Do you use Pivot Points and High and Low of Day S and R areas?

Here is a video I posted on YouTube to show how I use Pivot Points to help me trade. Do you also use them in your trading strategies?

 

My former forex trading coach taught me how to use pivot points, S R and those things.
He was very good at talking and he earned tons of $$$ from talking.
He could even sell fridges to the Eskimos.


It took me many years to decontaminate my mind.
Now my charts are free from those distracting useless hopeless horizontal lines.

 

Realizing day high/low is a significant edge.

 

In my experience working with them, price breaking/crossing
pivot points was not a good indicator price would continue it's
present direction. They are not good at all with ES or NQ,
which are too volatile. They may be good for scalping.

Swing pivots, especially those derived from high value charts
for volume, time, or ticks are a better indicator of price direction,
that price will continue it's present course.

 

How do you mean?

 

%%
I can see why some people like them.
I just applied them to SPY;
I dont use them , because put enough lines or points on something + you may hit something.
THAT also could even be a good sign, for some , plenty of people don't like them.

 

Day high/low or both often appears during the first 1-2 hrs of the trading day. If you realize it you know the price will very likely go the opposite direction for a long time to reach the other extreme.

 

For me.. Today's high low and yesterdays high low are areas where price can move enough to daytrade

 

It doesn’t happen every day but if you recognize it in real time when it happens you got a significant edge.

 

here is an example of price action close to high of yesterday... the black horizontal line is my high of yesterday

cheers
toucan