Quote from BestGuruEver:
LOL. OK, bad title just to get you click on the link. However, I still am curious people's LONG - TERM success with pivots.
1. There are at least 15 pivots every given day ; monthly, weekly and daily, times 5 (R2 to S2).
So, the odds are one of these 15 might come into play, and they usually line up close to a fib number or support/resistance. I know, makes it stronger.
I used to sell under monthly pivot, buy weekly S2 and yada, yada, yada...
My question: How do pivots work best?
My 2 cents: support/resistance on a 60-minute is very good, then look at monthly pivots, then weekly, and then daily. under daily pivot, sell.
Use fibs and maybe volume for confirmation.
Please don't say "if trend day, sell this....if range day, buy this.....because you really only know trend/range in hindsight."
If i think i see an obvious trend, i will sell hopefully consolidation at daily S2. or a rally back to pivot or S1. If i think range, then daily R1 to S1.
I'm just curious how other traders use pivots.
thanks.
