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28/06/19
16:20
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Originally posted by Metalduster
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Gekkko
Whats been looked at here is the daily share price trading. It doesn't mean a trend change yet.
What a lot of day(pip) traders look at is the information provided by the previous days trading to attain 2 resistance points & 2 support points and a pivot point.
ie On the 26th June: High 1.285 Low 1.235 Close 1.265 = pivot 1.262
That provides the platform for the next day
ie 27th (some numbers rounded here)
1st Resistance 1.285
2nd Resistance 1.31
Pivot 1.262
1st Support 1.235
2nd Support 1.21
The 27th's, End of Day, trading reads High 1.265 (=pivot 1.262) the low 1.21 (=2nd support 1.21) ...........Close 1.26
Now today
1st resistance 1.28
2nd Resistance 1.30
Pivot 1.245
1st Support 1.225
2nd Support 1.19
These are just examples of a couple of days and has to be looked at in that context . Pip/day traders have yrs of experience about them and the GXY ones would have followed the price action from a long time ago.
and the trend dictates....... thats why GXY or any stock is tradeable within an uptrend or down trend.
The calculations used for the daily points are available on the net and also information for gaining an insight into trading with those points.
As I said the trend dictates and for example you would focus more on daily support levels when starting out with GXY. ATM
I dont day trade anymore but the Pivot points do, more times than not from my experience, provide a profitable trade once you get in tune with the Stocks share price and trend! . imo
Like always............. its like backing the favorites at the races.............you dont always win.
Md
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SP closed right on the 22.5c support line you flagged thanks @Metalduster ..resistance at the high end was soon after opening. Ended up being quite a swing range. Good calling Md If you could do a follow-up for Monday that'd be real handy..I bought in the last few minutes before 4pm..and buying was my focus..a steal..Financial Year officially over & the parasites left their mark. Looking forward to new financial year & new CEO. Bring it all on