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You know, as arbitrary as it may be I find that S/R normally finds itself pretty much spot on with classic daily pivot formula on the YM. Previous lows and highs on the chart barely seem to affect price action. Or maybe it's just me... shrug. |
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The pivots do seem to "work", but they are so far off the actual turning points that they can be used only as a guide. I suppose they are most useful for those who have no idea how to located S/R. What I'd suggest for those who want to learn, though, is to plot the points, then extend those lines to the left to find those levels that have been repeatedly tested, then focus on those levels themselves, using pivot points as training wheels.