Originally Posted by Unregistered
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...
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.