A lot of people on here are not using the correct pivots, so I thought id let you all have my script. If your pivots match mine you have the right numbers! Trading without the proper pivots is like playing chess without knowing the rules of movement or playing checkers without knowing when your pieces can be jumped. Another good analogy would be itâs like playing football without knowing where the yard lines are. I have tried to trade without pivots before to clean up my charts a little, but then I couldnât interpret a lot of market movements properly. What would be worse than not having pivots is having incorrect pivots. If you have incorrect pivots and think there is a support area and there actually isnât anything there but thin air⦠Your done for! Itâs unbelievable⦠I went through all for the SierraChart pivots formulas and they didnât have the proper formula⦠Youâll know if your pivots are correct. The market will NEVER go through a proper weekly pivot without a reaction except during a crash. Plus, you'll know your pivots are correct if you hear goldman sachs floor traders sell 1000 cars at the price level over traders audio setting the market top for days back in march or april 2010. (Anyone remember that?) It was a weekly pivot test and goldman sold huge. Possibly I pay too much attention to the market. LoL... If you hold short into the first test of a weekly pivot you deserve to get shafted six handles by the bounce. Full Article > http://simplert.com/archives/128 Direct Download > http://simplert.com/free/simpleRTPivots.dll If you want to pull up Globex and All Hours pivots on your chart you have to use the SierraChart overlay study and additional hidden chartbooks to calculate the pivots on. That is how I get all three sets on my charts. All I watch are Globex and Intraday though now. Weekly and monthly are key. All hours pivots are kinda weaksauce support/resistance levels. Daily are only useful during slow markets. Globex pivots are stronger during overnight session for obvious reasons... Duh... LoL! I know people that use Globex pivots, and I know of those that use Intraday pivots... But all hours... I don't think many people trade off those levels so that would explain the limited reaction to them.
I have decided to drop down to Globex + Intraday pivots. Globex and Intraday weeklies/monthlies create 5 point + reactions generally and can turn the market. Thats a little bit too much "noise" for how I trade... Unexpected 4-8 point spike moves are definitely not "optimal" for the short term 15-30 minute trades I do, but wouldn't effect the longer 1-3 hours swings. And I only use to think Intraday weekly pivots were the serious market movers... All hours pivots don't have enough reaction to them to screw up my trades so I have decided to cut them. 2-3 point reaction at most... Just noise! http://simplert.com/archives/142 Anyone got a theory why Globex are so strong Intraday on the ES? Kinda strange if you ask me, but that is the fact of the matter.