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John,
I will soon start a multi-pivots methodology tutorial series that will help novices starting from scratch. I plan to do one per weekend.
The formulas for calculating pivots are as follows:
Resistance 3 = High + 2*(Pivot - Low)
Resistance 2 = Pivot + (R1 - S1)
Resistance 1 = 2 * Pivot - Low
Pivot Point = ( High + Close + Low )/3
Support 1 = 2 * Pivot - High
Support 2 = Pivot - (R1 - S1)
Support 3 = Low - 2*(High - Pivot)
They are the same for all timeframes.
W= Weekly
M= Monthly,
Q = Quarterly,
S= Semester or Half-Yearly
Y = Yearly
Billy
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