Intraday Trading Using Modified Pivot Trading

Modified Pivot Based Trading
High Low Close
Pivot     
Normal Values
R1 R2 R3 S1 S2 S3
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Fibonacci Values
R1 R2 R3 S1 S2 S3
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How to use this system
1. We divide the days range into 6 parts [R3-S3].
2. Look at the price of stock/underlying at 10:25-10:30 am. (half hour after market opens)
3. For Resistance and support values, you can choose normal values or fibonacci values. Both give good results. It depends upon you which suits you.
4. Keep a strict target of 0.5% . Put a strict Stoploss of 0.5%.
5. Check the price at 10:25-10:30 am.
6. The price at 10:25-10:30 am. will fall in any of the six parts.
7. These six parts are R3-R2, R2-R1, R1-Pivot, Pivot-S1, S1-S2, S2-S3. 8. Lets say the price is between R2-R1. In this case, we buy above R2 and sell below R1.
9. Following this, we keep a target of 0.5% and stoploss of 0.5%.
10. Now, either our target will be achieved or stoploss will hit.
11. Once target is achieved or stoploss is hit, we take that price as our base price( instead of price at 10:25-10:30am).
12. Now this price will fall in any of the six parts.
13. Repeat the process from Step 8.
14. Follow this till 3:14pm and cover all your position till 3:14pm.

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