High (H) : Low (L) : Close (C) : | R3 = H + 2( Pivot - L ) = R2 = Pivot + ( H - L ) = R1 = ( 2 x Pivot ) - L = Pivot = ( H + L + C ) / 3 = S1 = ( 2 x Pivot ) - H = S2 = Pivot - ( H - L ) = S3 = L - 2( H - Pivot ) = |
Plan your trade and trade your plan: You must have a trading plan to succeed. A trading plan should consist of a position, why you enter, stop loss point, profit taking level, plus a sound money management strategy. A good plan will remove all the emotions from your trades.
The trend is your friend: Do not buck the trend. When the market is bullish, go long. On the reverse, if the market is bearish, you short. Never go against the trend.
