http://prntscr.com/4iucw0
analysis for today 9 / 2 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle EURCAD on the date 9 / 1 / 2014
OPEN 1.4276
HIGH 1.4282
LOW 1.4257
CLOSED 1.4270
The third resistance (R3) 1.4282 -( 1.4270 - 1.4257 = 0.0013 x 2 = 0.0025 )= 1.4307
The second Resistance (R2) 1.4270 + 1.4282 - 1.4257 = 1.4295
First resistance (R1) 1.4270 x 2 = 2.8539 - 1.4257 = 1.4282
pivot points 1.4282 + 1.4257 + 1.4270 = 4.2809 / 3 = 1.4270
Support for the first (S1) 1.4270 x 2 = 2.8539 - 1.4282 = 1.4257
Support second (S2) 1.4270 -( 1.4282 - 1.4257 = 0.0025 ) = 1.4245
Third Support (S3) 1.4257 -( 1.4282 - 1.4270 = 0.0012 x 2 = 0.0025 )= 1.4232