That kind of explains how Pivot Points are calculated. Most charting softwares will do it for you automatically and if it doesn't, you can find several free pivot point calculators on the web.
Support and resistance lines are areas where price has had a hard time getting through. The higher the time frame you go, the stronger the support or resistance. In my opinion, support and resistance areas are more reliable levels because they are used by more traders than pivot points.
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.
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.
I am using VTtrader but I dont like their pivot indicator makes your price chart messy when you attach it so I'm sticking with S/R for now.
lol, i remember in another thread that you mention that you used VT.lol sorry. anyways, if you find drawing in your own S/R levels then stick with it. do you use any other S/R indicators to verify? and do you trade the 15h and 1H charts?
I use a similiar version of Elangs system only with ADX instead of MACD. I rather plot quick FIBO lines from the swing high/low which most charting software supports, than manually calculating Pivot Points and adding them to my charts. I haven't found PP's on Oanda which is another reason I don't use them
Originally Posted by ramrocket
I just use std S/R indicator and trade using the daily and 1H charts because of my job. Elang has a great system posted here on this site I am incorporating his ideas.