Pivot Points
- Thread starter quin8670
- Start date
I just responded to the "best indicators for daytrading" thread in the Trading section.
. Pivot points tend to be "self fulfillijng prophecies" quite often, because the larger floor traders are fully aware of them. Watch a while, and you'll see what I mean. Of course, when we have drastic moves up and down, the next day's pivots might be too far out of range to be of much help. Most days you'll see a pattern. Today for example, as of now, R1 is 1506, high for the day is 1505.25. Low for today is 1485.50, S1 is 1485.
Don
I only trade mechanical systems and a friend of mine Rick Saidenberg once told me. Hey you ever look at fibs levels and I said no I thought it would be worthless.
So that got me interested in fibs and so I looked at them, they are remarkable. At least on an intraday day basis like I was looking at they were.
I called Rick back a couple of days latter and told him I was amazed, he said he couldn't explain it either.
mb
So that got me interested in fibs and so I looked at them, they are remarkable. At least on an intraday day basis like I was looking at they were.
I called Rick back a couple of days latter and told him I was amazed, he said he couldn't explain it either.
mb
I always have intraday pivots on charts, the more you study real-time/historical charts the more value you might derive from using pivots. Many a times S2 will provide solid support and vice versa with R2, look out for weaknesses below intraday pivot by way of spotting wedges/pennants perhaps paired with an indicator like MACD's Histogram.
What one trader does has no bearing on whether or not something works. Anecdotal evidence has no value.
They checked fib retracements, as well as standard things like 50% or 25%. The results had nothing to do with any magic numbers.
If it works for Apex, then whether it is 61.8 or 38.2 has no more value than picking 33% or 65% or 29.6025%. Retracements is simply trying to buy low. There are no magic numbers, but there may be a few optimal numbers for certain times in the market, based on a STATISTICAL ANALYSIS. Not convincing oneself that it must work because it is "self-fulfilling." If one does not thoroughly test it oneself, one is simply practicing voodoo.
It is like the movie "I see dead people. They don't know they are dead. They see what they want to see."
i do not use fibs and in fact hate ewave fibs pivots gann and all that stuff, but i do admit i see fibs work all the time on the sp intraday. i have not looked at any other market but on that market its crazy how well it works.
this could be that many people are using it i dont know but i am a humble guy and if it works it works. i wrote a system based on fibs and it works - since i dont use it i may publish it. it would prove that on that market it does work. but i have to tell you i think my money management routine has alot to do with it.
mb
this could be that many people are using it i dont know but i am a humble guy and if it works it works. i wrote a system based on fibs and it works - since i dont use it i may publish it. it would prove that on that market it does work. but i have to tell you i think my money management routine has alot to do with it.
mb