Points To Remember when using Pivot levels
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).Mostly, First level(S1/R1) of Weekly pivot levels can be reached.
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.
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.That s purpose of Publishing all Contracts of MCX levels.
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.
Supports & Resistances are more helpful for fixing MCX Target & Stop loss. For Target in MCX Buying,Keep Target below Resistance level,In Selling Keep target above Support level.
For Stop Loss Fixing in MCX, Buying in MCX mean Keep Stop loss below Support level,Selling in MCX mean keep Stop loss above Resistance.
For MCX Levels click Read more
