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  • #794,501
  • May 4, 2013 5:27am May 4, 2013 5:27am
Quoting KillerWhale
{quote} So you choose to ignore all established patterns, for eu and gu? I wish you luck, you'll need it!
Well he too talking as bearish!
  • #794,502
  • May 4, 2013 6:09am May 4, 2013 6:09am
Quoting KillerWhale
{quote} So you choose to ignore all established patterns, for eu and gu? I wish you luck, you'll need it!
Short term bearish, long term bullish on eu IMO
COT: The precious data ignored
  • #794,503
  • May 4, 2013 7:00am May 4, 2013 7:00am
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  • #794,504
  • May 4, 2013 7:17am May 4, 2013 7:17am
Quoting infinitus
{quote} Believe it or not - not to look at Pivots is like giving away a really good tool, because it is the tool of the floor traders. Not to look at it is like not wanting to know what nearly ever trader looks at.....
I do not look pivots because I think they are useless. I cannot believe in something that depends on the time zone your broker is settled. ¿ Can you thing how differents are gonna be the pivot point that my broker settled in Estonia with the broker settled in L.A. ???? Some traders will take one pivot and another traders the other pivot . And there will be one pivot each time zone. ¡¡¡ Crazy!!!!!! The pivot point is relatively important. Is one agreement between Bulls and Bears yesterday. Check out the phormula and realize this. Daily the daily pivot is crossed six or seven times, so for me is not important. I think that the pivot is not a floor or a ceiling. Three or two months ago, I spoke with one person who had been working in one Currency Desk in one Bank, and he told me about do not care about the pivot point. On the other hand, the supports and resistances, are more important. But remember this, as it is a formula that changes with the time zone, it is not an exactly number, we would speak about one ``area´´ where you should take care.
  • #794,505
  • May 4, 2013 7:29am May 4, 2013 7:29am
eur
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  • #794,506
  • May 4, 2013 8:20am May 4, 2013 8:20am
Quoting Ambar
{quote} I do not look pivots because I think they are useless.
Blah, blah, blah. Cant imagine your broker using Estonia time for closing candles. Like 80 % of brokers are using NY or LO time, maybe in Asia it would be Tokyo time, whatever. The´r using time of their liquidity provider, and those are mostly banks connected to NYSE or City. And btw, we are almost always talking about "area´s" and not precise numbers. Mr. Market aint actually precise. Anyway, even if your broker uses LO or maybe that Tokyo time, it is good to set your timezone to NY, so you have candles in sync with NYSE.

Anyway, listen to Infinitus. Yea, pivots are just another mumbo jumbo, like all of technical indicators. Nevertheless, it is one of the best mumbo jumbo developed so far for intraday trading, cause it covers previous daily and weekly range into calculations.

T
"I know one thing, that I know nothing." Sokrates
  • #794,507
  • May 4, 2013 9:09am May 4, 2013 9:09am
Quoting Ambar
{quote} I do not look pivots because I think they are useless. I cannot believe in something that depends on the time zone your broker is settled. ¿ Can you thing how differents are gonna be the pivot point that my broker settled in Estonia with the broker settled in L.A. ???? Some traders will take one pivot and another traders the other pivot . And there will be one pivot each time zone. ¡¡¡ Crazy!!!!!! The pivot point is relatively important. Is one agreement between Bulls and Bears yesterday. Check out the phormula and realize...


It is completely meaningless, if your Broker settles in Estonia or Shanghai or Timbuktu.

Set the roll time to the time, where all the big banks are setting the roll time. It is Close of 21:59:59 GMT or open 22 GMT.

How can you calculate the S/R, when not knowing where the pivot is?
  • #794,508
  • May 4, 2013 9:18am May 4, 2013 9:18am
Quoting Tom_D_Trader
{quote} Blah, blah, blah. Cant imagine your broker using Estonia time for closing candles. Like 80 % of brokers are using NY or LO time, maybe in Asia it would be Tokyo time, whatever. The´r using time of their liquidity provider, and those are mostly banks connected to NYSE or City. And btw, we are almost always talking about "area´s" and not precise numbers. Mr. Market aint actually precise. Anyway, even if your broker uses LO or maybe that Tokyo time, it is good to set your timezone to NY, so you have candles in sync with NYSE....

Pivots and their S/R itself have no inner sense, no magic, no hidden mathematics. They do work (very often), because it is self-fulfilling prophecy. It is the floor traders (main) tool, and nearly every other trader at some point in time started to use it, too.

I am far away to say, that Pivot system works very well. But on the other hand it should be wise to know, what most people are looking at.


http://www.forexfactory.com/showthread.php?t=329948


scroll down in the first posting until you get to "Pivots"

There you find some additional material....
  • #794,509
  • May 4, 2013 9:42am May 4, 2013 9:42am
Quoting infinitus
There you find some additional material....
I know how pivots work.

You have nice thread though. Great overview, thx for getting time to write it, it may help some.

T
"I know one thing, that I know nothing." Sokrates
  • #794,510
  • May 4, 2013 10:46am May 4, 2013 10:46am
Inserted Video


masters of money 3/3
Daytrader
  • #794,511
  • May 4, 2013 11:03am May 4, 2013 11:03am
Quoting KillerWhale
{quote} So you choose to ignore all established patterns, for eu and gu? I wish you luck, you'll need it!
Meh..
  • #794,512
  • May 4, 2013 11:53am May 4, 2013 11:53am
Quoting infinitus
{quote} Pivots and their S/R itself have no inner sense, no magic, no hidden mathematics. They do work (very often), because it is self-fulfilling prophecy. It is the floor traders (main) tool, and nearly every other trader at some point in time started to use it, too. I am far away to say, that Pivot system works very well. But on the other hand it should be wise to know, what most people are looking at. http://www.forexfactory.com/showthread.php?t=329948 scroll down in the first posting until you get to "Pivots" There you find...
Don't agree, most people look at fib's
New voice message: Why are you calling me? If I need you, I'll call you!
  • #794,513
  • May 4, 2013 12:18pm May 4, 2013 12:18pm
Quoting Cornelis
http://www.youtube.com/watch?v=4VxJQ...endscreen&NR=1
buy the rumor sell the fact
Trade with passion
  • #794,514
  • May 4, 2013 12:41pm May 4, 2013 12:41pm
A proper Chanel has a specific signature sequence of moves that are not present here.
Founder of Sutherland Wave Principle
  • #794,515
  • May 4, 2013 1:27pm May 4, 2013 1:27pm
Quoting mahimahi
http://www.youtube.com/watch?v=QQuRH...D49DFE5D9F6AA9 masters of money 3/3
19th or even 2oth century capitalist havn't built anything that even comes close to the wonder of the great pyramid. She says it over and over?
Founder of Sutherland Wave Principle
  • #794,516
  • May 4, 2013 1:40pm May 4, 2013 1:40pm
Pin bar on the weekly. More selling to come next week, that's my opinion.
  • #794,517
  • May 4, 2013 3:38pm May 4, 2013 3:38pm
Quoting big_pipin
Pin bar on the weekly. More selling to come next week, that's my opinion.
By the end of May we might see 1.2750 again
New voice message: Why are you calling me? If I need you, I'll call you!
  • #794,518
  • May 4, 2013 6:02pm May 4, 2013 6:02pm
Quoting Tom_D_Trader
{quote} I know how pivots work. You have nice thread though. Great overview, thx for getting time to write it, it may help some. T
Hahaha, I know Tom, I know.....


The answer was towards Ambar.



Sorry that I quoted you - my mistake
  • #794,519
  • May 4, 2013 8:49pm May 4, 2013 8:49pm
Quoting KillerWhale
{quote} Don't agree, most people look at fib's
..well, it doesnt harm to look at both.
  • #794,520
  • Edited 9:45pm May 4, 2013 9:22pm | Edited 9:45pm
Quoting loureed10
{quote} ..well, it doesnt harm to look at both.
Not for me,
to start with, apart from my idiot broker who has the 4 hr candle close at 4 Pm EST and the daily close at midnight EST, what would I use?

- Pivot Points
- Woodie Pivot Points
- Camarilla Pivot Points
- Fibonacci Pivot Points

All differently calculated.

Which one is the best? No one knows.
New voice message: Why are you calling me? If I need you, I'll call you!
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