i am scalp trader. could you please guide me how to plot pivot points into the chart. i cant understand the support and resistance levels and usign support and resistance level how to trade?

First of all, I welcome you to the world of forex trading.

Let says that you have an account of $10,000 and you trade with a risk of 3% per trade, this entitle you to place a trade with max risk of $300.

If you are trading with 20 pips stop loss in eurusd. You can place 1.5 standard lot (100k per lot). This is how you should position size your trade.

Sorry for the late reply. After seeing your problem, if you are still in the trade, you are still balancing the loss. Although my analysis on this pair is DOWN but there is a strong support at 1.35715. Can you update me about your status now.

my name is harry kelvin i need a suggestion…on 12th we have entered into a trader in eur/usd it was a sell trade 1.3596 and 1.3623 with a lot size of 2lot each and the trade is in loss to maintain the balance we have placed a buy trade in the same pair at 1.3739 and over all the trade is in a loss of -5260 till friday nite..so can u plz suggest me what to do at this position on monday..
we will be very thankful for ur suggestion ..

If you are not sure about the pivot point system, you can read up on it here

http://www.forexindicator.org/forex-pivot-point-trading-tutorial.html

Whether you are able to plot the pivot points or not depend on the trading system you are using. If your MT4 platform do not have the feature, you can do a manual plotting. All you need is to collect the previous day open, high, low and close value of the currency pair you are interested in and then plot it into a pivot point calculator which you can find easily online and it will automatically calculate the value of S1, S2, S3, Pivot, R1, R2 and R3 for you.

Next you simply have to plot it on your trading platform and you are ready to use it.

If you are trading off the 5 minutes chart, the highest and lowest point will be from that particular chart. Usually I will take the A and B of the most recent major swing highs and lows, the best way to know if you have drawn the right fibonacci levels is to look at the price movement at the 0.618, 0.500 and 0.382 levels. If you see the price being support or resisted by these levels, you have drawn the right fibonacci levels.

thanks

If you are planing to be a scalper, you should be using the 15 minutes chart to have an understanding of the market trend and then move down to the 5 minute chart to do your analysis. Once you have identified a good trading opportunity, you should move down to the 1 minute chart to look for the best entry and exit position.