Got to say this one more time (apparently). Floor traders trade primarily off order flow and the clues that develop from it (increases in sound and motion as bids and offers are hit). They don't have time for pivots. Just off the floor however there are folks (many of whom used to be floor traders) who use pivots, and of course retail traders like to use them (because they think they are the "secret weapon" of floor traders). Start a thread and ask the floor traders in the group if they use pivots. Go ahead, I'll wait here and practice my golf swing. Best regards from the parts of California that are still above water. Steve46 P.S. I use pivots. I just like to keep the urban legends to a minimum.
Why do they not have time for pivots? Pivots can be calculated in advance by the hamburger collector and written down on the McDonalds receipt!!
You are correct sir. What I mean to say is that when you are standing in the pit looking for orders to hit, and the crowd volume is picking up, and locals are moving in beside and behind you so they can get a shot at the flow. The floor trader may not have the time to consult his McDonalds receipt to see how close price is to R1... at times, I have found it necessary to pull a nine iron from my belt and clear an area around me (sorry, couldn't resist). Hey Candle, all joking aside, I am guessing that the majority of floor traders don't bother. Depending on where you stand in the building, you can simply look up and find a lot more useful info on the boards (spread info, etc). Anyway Best Regards, Steve46