s2,s1,pp,r1,r2

[samtron]

Daily and Weekly Pivot Points

Do you use them? Do they work?

I would like to get some views on this, are they of any use or just another smoke screen?

 

[garethb]

I never managed to make them work. But that doesn't mean much - the world of trading is full of indicators and setups which some people appear to use successfully but did not work for me. It was very early in my trading development and no indicator would have helped me at that stage. (big question is has anything changed?!)

There is a quite well known trader called Phil Rosten who runs a chat room as part of the Ken Wolf Mtrader website. www.mtrader.com. He runs the TA chatroom there, or used to, and from his live calls is clearly a successful trader. He uses daily pivots and swears by them, as do several others in the room. On the mtrader site there is probably a summary of how he uses them (and probably a free trial to the chatroom). Whether you can learn anything from him or the chatroom I couldn't say, but I do believe the mtrader setup with Ken and Phil are honest and have an educational bias.

To me Pivots seem completely arbitrary figures which have no rational basis to be support or resistance levels - except on the old TA standby of "so many people believe them and follow them that they become self fulfilling".

Hope this helps

Gareth

 

[moreagr]

the more and more experience i get as a trader the less I depend on the levels. I think there is some use for them as a crutch especially on futures charts or indexes but but dont bet everything on them... its better for swing traders or high volatility momentum news break outs. exp FOMC meetings.

I believe Grey's info has much more merit.