How to Use the Piptopia Pivot Indicator
In the worldwide foreign exchange market, pivot indicators are computerized trade tracking programs that reflect the movement and action of currencies being traded internationally. Mature investors use Piptopia pivot indicators, which is a specific program, for tracking currency changes on a daily basis -- also known as day trading. People who follow currency trades on a daily basis must have the proper programs in place for studying how the trades are moving -- up or down -- and pivot indicators let investors know what the pivot points are so that they may predict future trades and secure their investments.
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Instructions
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Register with a trading platform, such as an online trading company, that provides you with the Piptopia pivot indicator for daily trading. You must be registered with a trading platform -- and invest money -- in order to have access to the foreign exchange market trends to buy, sell or trade shares.
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Open the pivot indicator on your computer once the program is downloaded. The pivot indicator shows you pivot points -- highs and lows -- displayed as lines that move vertically on the chart. Identify the date at the bottom of the pivot indicator for the day you are interested in reviewing.
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Read the pivot points for peaks and valleys. The indicator chart tells you the prices at the side of the graph so that you know where the various pivot points are at. Compare the price points from the weekly prices to the current prices and note any differences.
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Establish your lot size, which refers to how many units at what price you are willing to invest. The lot size depends on how much risk you are willing to take, as well as how much money you have invested in the market already. Mature investors can often figure these numbers out on their own, while those who are just starting out may need to consult with a trading broker for assistance. Once you know the lot size, you can make trades on the foreign exchange market.
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Use a Forex -- foreign exchange market -- trading software for making changes to your investments. Various broker companies offer their own software programs, so the trading platform you register with will provide you with this service. You can use the software for placing your own orders.
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Check back with the pivot indicator after you place an order to watch that the changes have been implemented to your investments. You will see either new data fields or notes on the actual chart that states the changes that were made.
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Keep checking back to the pivot indicator to watch for changes in the market. The Piptopia pivot indicator gives you daily updates so that you can monitor the market all day and night for five days out of the week. The pivot indicator doesn't have data to reflect for weekends, and follows the same days and hours as the foreign exchange market.
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References
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