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Old 09-12-2009, 01:11 PM   #11 (permalink)
 
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Originally Posted by matt230 View Post
as far as im concerned and my opinion is that pivots are useless. Of course price is going to stall every 25 or so pips because price doesnt move in a straight line. I could put 10 random lines on my chart about 25 pips away from each other and price would probably hit them and run into some problems everytime. You may as well just use previous support and resistance lines as they arent as subjective as everyones different pivot calculations. If you cant calculate your pivots right they are the most useless thing on earth. At least everyones candles are in about the same area
One of the reasons Pivot Points are used by market makers is to create market activity during quite market periods or when the order flow and/or volume isn't moving price on it's own. (kind of a nudge to create interest). If there is a large gap between 2 S/R levels, PP's will normally be the first stop or market turnaround if there is not enough volume to continue.

If you have the charting capability, put up daily pivot points and then go to a 15 minute or 30 min chart and you will see what I mean. Their are a few different tactics and techniques to use PP in everyday trading that work very well. Or, You can continue to pass them off as totally useless. I'm just trying to share the love.

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Old 09-12-2009, 04:21 PM   #12 (permalink)
 
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K, Guys- you really have to read up on pivot points a little more...

YOU may not think they're important but, and here's the key: the mere fact that so many OTHER traders (esp institutional), think they are, is EXACTLY what makes them important!
Bingo
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Old 09-12-2009, 05:44 PM   #13 (permalink)
 
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Pivot points are to price action what music scores are to music:



When you think about it similarities are staggering:

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Old 09-12-2009, 07:03 PM   #14 (permalink)
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