Just looked at my chart again and all the pivots have changed since the daytime.
This gives different S&R lines and they are a LOT different.
Is this supposed to happen on a day by day basis? Seems strange that the traders would change their target based on this every day.
Why would this be strange? Price changes everyday does it not?
But support and resistance lines do not. Supposedly, sometimes they are set for years.
The pivot S&R lines though change because of the pivot point in the data.
There are daily pivots, weekly pivots, monthly pivots and probably yearly pivots (that would be crazy)…
S & R lines are determined by price action no?.. So why would you expect them to remain the same?
No, sorry, what I mean is if you look at a daily chart, you can draw what you see as the S & R lines, these don’t change much over this time as they are defined levels, some new ones are created but the old ones can also still operate.
With the pivot, it changed in one day and moved the support levels a few hundred pips apart, so what was a support line yesterday is now nowhere near (EURBGP).