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trading pivot points. how to tell if support/resistance will hold?

  • #21
  • Sep 27, 2009 10:24pm Sep 27, 2009 10:24pm
Quoting billbss
I spent quite a bit of time backtesting Person's pivot system, and it wasn't profitable.
I don't believe pivots work.
I believe they do work. I've been very profitable using it. My thing is when it hit s2, s3 or s4 is it true support. The same thing for resistance.

I'm still up every week i trade, but if i can avoid selling when the pair is due for a bounce and vice versa then I can clear some more pips.
  • #22
  • Nov 23, 2009 1:55pm Nov 23, 2009 1:55pm
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
Quoting Islander
IF you are going to use pivots alone, then I suggest that you read through the Dove Alliance's old thread - its was either July last year, or the year before.

You might also find this thread of interest - we use pivots and physcological levels aka sweet spots.

http://www.forexfactory.com/showthread.php?t=98028
Can you tell me where I can find this tread? is it on FF or some where else?
thanks in advance..
hans..
  • #23
  • Nov 23, 2009 2:45pm Nov 23, 2009 2:45pm
you never know what the market will do. My experience is elliott wave and fibs with adx is a good tool to determine strength of a support/resistance line...
Look at the corrective wave and see how mutch it retrace on fibs, that can help determine support/resistance. usually retraces up and near 61.8%

only my opinion..


here is a screen....
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  • #24
  • Last Post: Feb 5, 2011 2:29am Feb 5, 2011 2:29am
My experience with pivots is that they are excellent entry/exist points. They work best on GBP/USD. I use Daily/Weekly/Monthly Pivots. The concept is if Weekly R2 is reached and it happens to be just around daily R1.. then we have a high probability of reversal and if S/R is also on your side, pull the trigger.

perfect example is GBP/USD on Feb 3,2011. Dropping South from 1.62775 being the Daily R2 Weekly R3 Monthly R1 (nearby) also S/R levels were there double top'
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