Are pivots useful ?

Breakout · Oct 15, 2003

Quote from dbphoenix:

How are you measuring this, i.e., 50% of what? Aren't you just drawing Fib?

Actually, it's a Gann Square, but Fibs would give you the same signal.

I was assuming that SocalTrader meant (pivots) in the sense of "intraday turning points", although the starter of the thread,
meant pivots, as in traditional floor numbers.

So, I'm measuring my retracements from what I interpret as
turning points (or pivot points).

dbphoenix · Oct 15, 2003

Quote from Breakout:

Actually, it's a Gann Square, but Fibs would give you the same signal.

I was assuming that SocalTrader meant (pivots) in the sense of "intraday turning points", although the starter of the thread,
meant pivots, as in traditional floor numbers.

So, I'm measuring my retracements from what I interpret as
turning points (or pivot points).

I believe the originator of the thread was talking about the pivot levels generated by the previous day's OHLC. If that's not the case, then I took the wrong path.

fortuna · Oct 15, 2003

Yes u are right . Pivot from yesterday close high low , the old method of floor traders.. Seems to be still working very well

dbphoenix · Oct 15, 2003

Quote from fortuna:

Yes u are right . Pivot from yesterday close high low , the old method of floor traders.. Seems to be still working very well

Good. That means that all the posts I made aren't off-topic

As for the quarter, third, half, two-thirds, three-quarters of Fib, there are a number of threads on that.

Breakout · Oct 15, 2003

Quote from dbphoenix:

Good. That means that all the posts I made aren't off-topic

As for the quarter, third, half, two-thirds, three-quarters of Fib, there are a number of threads on that.

You didn't really expect a thread to stay on topic for more than
three pages, did you?...hehe

dbphoenix · Oct 15, 2003

Quote from Breakout:

You didn't really expect a thread to stay on topic for more than
three pages, did you?...hehe

Especially not in Trading . . .

Specul8r · Oct 15, 2003

Quote from fortuna:

Following my study of the percentage of high/lows that are matched by supports/resistances calculated by pivot method, I just finished to code a simulator to back-test intraday signals.

Well, results are just incredible. I am now finding ex post the best stop loss and entry signal points.

If some people are also working on this, ready to share thought, experience, simulator

Thanks

Fortuna can you elaborate a little on this, I am very interested to hear what you found. I use the "Balance Point" or Main Pivot, but never got too much into the S1, S2, R1, R2 numbers...

PEACE & Good-Specul8ting...

Flashboy · Oct 15, 2003

Quote from dbphoenix:

I can give you an example from this morning that involves a little discretion.

The NQ stopped its decline at 1020. The 1025 bar had a higher low. Ordinarily, I'd enter on the open of the 1030 bar. However, after a decline of 20+ points, I didn't see the NQ as bouncing strongly and never looking back.

So, I waited for some sort of test. This came on the 1035 bar, which made a double bottom. The 1040 bar had a higher low, so I entered on the open of the 1045 bar. This wasn't good for much, but it was better than nothing.

Incidentally, you could have entered on the 1030 bar anyway, but that would mean placing the stop below the low of the 1020 bar, and that's a bit too wide for a lot of people.

dp,

The 9:55 bar.. which touched 1430.. which I show as R1.. the next bar made a higher high.. but would have resulted in a loss..

Is this another entry like the one you referred to???

Do you go long when hitting resistance levels.. or just the pivot and support levels??

Flashboy · Oct 15, 2003

Quote from Flashboy:

dp,

The 9:55 bar.. which touched 1430.. which I show as R1.. the next bar made a higher high.. but would have resulted in a loss..

Is this another entry like the one you referred to???

Do you go long when hitting resistance levels.. or just the pivot and support levels??

Sorry.. meant it made a higher low..

Breakout · Oct 15, 2003

Quote from fortuna:

Well, results are just incredible. I am now finding ex post the best stop loss and entry signal points.

I don't know if you've read this or would be interested, but I found it interesting. Basically, he did a test on the pivot points and noted what usually occured when price opened in a certain
zone.

His study might help you to find the best stop loss and entry points.

The link is to his 1st addition, but I believe he has a newer copy out.

Detecting Hi Profit Day Trades In Futures Markets...J.T. Jackson

Hope this helps...