what is better.... #1-NORMAL CALCULATIONS OF SUPPORT/RESISTANCE AND PIVOT POINTS ...or #2-FIB extensions AND RETRACEMENT NUMBERS...which is better to focus on...please do not say "both"...here is why...then you would have about 27 numbers to view for the next day and only about a couple points between the "pivot" of 1503 and the 61.8% number of 1501.75 ES numbers for example...please explain!!!!!!!!
Don't let this happen to you. Umm..both. Lots of varities of floor pivots in the public domain. Alot of prop that are quite expensive too. Put em all on and as order flow approaches a point and you see the action and then reaction, mark it and watch for the next one. Record the market conditions for that day, save as a template and repeat until you are comfortable with as few points as possible. Fibs too, same thing,,,put 'm on and remove them as not needed. Note market conditions and save as a template. Personally I only use .618 and 1.618 and their sq. roots of 78.6 and 127.0 unless the market is really moving. Combine the pp with the fibs into 2 or three templates then repeate the process until your comfortable with the results. Always less is better.
Yes, I've never seen a chart that shows any evidence of support and resistance points, or financial instruments reacting to such points when price approaches them.
Here you go. Since last Friday's Gap Up (which is a breakout of a Bullish Wedge on a higher time frame, in an upwardly trending market on the Monthly, Weekly and Daily timeframe). Good trading, JJ