Do you use Pivot Points?

Support and Resistance areas...

Same game since the time of Wyckoff.

If you have a pivot point area plus an old daily high or low and a Fib retracement point and an up / down trend line with volume reduction or expansion all in the same concentrated area you can have a high buy or sell probability trade... strong support or resistance...

Same game since the 1800's... but mostly different traders

 

Here's the one I use, it gives the Mid Pivots too.

http://www.mypivots.com/Education/tools/pivot-calculator/Default.aspx

 

Thanks EH

 

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I do use them as usual S/R levels.

 

I come from the "nothing works on it's own" school of thought otherwise everyone would be rich simply using PP's. There is no magic indicator or analysis tool for that matter.

I dont think any PP will work consistently in a vacuum but if used in combination with such things like a flattening of the the MACD and cross-overs on the stochastics, volume and moving averages (just to name a few)... you still wont have any garauntee but your probability of choosing the right target price will likely go up.

 

I use PP for scalping entry exit points when I need 5-10 pips to reach my daily pip goal. For me, it works best on the 15 or 60 minute charts of the last candlestick of the direction of the trend. I enter my trade at pivot point and exit the trade at half of s1s2 or r1r2. If you are the impatient type, I would suggest to use this when the market has good flow.

 

If you want to understand the value of pivot points, support and resistance levels, you would do well to listen to this man.

http://www.youtube.com/watch?v=kUZucf_QnP0

 

Very informative, thanks for the link.

 

Pivs