I realize there's a few threads floating on TL about pivot points, but thought we could discuss a few here in a more recent look.
Here's my consideration of pivots and I wanted some feedback. First, I should preface by saying that my intention at this time is to consider them for exit purposes and
only exits at this time. As I've mentioned many times, exits continue to be my weakness and for whatever reason, I've been spending some time at mypivots.com watching these levels.
So in terms of exiting a trade, I am looking at using the pivot levels as possible profit target(s) vs. a fixed target, trailer, etc. My use of late has been to enter trades as I normally do and then reference the nearest pivot point and use the numbers from
http://www.mypivots.com/dn/?symbol=41 I believe that site is recommended here and I think that's where I learned about it.
The idea at this point is to watch as price moves towards a pivot after a trade in my direction and watch price closely as it nears the pivot level. When price approaches the pivot level, look for a reason to exit if the level is holding well.
That's about it.
I'll try to get some examples up later if there's time, but I wanted to see what kind of feedback I could get from traders using the pivots. I mainly trade the ES.
Some questions if I may:
Have you found over time that these levels are respected on the ES?
How about other markets?
Is the mypivots site a good reference? Are the 'classic' numbers the best to use?