i agree with topchess
fib levels, pivot points, support resistance (high/lows), moving averages, maybe even Parabolic Sars... these are all important levels but trying to graph them all and trade buy them can definately be counter productive. if you are a news trader or day trader then Pivot points might be something worth watching since the change daily.
i am a swing trader to i use moving averages, support/resistant levels and fib levels to locate my pivital areas.
you probably wont see the value in trading PPs unless you trade daily charts. download VTtrader platform (it free). they have pivot points. see what they look like on a 15min chart and a 1 hour chart. you will notice what the price some times bounces of these levels during ranging and even volatile market movements.
|