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Old 09-10-2009, 04:17 PM   #1 (permalink)
 
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S & R and Pivot Points


With so much chat on here recently on Support and Resistance, I was wondering if some of you experienced guy's who trade daily can give me an understanding of what the difference is between support and resistance and the Daily Pivot Points so many of us use each day. (S1, R1 mid points etc.,)

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PADDY

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Old 09-10-2009, 05:20 PM   #2 (permalink)
 
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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
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Old 09-10-2009, 05:47 PM   #3 (permalink)
 
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I do use Pivot Point Fibonacci to check range pips of the day.
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Old 09-10-2009, 06:03 PM   #4 (permalink)
 
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Pivot point calculations - Wikipedia, the free encyclopedia
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Old 09-10-2009, 06:15 PM   #5 (permalink)
 
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well, basically concerning with mid-level are where I place entry order.
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Old 09-12-2009, 05:55 AM   #6 (permalink)
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Quote:
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
topicstarter of the Resistance and Support lines

I couldn't agree more with you. Pivot are not only quite useless, the average efficiency on pivot trades is already 1 reason not to touch/read/do anything with Pivots again.
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Old 09-12-2009, 07:57 AM   #7 (permalink)
 
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Originally Posted by Unregistered View Post
topicstarter of the Resistance and Support lines

I couldn't agree more with you. Pivot are not only quite useless, the average efficiency on pivot trades is already 1 reason not to touch/read/do anything with Pivots again.


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!

Google Peter Bain- the ultimate pivot point guru. Look at some of his videos, read about his enormous success and THEN come back and tell me they're useless!

- Here's a link to his site: you need not buy his course to get the idea- there's tons on YouTube as well: http://www.forexmentor.com/

After listening to his CORRECT use of PP's, you'll find they're NOT about entry/exits but areas, after some analysis, of WHERE PA WANTS to get to that day- that's all, really. The problem is everyone thinks they're this perfect entry/exit point for reversals etc.- that is NOT how they are meant to be used. They simply give structure to PA- like scaffolding.

Also, take a look at your charts with pivots up... How often does PA respect R1 for instance?? A LOT! Coincidence? Yeah, um, NO!

Bottom line: you may not like them or want to use them (which, IMO, will cause you to either miss or fail trades), but in fact, ignoring them all together would be a mistake.

Good luck!
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Old 09-12-2009, 08:23 AM   #8 (permalink)
 
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Quote:
Originally Posted by matt230 View Post
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

matt230-

PP's are NOT subjective!!! The fact that everyone's PP's ARE the same is what makes them so important! If yours aren't EXACTLY like mine, you're not charting them correctly- PERIOD!
(Now, for the record, Peter Bain uses 12a NYT as his calculation point rather than 5p NYT like most others but the lines are very close.)

1st of all, you need only post them for the DAY or WEEK- NOT the last hour, 4H etc.

2nd, you need to look at them as areas of where the trend is likely to take PA THAT DAY.


Chart With NO Pivot Points - Where's PA Relative to SOMETHING... ANYTHING!!?





Chart WITH Pivot Points - See the Structure??

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Old 09-12-2009, 11:58 AM   #9 (permalink)
 
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Quote:
Originally Posted by Unregistered View Post
topicstarter of the Resistance and Support lines

I couldn't agree more with you. Pivot are not only quite useless, the average efficiency on pivot trades is already 1 reason not to touch/read/do anything with Pivots again.
Hi all, and you too unregistered dude.

Pivot Points do have a purpose and a use.

If you expect the market to automatically turn at those points. This is not the proper use. On the "indicator post" on my blog I explain how PP are used by market makers and my opinion of their merit.

Happy Trading

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Old 09-12-2009, 12:00 PM   #10 (permalink)
 
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Quote:
Originally Posted by 022411 View Post
I do use Pivot Point Fibonacci to check range pips of the day.
Not really the best use. But if you're having success with it, who am I to say otherwise. Happy trading.

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