http://prntscr.com/4bymwc
analysis for today 8 / 12 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GBPCAD on the date 8 / 11 / 2014
OPEN 1.8402
HIGH 1.8423
LOW 1.8322
CLOSED 1.8328
The third resistance (R3) 1.8423 -( 1.8358 - 1.8322 = 0.0036 x 2 = 0.0071 )= 1.8494
The second Resistance (R2) 1.8358 + 1.8423 - 1.8322 = 1.8459
First resistance (R1) 1.8358 x 2 = 3.6715 - 1.8322 = 1.8393
pivot points 1.8423 + 1.8322 + 1.8328 = 5.5073 / 3 = 1.8358
Support for the first (S1) 1.8358 x 2 = 3.6715 - 1.8423 = 1.8292
Support second (S2) 1.8358 -( 1.8423 - 1.8322 = 0.0101 ) = 1.8257
Third Support (S3) 1.8322 -( 1.8423 - 1.8358 = 0.0065 x 2 = 0.0131 )= 1.8191


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