analysis for today 7 / 10 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GBPJPY on the date 7 / 9 / 2014
OPEN 173.97
HIGH 174.37
LOW 173.78
CLOSED 174.36
The third resistance (R3) 174.37 - ( 174.17 - 173.78 = 0.39 x 2 = 0.78 )= 175.15
The second Resistance (R2) 174.17 + 174.37 - 173.78 = 174.76
First resistance (R1) 174.17 x 2 = 348.34 - 173.78 = 174.56
pivot points 174.37 + 173.78 + 174.36 = 522.51 / 3 = 174.17
Support for the first (S1) 174.17 x 2 = 348.34 - 174.37 = 173.97
Support second (S2) 174.17 - ( 174.37 - 173.78 = 0.59 ) = 173.58
Third Support (S3) 173.78 - ( 174.37 - 174.17 = 0.20 x 2 = 0.40 )= 173.38