<<Do you show this to be of significance as far as tomorrow's trading is concerned>> depends on how one is trading........for me as long as price stays above it's pivot , i would be looking to trade on the long side. Should price decisively drop through and stay below the pivot for a while tommorrow then i would be looking for a short trade.(1126)
This can be short-sighted. The pivots are often irrelevant. Today, for example, the pivot was useless. The NQ found S at price support, then R at R1. If one had waited for S1, he would have missed the trade. If he had avoided going long at the bounce off price support, he would have missed the major move of the day. If he had then avoided going short at R1, he would have compounded his error.
I don't mean to disappear from the thread, but I've come into some temporary time constraints. I've recently been given the job of primary care taker for my 19 month daughter and her 3 year old cousin, in the afternoons and evenings. So I'll try and make my post during market hours, and review work, as nap time permits. Hopefully, the mother's will get over their temporary insanity soon.
db, For me, yesterday now, i entered long at 1126.5 on the ES and got out at 1129.5 . Both were close to pivot points. I would not do that every day, but yesterday was an exception . I was looking for 5 pts but when price did not make it to the R1 in the morning i lowered my expectation to 3pts and got it later in the day. Yesterday was an example of how the 1126 pivot could melt, but only by 2pts. Price still closed above it at the end of the day. Today is employment figures and i may not even try to trade.
<<Yesterday was an example of how the 1126 pivot could melt, but only by 2pts>> this is wrong my mistake, it melted by more than 3pts, then rose above the pivot by that much.
However, the S/R provided by the charts always takes precedence. Otherwise, one is following a pivot point strategy, or a Fib strategy, or some other sort of triggering approach. The S here was the PDL. Waiting for the pivot to be crossed constitutes a breakout tactic, which is fine, but really doesn't have anything to do with S/R. Entering there would have yielded up to three extra points.
A move like that makes me happy that I'm such a coward. It looked nice tho, how it stopped it's decline right at the low of this over all down move. And a good example of how a pivot can not mean squat. Again, the NQ over reacting, compared to ES, YM
NQ, 98-1500 looks to be a tough area, after that 1518-20 for R areas. ES, 1142, and then 48 If we see new highs, it'll be interesting to see if we also get an accelerating demand line to go along with it.