Most traders understand levels of support and resistance. If you can identify pivot points in Forex charts — levels that act as both support and resistance for a given currency pair or stock — you will have a repeatable profit opportunity right before your eyes.
SmartTrader analyst Tad DeVan describes a pivot point this way:
“If the market is working its way up in an up trend, a pivot point might see it bounce off multiple times in the same area, and the market will come back to it. And we might see resistance or support — but if this is what the market did, you’ll notice the common relation between this is the line where the market would keep reacting around that area.”
The Smart Pivot tool in SmartTrader will identify these levels where the market tends to gravitate back towards several times for a currency pair. With the click of a button, a pivot point can be identified for the information a trader needs to be able to profit.
The key is to spot that level where the currency pair bounces off multiple times. “So if we just bounced off that recently and it came up bullish, when it pulls back bearish you could see it bounce off that again — because that’s our pivot,” DeVan said.
Other popular Smart Tools function in SmartTrader include the Smart Fibonacci tool, Smart Support and Smart Resistance, and more. All help successful traders plan proper entry and exit points.
If you want to add the power of the SmartTrader Pro plan to your charting abilities, right now you can try it for 30 days for just $27. Click here to see how simply your charts can help your portfolio grow when you have the right software — thanks to its speed, accuracy and automated functions — and begin your path with SmartTrader.