Thanks for the post. I have tried the Pivot Cross support and resistance before. I built an EA around entering trades based on those levels although the levels were determined using the standard formulas rather than human input. I tested the model to try to find the predictive quality but the results were not encouraging.
I also tried using the Pivot and R1 & S1 etc… intraday levels from research analysts; I stored their daily research on the support and resistance levels across the majors for a year and analysed ways to trade around the prescribed bias and also for the event the market went in the opposite direction.
You would think that a team of research analysts with more human capital, collective experience, technology and market site resource that make a living out of selling trade ideas would do a better job: Nope.
The evidence pointed to only the most fractional edge. If you could turn a 1:1 trade into a 1:2 whilst retaining the same edge, or the same probability of winning or losing on the other hand, then yes you could use those tools to assist with deciding which way to go for each trade, I think that makes sense.
I prefer shorter term trades despite the fact that I think longer term trading the fundamentals has more edge potential.