Summary for cable this week,here i will explain how to count the pivot range again,firstly, count high+low+close/3 for last week,so we get 2.0585+2.0323+2.0551/3=2.0486,so the normal weekly pivot for cable is 2.0486.Now we count a second value,H+L/2..we get 2.0585+2.0323/2=2.0454.Then we count a different between normal weekly pivot and second value,we get 2.0486 - 2.0454=0.0032
pivot range?
The formula, normal pivot-/+ different value=pivot range
the range is 2.0486-0.0032 to 2.0486+0.0032
Then we get the weekly pivot range is 2.0454 to 2.0518
How to trade with the pivot range?
Technically the price is bias up when market above the pivot range and bias to down when market below the range.From the calculation above we should long,and target to the next resistant,stop loss at the last range=2.0454.If you want to sell you must wait the price break out 2.0454 and the stop loss at the highest range=2.0518
Dont forget to monitor the market with the candlestick pattern for any possiblelity.
my strategy today,i prefer buy dip,buy limit 2.0535 stop loss 2.0454 and the maximum target at r3 monthly=2.0695 or around 2.0700.Please use a stop loss to secure your profit.
I will update soon if have a reversal signal for cable.Untill this time,i dont see anything.Happy trading and goodluck;)
*Note:the picture above is daily chart for cable
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