previous day's high low and close and the pivot point calculatro does that when i used it......previous day's.......i think u misse dthe point i make......if it is based on todays close and rest and it is not the same as tomorrow's will be almost never, what good is it...just guessing stuff.......as news effect etc in driving market........crutches and more crutches when we don't have a dependable system.........
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YM Traders
- Thread starter volente_00
- Start date
Quote from porgie:
ripley...........using the word but is indicator........no confidence in pivots.......u have seen too many blown through like wet newspaper..am i correct?
Yeah.. you're right. Pivots are not 100%, but they are better than any oscillators or divergence BS others propose.
Thats the point porgie. If a pivot is taken out, you take a small loss and go the other way. A break it pivot only means that there is enough fire power for the prices to go a lot further.
Quote from Ripley:
Yeah.. you're right. Pivots are not 100%, but they are better than any oscillators or divergence BS others propose.
Thats the point porgie. If a pivot is taken out, you take a small loss and go the other way. A break it pivot only means that there is enough fire power for the prices to go a lot further.
Well put. And if all traders used the same calculation and time of day to determine pivots, they would be even more powerful. Ripley, on the YM, do you prefer pivots based on a 24 hour market or 9:30a-4:00p/4:15p eastern?
Quote from joecgoodman:
Let's say price opens around the PivotPoint (PP) and heads up. Resistence is expected at R1. A strategy might be to place a sell limit order at R1 with a 4-6 point stop and a 6-8 point profit target. The theory being that price either (1) turns around at the pivot; (2) stalls at the pivot or (3) pokes right through the pivot and keeps going. Either (1) or (2) would likely give you your 6-8 points, and (3) is the least expected occurence.
I haven't tested the above scenario. Would it be your opinion, Ripley, that this strategy is doomed to fail?
Also, may I ask, what do you mean by long term strategy in regards to using pivots? Using weekly or monthly pivots?
Thanks in advance for your views.
That strategy is a sound strategy. But, it is destined to fail because no one has that kind of patience for the prices to come to you. What if the price never came up to R1? would you wait for the whole day because you missed selling it half way point below R1. Pivots are OK, they should act as a map for a trader.. not necessarily a point for entry.
Stick with daily pivots. Monthly and weekly pivots are almost like the long term support and resistance.
Quote from Ripley:
That strategy is a sound strategy. But, it is destined to fail because no one has that kind of patience for the prices to come to you. What if the price never came up to R1? would you wait for the whole day because you missed selling it half way point below R1. Pivots are OK, they should act as a map for a trader.. not necessarily a point for entry.
Stick with daily pivots. Monthly and weekly pivots are almost like the long term support and resistance.
Thanks!
rip,
I am really not disagreeing with you as much as you might think.....pivots, s/r is is worth using...........oscillators lock overbought and oversold........last friday was perfect example....all oscillators no good friday............divergence not good friday...........trend following systems great.....no brainer for experienced .........but most are not that experienced get hung up on 3 or 5 min charts and micro trade them zooming in instead of zooming out getting the bigger picture too see and at least be aware of pivots and s/r points.........I truly hope you make all you want in this business....i wish I could spill the beans but I can't .....you know why .......if it is as good as i say or rather they are a s good as i say, then u know why........but i will tell u some few things such a s the above..............I do have a lot of info to give that doesn't compromise my postion.....that position is so price and point specific with accuracy that I won't do that.....rip do u want to chat?
I am really not disagreeing with you as much as you might think.....pivots, s/r is is worth using...........oscillators lock overbought and oversold........last friday was perfect example....all oscillators no good friday............divergence not good friday...........trend following systems great.....no brainer for experienced .........but most are not that experienced get hung up on 3 or 5 min charts and micro trade them zooming in instead of zooming out getting the bigger picture too see and at least be aware of pivots and s/r points.........I truly hope you make all you want in this business....i wish I could spill the beans but I can't .....you know why .......if it is as good as i say or rather they are a s good as i say, then u know why........but i will tell u some few things such a s the above..............I do have a lot of info to give that doesn't compromise my postion.....that position is so price and point specific with accuracy that I won't do that.....rip do u want to chat?
so porgie when are you going to sell you method, that is you plan right!...."I dont, buy in to you claims. I was shown to trade by an ex s&p floor trader and I cant thank him enough, although as soon as I get over confident I give money back to the market. but I always go back to what he showed me and I start making money again. anyway why dont you come in to the chat room monday and trade, I show you my entries, I have time to do this i'm in trades form 10mins to 2 hours. come in the room and as you say, you look at 15 min charts so you also got plenty of time to post.live calls
buzz
buzz
i t is simple....buzz....I come here to play with the ones that play..........when trading is on , i don't play....if i show u entries you will know what porgie does........I worked for a man with 28 million dollars and he would pay dearly for my stuff.....5 yrs later.....but it ain't for sale........and i don't work for him either.......i quit and he wouldn't hire me back later.....he lost.........he told my friend who was his office manager " tell george what i told my wife when she left me.....u quit me once u quit for good....." his loss....with his money and my determination the sky was th e limit.....now the only limit is forum....i need to quit the forum now, but i love to see the greedy ones and the fabricators bs themselves.........you see one u see them all.......
Who cares about the guy with 28 mill, if he was smart he would live of the interest, without the stress of trading, if I had 28 mill I assure you I would not be trading.Quote from porgie:
i t is simple....buzz....I come here to play with the ones that play..........when trading is on , i don't play....if i show u entries you will know what porgie does........I worked for a man with 28 million dollars and he would pay dearly for my stuff.....5 yrs later.....but it ain't for sale........and i don't work for him either.......i quit and he wouldn't hire me back later.....he lost.........he told my friend who was his office manager " tell george what i told my wife when she left me.....u quit me once u quit for good....." his loss....with his money and my determination the sky was th e limit.....now the only limit is forum....i need to quit the forum now, but i love to see the greedy ones and the fabricators bs themselves.........you see one u see them all.......
I take it by you not coming in to the room to trade agist me, we let the members decide on you so called trading abilities, I still think you are planing to sell what ever you got.I for one will not be buying rainbow dreams.
The challenged will be on offer for 3 days if you wish to prove me wrong.