Hi guys
I am wondering what time frame is best for pivot points.
For example, I found a wesbite that calculates the Hourly, 4-hourly, Daily and Monthly pivot points for all major currencies.
I am a day trader, and have been focusing on the Hourly pivot points. I have found them to be extremely accurate and the prices definitely move to the PP, S1, R1 etc...
But I get the feeling that the Daily pivot points are probably more a reflection of support and resistance on a broader scale, and a better chance to profit.
Also the website I speak of updates the Pivot Point data every 15 minutes or so, throughout the day. Is this a good or bad thing?
Also, does anyone have any tips on telling which way the market will go once it hits a support or resistance level?
Things like RSI and Stochastics seem useless alongside hourly Pivot Points.
I think that RSI, Stochastics etc.. would work well with daily Pivot Points. Anyone agree?
I am wondering what time frame is best for pivot points.
For example, I found a wesbite that calculates the Hourly, 4-hourly, Daily and Monthly pivot points for all major currencies.
I am a day trader, and have been focusing on the Hourly pivot points. I have found them to be extremely accurate and the prices definitely move to the PP, S1, R1 etc...
But I get the feeling that the Daily pivot points are probably more a reflection of support and resistance on a broader scale, and a better chance to profit.
Also the website I speak of updates the Pivot Point data every 15 minutes or so, throughout the day. Is this a good or bad thing?
Also, does anyone have any tips on telling which way the market will go once it hits a support or resistance level?
Things like RSI and Stochastics seem useless alongside hourly Pivot Points.
I think that RSI, Stochastics etc.. would work well with daily Pivot Points. Anyone agree?