Pivot Points

The final thing to add to the 15 minute charts is the daily Pivot Points (PP)

The pivot is quite an interesting indicator. It doesn't give signals as do oscillators, but it does give us some key information about potential turning points, potential target regions etc. All key when deciding to take a trade or not.

What I mean by this is do I want to risk 1.25% of my bank selling when the pivot point or the resistance is just 4 ticks away?
Of course not.

I also use the midpoints as well  so the pivot is therefore plotted on my chart as follows:-

Resistance 3
Mid Resistance 3
Resistance 2
Mid Resistance 2
Resistance 1
Mid Resistance 1
Pivot Point
Mid Support 1
Support 1
Mid Support 2
Support 2
Mid Support 3
Support 3

This may seem like a lot of support and resistance levels but they are useful, especially when there's a moving average in the region also.

Take a look at the Pivot and Midpoints either support and hold or deflect the price in the 3 bubbles.

Next I will summarize the what to look out for on the 15 minute chart prior to switching to the 1 minute for entry