Disliked{quote} If you watch a line plotted @ (H+L+C)/3 price will, on average, respect it 50% of the time. Thus 50% of the time it will not respect it. That's fine, but isn't that worth as much as any other random line.Ignored
- #28
- Jul 29, 2015 8:01am Jul 29, 2015 8:01am
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
Trading is a deeply personal experience. What one trader uses successfully another trading fails with the same. Most important is each individual's experience. If you have experienced lack of success with a particular method, indicator, strategy or what have you then by all means it is appropriate to state YOUR lack of success with it. Your credibility is enhanced when speaking from your personal experience.
A method that relies on a specific tool that works 50% of the time is actually a very good tool. I'm all ears for a tool that works with a higher percentage. If I know that my pivots will work 50% of the time I am all in! In reality it is not important that you or anyone else believes something will work a certain percentage of the time. What is important here is knowing when to rely on the tool and this is where your edge comes in. What specific sign tells YOU that the tool is providing a valid signal.
If someone with no discernible creditility makes an out of the blue statement it is probably just that...not credible.
The chart below shows a purple fork. The yellow Xs are the pivots used to create the fork. Price has broken through the median line and retraced back to it where it is currently retesting it as resistance. This suggests the median line is a valid area of frequency and may continue to act as resistance. We'll see.
A method that relies on a specific tool that works 50% of the time is actually a very good tool. I'm all ears for a tool that works with a higher percentage. If I know that my pivots will work 50% of the time I am all in! In reality it is not important that you or anyone else believes something will work a certain percentage of the time. What is important here is knowing when to rely on the tool and this is where your edge comes in. What specific sign tells YOU that the tool is providing a valid signal.
If someone with no discernible creditility makes an out of the blue statement it is probably just that...not credible.
The chart below shows a purple fork. The yellow Xs are the pivots used to create the fork. Price has broken through the median line and retraced back to it where it is currently retesting it as resistance. This suggests the median line is a valid area of frequency and may continue to act as resistance. We'll see.
- #32
- Jul 29, 2015 10:04am Jul 29, 2015 10:04am
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
{quote} Not bashing at all. Simply pointing out that your forks are arbitrary. I understand your opposition against the truth. What works pretty well is buying if price moves up and selling when it moves down.
Here's some truth for you. Two thirds off. Rest at break even. By the way I think I did sell when price was going down. What about you? Gotta chart? Hmmmmm..
- #36
- Jul 30, 2015 7:48am Jul 30, 2015 7:48am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
every Saint has a past. Every Sinner has a Future
Hello traders, I just came across an article about pivot point trading, and I realize there are may type of pivot points. They include: standard pivot point, Fibonacci pivot point, camarilla pivot point, woodie's, pivot point, DeMark's pivot, I wish to know the best type of pivot point that I can use for day trading Thanks
Many people will contend that pivots are useless, but that is because nothing can tell you when you should buy or sell. Just because it is at a s3 pivot (support 3 pivot) doesn't mean it will then reverse. Yet, if you believe that the prices gravitate towards pivots on a daily basic then the reality is pivots should not be ignored. Say between the Main daily pivot and the s1 pivot is 60 pips. If the price is right in between both pivots your entry for a long or buy will be much less accurate compared to if you bought or sold at either the s1 or main pivot.
Daily pivots is where price action moves towards. Here is an indicator which you can use to backtest pivots, and notice how the high and low of any given trading session, almost 100% of the times is right at those pivots. I'd love to share more information about my findings about pivots with you or anyone else here publicly so we can begin to see how useful it actually is for trade accuracy.
