DislikedI've backtested the pivots on U/J and found no statistically significant evidence that if one pivot level is broken, the next pivot must be hit. Even though recent history might suggest otherwise, I could show you 100 intraday charts where the first S/R pivot level was broken and nothing came of it.
In this case, we haven't broken the S1 on the 5-minute. Visually, pivot touches that lead to reversals appear to occur more often than would otherwise be deduced as random behavior. I haven't yet been able to program a backtest simulation for these rules, so I'm not comfortable to state anything conclusively.
Looking at the current chart, I'd say the S2 is possible. We weren't able to eclipse last Wed's high, and we're only a few pips above last Thur's low. If this cycle of lower highs and lower lows continues, then probability will favor the bearish side.Ignored
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give me my pips back...
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"Don't work for your money, but let money work for you."