Disliked{quote} ooo was that 114 30 tonight close 113 80 yip yip bag em and tag em...see ya next week Monday open potential Gap open to 114 80 or back to value 113 30 {image}Ignored
COPY PASTE FROM Frank Ochoa
The first significant awakening of my trading career occurred when I first discovered the power of Floor Pivots. Until then, I was trading solely off chart patterns and candlestick combinations and never knew there was an underlying road map to each chart I traded. Once the Floor Pivots were revealed me, however, a completely different gear was reached in my trading and market analysis. I felt as though I had finally joined the trading elite. Floor Pivots have been around for a long time and many traders have used these pivots to master the market for decades. Larry Williams re-popularized the formula by including it in his book, How I Made One
Million Dollars Last Year Trading Commodities, in 1979. He described the "Pivot Price Formula" that he used to arrive at the next day's probable high or low. Many great traders have adopted the pivots and have even incorporated them into many indicators that you may know today. While these pivots can go by many names, including Pivot Points, Floors, or just pivots, I typically call them the Floor Pivots since they really became popular once traders on the floors of the a"{changes began to use them. The pivots were a simple way for floor traders to forecast the day's potential support and resistance levels, since they didn't have sophisticated computers on the floors of the exchanges at the time. This name also helps to distinguish them from other types of pivot points, since there are other types that are unrelated to the ones we will discuss.
Floor Pivots are extremely powerful price-based support and resistance levels that are calculated using a prior period's high, low, and close.
Floor Pivots offer an amazing way to view the market. They are like night-vision goggles, illuminating the moves of the market even in the most uncertain of times. As you begin to study the pivots on a deeper level, you will begin to see the correlated nature Have ever seen are the Floor Pivots and price behavior. The main reason these pivots can be so unbelievably accurate is the simple fact that market participants are watching and trading these key levels. Trader psychology, and human nature for that matter, has remained the same for centuries due to fear, greed, hope, and uncertainty. These are the reasons why traders continue to react to key levels in the charts the same way over and over again. This is also the reason why these pivots have stood the test of time and will continue to work into the future. We will delve deeper into Floor Pivots in this chapter and will unlock extremely powerful concepts that run deep in the market.
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Admiral Markets