As buy and hold is gettong less profitable lately I started a bit of Swing and Daytrading, mainly countertrending at floor pivot (equities, Futures) and fibonacci pivot (Forex) combined with Macd to measure speed and 200SMA to define probabilities. I am doing profitable so far (12 of 19 trades profitable, 1,4:1 RR average). But sometimes I feel like using the wrong pivots as MES Futures tend to relatively often start countertrends in the midst of nowhere. Am I using the wrong pivots or is it just TWS things? My weekly Chart has pivots start on the 1st of april instead of Monday somehow.
Where's your chart examples of what you're talking about considering there's there's many many different ways of doing pivot analysis ? Simply, no such thing as a wrong way of doing pivots unless you're able to define your pivots and then you do something else that's different then what you defined. Yet, although you have a small data set of your trade performance (e.g. 12 out of 19 trades)...you are profitable. Keep doing what ever you're doing unless you feel like you've only been lucky so far or you have not been following your trading plan. wrbtrader
Fact is there are thousands of factors that might influence the price. Each individual has his own signal(s). Each will then buy or sell accordingly. Could be astrology, a trend line, a support, an average or whatever. There might be zones of confluence. A crowded level. A spot eyed by many points of view. Because it’s multiple things in the same time, It’s a trend, a RSI, an average, else... They give all the same signal. BUY RIGHT NOW ! That’s the beauty of price action. Because what matters isn’t a trend line, But it’s the price (re)action to this peculiar level. IMHO, Pivots that make sense are previous highs and lows. That would be a good start. Might be great to deduce the map from the price action. Rather than the reverse. Not to see what matters, But how it reacts. Because the market doesn’t care about your own and singular point of view. So you better adapt to its own and try to outguess him.
Don't bother is my take, everyones got different pivots and you can only see the 1's that work coincidentally after the fact, definately not something for strong fast markets. Join the Trend!!
Mr G, take a look at your configuration settings, may be set for seven days instead of for one week. on a separate note, New chart windows, es futures for example can default to start times which are different from what you might assume so while getting the beak wet take a second to verify that things are loading up as expected. Which start times are better, you tell me, lol. Are you near the lake, by the way? https://www.sierrachart.com/index.php?page=doc/PivotPoints.html
.. And me. One way or another, Pivot Points are part of all my strategies, intraday or long term. https://www.pivotpointcalculator.com/
I like using pivs for hammers at support & resistance, moving avgs too. blood simple. Moving averages and pivs draw themselves, they do have that going for them. When trading engulfing tops, bottoms, something to be said for charts with nothing but price. Pivs and ma's both tend to 'attract price' in a way that can for me allow their use as target heads-up areas. your mileage may vary If nobody disagrees with this info, then def forget about it. lol. A slew more charts with pivs on 'em that might save some time doing a quick and dirty cursory eval. https://www.elitetrader.com/et/threads/bitcoin-price-thread.315402/page-254#post-5047838 i don't trade bitcoin, but i do look in once or twice a week. it handles like most other well behaved charts. https://www.sierrachart.com/index.php?page=doc/PivotPoints.html have a good weekend, you'll know by Sunday night.