Saturday, 12 January 2013

MCX Trading with Pivot Levels

MCX Trading based pivot point on two prevailing tendencies

If the MCX market opens above the pivot point(P) then the bias for the day is long trades
If the MCX market opens below the pivot point(P) then the bias for the day is for short trades.

In MCX market,If Commodity price opens above the pivot point, prices will tend to stay above that point (fulcrum) until it reaches a resistance point. Conversely,If Commodity price begins below the pivot point, the price will tend to stay below that point until it reaches a support point

Daily MCX Pivot Levels for All MCX Commodities : Click here

The three most important pivot levels are 

Pivot point -P
First Resistance-R1
First Support-S1.

In any MCX Commodity opens above Pivot go for Buy with Target of one(or) two point below First Resistance(R1) level &keeping Stoploss of first support (S1).

First Fundamental Of Pivot Trading after the opening range (first 15-30 min. to one hour), if price is above/below the Pivot, Price Action will strongly tend to remain above/below the Pivot for the session.

New Trading Range/Levels

Pivot levels are more useful when markets are trading new Range or level due to absense of historical Support and Resistance level.More Commodities(Gold, Silver)are trading in new Ranges/Levels because that time all technical charts cannot predict where next price of Resistance/Support.

Pivot Points and Support and Resistance levels behave exactly like any historical Support and Resistance level.Pivot Support & Resistance level are 60-80 % merely correlate with Historical support & resistance.

In this Blog,Every day Pivot point,Three Resistances(R1,R2,R3) & Support(S1,S2,S3)are published for all contracts in MCX as various group name like Bullion,Base metals,Energies & Agri Commodities.
In MCX,If Running/Current contract of a commodity not trading specified range/limit,lets use Next contract levels because Support/Resistance s are same for one commodity,Its not differs from contract to contract.

In Weekly Pivot levels are useful when MCX market trading in New Range/Levels.Weekly Pivot levels more likely to useful for Trend Reversal/Breakout points.When MCX Market in trading downwards,weekly Pivot levels may give prediciton of Market s downside point/Support/Trend reversal point.

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