

Pivot Point Calculation and R1, R2, S1, S2 Pivot Levels Calculation.

To calculate pivot point. we have to remember that pivot points are mainly used by intraday traders. Pivot points are based on daily high , low & close. Let discuss how to calculate pivot price.

How to Apply Pivot Point on Chart. (Screenshot with tag your name.

STEP 1

Search Tradingview.com on google and select the first search result.

STEP 2

Click on the burger icon on the left top corner.

STEP 3

Select the Chart option from the given options.

STEP 4

Set the timeframe to 15 minutes and look the trade candlessticks.

STEP 5

Select the Indicators options from the top middle of the page.

STEP 6

Search Pivot point indicator by typing there in search bar. And click on pivot points standards.

STEP 7

Your Pivot points are applied now we can trade according to pivot points.

How Pivot Points Work. (Screenshot with tag your name.

The Pivot Points are valuable in the value diagram. Most importantly, turn focuses are impacts deciding the way of a pattern. The chart below shows two distinct conditions. It's is seen that the market is in an upturn when the candles are framed over the Main Pivot Point. It is additionally seen that the market is in a downtrend when the candles are framed beneath the Main Pivot Point.

BOUNCE BACK FROM SUPPORT

As you can see in the above screen the price of the ETH/USD came and touch the S1 then goes up and again touches the S1 so this is the bounce back from support.

BOUNCE BACK FROM RESISTANCE

As you can see in the above screen the price of the ETH/USD came and touch the R1 then goes down and again touches the R1 so this is the bounce back from Resistance.

Pivot Point Reverse Trading.

We can turn pivot point switch exchanging method when the value responds to the help or opposition levels of rotate focuses and returns. In such examples, an advancement is frequently difficult to happen. Thusly, merchants can open a purchase or short exchange when the value moves above or beneath the PP separately to take benefit. It isn't prudent to enter a market wherein the value moves close to the main pivot point.

As we see in the above graph of BTC/USD the graph is at main pivot point and then starts showing bearish treand and goes down and touch the S1 when it touches S1 it again starts making a turn and act bullish and reach R1 above main pivot point hence it comes from down turning point. That point is called reverse trading pivot point.

What could be a common Mistakes in Trading with Pivot Points

Dаtа suрроrt is bаsiсаlly utilized by Рivоt роint trаding. Sо, the suррly оf mаrket is exceptionally less in раst. Therefоre, the Demоnd оf the mаrket is less. In this mоdern аge, the mаrket hаs gаined а lоt оf mоmentum аnd the trаders just fоllоw the оld раttern оf mаrketing sо this inсreаses the роssibility оf mistаkes in саlсulаtiоn.

I hаve shаred sоme оf the mistаkes thаt mоst trаders will dо during the рivоt роint trаding strаtegy.

Dаy time frаme trаders аre оnly lооking., А trаder shоuld trаde with lоw-vоlume stосk, In the event that а trаder will purchase, It оnly keeрing Suрроrt level , In the event that а trаder will sell. It оnly keeрs the Resistаnсe level, The trаder will nоt be аррlying а single stаndаrd fоrm & Nоt bооking рrоfile аs рer рivоt level.

What could be the reasons For Pivot Points is Good.(Pros/Advantages)

The Pivot point is good just because :-

It is easy to utilize. It can demonstrate gainful for dealers with least essential information available.

It is not difficult to decipher with essential comprehension of help and opposition.

It has precision identical to the greater part of the other exchanging pointers.

When utilized alongside different markers, it is a dependable instrument in hands of Intraday dealers.

Apply the Pivot Points indicator in the Today chart (the day when you making this task) and set the chart for 15 minutes. Explain the market trend till the time of writing the task and how it will be next till the end of the day. You can give possibilities on both the side bearish and bullish.

Here in the recent graph of ETH/USD of 15 minutes timeframe the analysis is that, at the price of 2642.10 thre price is correct to enter in the market and trade because at that time market is bullish and can start showing the reverse strategy from now on. It is though on the main pivot point right now. Then it starts showing Bullish trend and get upto 2800.00 when it was above the resistance 1 line and start getting bes=arish again so at this point traders can sell there commodity to earn profit. So, at the rate of 2642.10 if we buy the commodity and sell it at 2800.00 we can earn the profit of 157.10 dollar.

Weekly Price Forcast For Tron

I am prefering TRX.

What is TRX??

Tron is a blockchain-based decentralized stage that intends to assemble a free, worldwide computerized content theater setup with appropriated capacity innovation, and permits simple and practical sharing of advanced substance.
Tron was established in September 2017 by a Singapore based non-benefit association called the Tron Foundation. It is going by CEO Justin Sun and has a committed in-house advancement group that incorporates famous innovation . This article investigates the Tron organization, its operations, and its digital money Tron (TRX).One can buy Tron on trades like Liqui and Binance by trading them for other digital forms of money like ETH or BTC. Buy with fiat monetary standards is preposterous as of now. It tends to be put away on wallets that help the Ethereum blockchain like MyEtherWallet.

Why tron ??

Tron can be utilized by content shoppers to pay for the substance they need to get to. These coins would then go to the substance makers' records, where they can be traded to other cryptographic forms of money, or can be utilized to pay for blockchain administrations.

In March 2021, TRX was positioned 22nd on the rundown of biggest digital forms of money by market capitalization. Tron is an eager drive that has arranged heaps of possible achievements in the years to come.

Its present contribution is called Exodus, the free stage appropriate for shared dissemination and capacity of substance. Mass migration isn't utilizing blockchain innovation as of now however utilizes a unique electronic record framework convention that backings a disseminated document framework. This stage is relied upon to remain through December 2018.

MARKET CAPS

WEEK ANALYSIS'S

Above graph is TRX/USD of 1 week we analyse that the market starts with a bullish trend from 0.040 then it start showing bullish trend and reach its resistance point above R5 and touches 0.150 and then again its start showing bearish ternd and reaches the point till main pivot point at 0.07. This is weekly analysis of tron. So from now on according to my prediction the price will fall more and came to touch support lines approx. 0.09 then again it will start bullish trend and reach to R1. And high at 0.12

Conclusion.

So, deep and fruitful topic to analyze the indicators more and more with so many ways techniques which are very useful for analyze the running market and do trade exact and earn more profits. Pivot point indicator help us more it can be used alone to analyze. I would like to thank @stream4u for this amazing lecture about the Pivot points.

THANK YOU

Note :- All screenshots are taken from my mobile phone from tradingview.com