my calculation of the $SPX for Thursday was:
resistance level = 796.25.
pivot point = 788.34
support level = 780.51
when should one use the pivot point as support or can the pivot point ever be used as support?
Also, I was reading that when bars go outside the BB it is an indication...
Should one have shorted the S&P when it hit the resistance level? I don't have access to emini's so I just use $SPX to practice.
I'm still trying to understand the Bollinger Band part. I must admit this S&R does make things a lot easier to understand. I'm still working my way through...
I am still reading the thread from the beginning, but I wanted to know what is the purpose behind using a 4 hour and 1 hour chart versus 30 min or 15 minutes?