I use pivots, but not the way you might think. Ask a floor trader if they use "floor pivots" and they'll probably either laugh or look at you funny. I'm not a floor trader, but I know some former traders at the CME/CBOT and from what I've heard, these guys never used pivots, in fact they said that the so called "floor piviots" have nothing to do with the trading pit....but they have some value in determining where retail traders place their stops. In fact one guy even told me they great for "stop runs".
did it occur to you that somebody else not only capable "to spot S&R by price action" (which he did for the last 20 years without any problems), but, actually, was also able to walk extra mile and put this rather trivial & routine part into his own code? or you are under assumption, that you have some extrasuperior art of doing this by pure eyeballing? what if my "calculator" is doing this better, more precise, efficient, fast and on multiple timeframes, than your brain, because looks like your brain cannot even properly read and prefers the so easy road of jumping to naive conclusions. plus, my "calculator" can trade when you take a piss or sleep. how about that?
there are some ppl, who do not ask floor traders, and even if they ask, they do not trust them, and they don't trust anybody. even to themselves. they test everything, and only after that they open their mouth. how about that? pivots moslty give some statistical advantage, coupled with other approaches. fibos work too, etc. I'm not interested to know why, I'm too busy making money
"Pivots do not work, Moving Averages do not work, Chart patterns do not work, MESA do not work, Level 2 plays do not work, Fibonacci ratios do not work, Scalping does not work, Investing does not work...." man I'm sick of the generalizations clueless noobs can put up.
Pivots work. However, the way I find my pivots, I haven't once - not a single time - read in a magazine, or seen posted on Elite, or mentioned anywhere outside of confidential trader-to-trader conversations.
??? ??? This sentence implies that short term traders using pivots to enter trades will only be successful if they have major drawdowns. Isn't "success" the goal of trading? Does "pivot" mean something different than I think it does? My intraday trading is based almost entirely on pivots and I'm up over 20% this year.
OK, so maybe the semantics of my last sentence was somewhat wrong. I truly do hope everyone is successful and if your Pivots are working for you, great. Im curious though, Pivot trader, Do you set predefined levels prior, during, or fluid thoughout the day??? Most Pivot traders abandon a pure pivot play for more of a Discretionary trading, breakout trading, or price action trading.