Yes except fib zones are dynamic many times including multiple swings. Pivots are static. Fib time zones are just as important if not more so too. Pivots for the most don't take time into consideration.
From a static vs dynamic point of view there's no difference between fib and piv. They are both static.
@SunTrader @dratsum if you guys could expand on the dynamic vs static I think a couple of us following this thread would find it useful. Thanks in advance.
Trading instruments move in both price and time increments. Which means both can be used in fib techniques. For example a time retracement would take length of prior swing and add it or project it forward from the end of that swing. The ES has had sustained bull move this week so not many examples available but on Monday's move higher 9:00am to 4:00pm ( 30 minute chart) was a 61.8% time retracement till Tuesday 11:30am also at the 78.6% price retracement - on a closing basis.
Pivots - so-called Floor Trader ones not swing high and swing lows type are static - by design. Yesterday's HLC which are "set in stone" get you today's levels to watch and those levels never change. Some use dynamic Pivots that use the current days HLC. Didn't work well for my trading style though. Fibs can be "set in stone" and static if yesterday's PA still rules. But if overnight or current day PA dictates new Fib numbers then that is how they become dynamic. With each new swing.
What is the logic behind that? Aren't stop runs important to find "trapped traders"? Why prioritise Open and Close over High and Low? Appreciate the posts. Thank you
Trapped traders with their stops run previously, and why they are ignored in the here and now. The bulk of trades most of the time are in the candle body. I still look at high and low but weigh them less than open and close, especially when the wicks are comparatively long and/or on a small grouping of bars.