Yeah, it's a nice post I agree, but the OP was asking about a scalping strategy which would be for smaller, more frequent moves, not pivots.
Yes, I agree with your assessment. No one, so far, has posted any indicators and their corresponding signals for scalping nor for a scalping strategy. While the OP is tied to oscillators for some reason, he could consider a vast number of other indicators and their signals and particularly leading indicators.
Well my personal style for scalping is to look for stocks that are behaving abnormally, specifically high volatility. I use this scan to find stocks that are going wild, and then i look for my scalping setup.
Fib retracements are completely useless. This has been studied quite a lot (one attached below) So your videos are relatively baseless.
I see what you're saying. I don't think there's any special magic in the fib numbers themselves, but it's more of a visual gauge for people. For example, a 50% retracement is a 1/2, and 61.8 is about 2/3. I don't take trades just because I'm at a fib level either... I wait for my momentum indicator and price action to line up. Fib extensions are kind of the same... 100% extension equals the same move as the previous run, minus the retracement. From my experience, the extension levels are very accurate, especially 61, 100, and 138. There's no way you can tell me the market doesn't react to those levels... just happens to much.
Ok, I didn't join this message board to argue with people. But I really need to say this... I was trading this morning and took a short on a pull back, closed at the 61 ext (WHERE IT BOUNCED), re-entered on another pull back, closed at the 100 ext (WHERE IT BOUNCED), shorted again on a third pull back and closed at the 138 ext (WHERE IT BOUNCED AGAIN!). Too many people look at fib extensions, no matter if they know what they are or not. Like retracements, they too are visual levels. I'm not telling you that study doesn't have merit, but what I am saying is that the fib extensions WORK FOR ME. Personally, I could care less what any other traders' theories are. If I see something that CONSISTENTLY works for me, I'm going to use it. Best of luck to every one! Chris Dunn P.S. I really hope ET is more than people just arguing theory.
That is why there are market studies to see what works and what does not, instead of having a theory. Some people use them to avoid things that are useless. Others don't get it. Seriously. That is why 95% of traders lose their money. They use beliefs instead. So long