Trading is a high-risk investment that might be suitable for everyone. But a diligent trader knows the right tricks and tools that guarantee success in this highly risky business. It is advisable to choose tools that align with your goals, objectives, financial muscle and experience level. You wouldn’t want to accrue losses, sometimes even exceeding your capital. The rights tools, such as the Rob Booker Intraday Pivot Points Indicator can help you avoid.
Read on to learn more about the Rob Booker Intraday Pivot Points Indicator, what it is, when and how to use it.
What Is It?
The Rob Booker Intraday Pivot Points Indicator is used in conjunction with Knoxville Divergence, allowing traders to come up with an effective trading system capable of determining price targets or pivot points, telling you when it is the prime time to enter short positions. ( Click this link to access an economic calendar for your trading strategies )
Unlike other pivot points, this indicator calculates multiple price targets/pivot points, only, in an hourly, 4 and 8 hourly manner, which you can then use as price areas. The Rob Booker Indicator derives the pivots from intraday timeframes, making it more responsive and better in determining price targets than standard indicators since there is a frequent update of the pivots.Rob Booker Intraday Pivot Points Indicator | Indicator Series Click To Tweet
The Rob Booker Intraday Pivot Point is calculated as (high + low + close)/3, making them better in price determination within short time frames. See how you can trade using intraday pivot points here.
Why Choose the Rob Booker Intraday Pivot Points Indicator?
Rob Booker, an experienced investor and currency trader, highly recommends this indicator for the following reasons
- The indicators intraday (1, 4 and 8 hours) timeframes make it highly responsive thus better in price targets determination than standard indicators.
- You have the liberty of customizing the inputs and style (width and chart layout) to suit your needs and objectives.
- The ultimate indicator, according to Rob Booker, is one that is not hit or affected in any way by price. The pivots provided by the Intraday Pivot Points Indicator give you the best price target to enter short positions
- It is possible to combine the indicator with other indicators such as Knoxville Divergence, giving you the extra technical capability to build a trading system that identifies key price action moments.
- Finally, the indicator allows you to use the “missed pivot,” which appears as intraday lines without candle intersections, as the target for the price as you wait for Knoxville Divergence to form while optimizing profit targets. Multiple missed pivots can also help you predict reversals.
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