2nd and 3rd Level Pivot Formulas...

Discussion in 'Trading' started by BobbyMurcerFan, Mar 24, 2004.

  1. Hello BobbyMurcerFan:
    I use pivots to help me provide some general outlines for the day's price movement. I use pivots that are automatically calc'd by Sierracharts, and when I am using Esignal, I let that program do the automatic calc there too. I am only interested in the pivots because the retail traders use them. Floor traders general do not use them, trading primarily off order flow. Because there are a lot of retail traders participating in the markets, I look to see now price movement speeds up, or slows down as it approaches the pivot points. Also I take note of the size of the bars as price approaches each pivot. In my estimation, this is what really matters. If I see that price is easily passing through a pivot area, this gives me added confidence to enter a position. conversely, if I am looking for a place to exit with a profit, I will wait if I see that price is not held up at the pivot point. Hope this helps. Steve46
     
    #11     Mar 24, 2004