Use it as confirmation, or as an extra support or resistance in your favor. If it matches with a fib level or a prior major resistance, it is much more likely to reverse there (confluence et al) Since you are basically trying to pick tops and bottoms, make sure you systemize how you get in, when you are wrong, when it is a fake, and how to take profits. I've traded solely off pivot points for a few months, and it does work remarkable at times and also looks hopeless at times .. finally figured out it wasn't meant to be traded alone and only as another tool in the box.
Here is what we use. http://www.trade-ideas.com/Help.html#CARC http://www.trade-ideas.com/Help.html#CBSC Best, Dan
QCharts has a "volume at price" study which is very good to identify support and resistance levels. Seems to work a little better than "time at price" i.e. looking for levels on the bar or candle chart, because you can be fooled by low volume trading stretches.
Understanding S&R and pivots is one of the keys to trading the S&P. They aren't buying and selling them on the floor because they like GE's fundamentals. They also have no idea where the stochastic is.
Forgive me but I'm just speculating, but... Don't most 'floor traders' actually sit at computers these days, and have runners doing actual pit trading? I know that the commodities markets still use floor traders , but in a market like S&P futures, and forex, the trading is not 'open cry', is it? If that's the case, then all these indicators are tools and visual aids to tell you something more than what price action is saying.