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Thanks Waveslider, BrownsFan and Darth - I suppose these things work as reference points, just I seem to have so many of them.
And Darth,
"I think its interesting that if you randomly draw a line on a chart, you can probly convince yourself that price is respecting that level to some degree even though its just random."
I think you are right...which is scary - LOL! |
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You mock, but this is actually a very subtle way to understand pivots. That is, one should be using them to focus attention of price patterns, volume patterns, indicator changes
, et all. In other words, just because price moves down towards s1 you should not go long. But you should start paying more attention to what price does as it nears this area.