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Thank you Raul and protrader. I have been learning several new strategies through this forum. Just like any newbie I relied heavily on indicators without cleary knowing how they work. I started using S&R points and pivot points. What I find difficult is when the market rotates back and forth between the daily pivot or opening price.
How important is the opening price? I try to look for short opportunities when price is trading below the opening price and vice versa. Thank you.
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lopen,
Pivots are important but they MAY be support or resistance. There is no guarantee that prices will stop at these levels. I have them there to see how prices react to them: will prices stop and bounce or pierce through and continue? Only prices will answer the question, not the pivots. I used to make this mistake and think that's a 100% bounce area. Not true.
For me, this is one way (of many for others I'm sure) to determine if you're seeing trending or trendless market is viewing them through higher highs/higher lows and lower highs/lower lows.
This works in any timeframes. We all know prices move in waves. Learn to read this and mark them throughout the day so you can identify if you're in an uptrend, downtrend or notrend. Start from the higher timeframes (day, weekly) then work your way down (60min, etc) to see your preferred intraday timeframe. This is the meat of my strategy. Good luck.