Nice stuff, George Angell's favorite stuff, based on the work of some Taylor guy, the best source: 'Sniper Trading' by George Angell. I have a similar spreadsheet.
Can anyone refer me to an article or website where I can read and understand the theory and practice of these pivots in trading? TIA
Yannis I know Feb 2000 issue of Technical Analysis of Stocks and Commodities has an Article www.traders.com/ jbarry@proedgeonline.com
Pivots, resistance, and support levels work very well in conjunction with other indicators such as stochastic. For example, if ES trades down to S1 and at the same time 1min stochastic is giving an oversold BUY signal, it provides a very high probability setup. Of course, support levels do not always hold up, but at least you know to get out quickly if your calculated support area does not hold. This allows you to use reasonably tight stops.