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FWIW, maybe this will help clarify.
This is what I do for Support and Resistance. I do the same thing on the daily and weekly charts. I update them every night, and keep the hourly on the screen all the time. It is part of VSA. Tom Williams in his book, the Undeclared Secrets, says us day traders would be well served by paying attention to the daily and weekly charts. Can you see the structure of the market and how the prior resistance at the 1336.50 area has become support and has acted like a magnant for this market today? I don't know if we will actually touch it, since volitility has dropped so low, but we are within a point or so of it. When you start to frame out the market like this, you will begin to see how much we trade around the daily highs and lows, and how the hourly and even weekly S & R become so important.
Eiger |
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I'd like to ask your opinion on Pivot Points if I may? Do you take the previous day bar and utilize its high/low/close to calculate pivots for the next day- IN ADDITION to having a weekly set of pivots?
So to simplify. On Saturday night you sit down and look at the Weekly Chart-you take the high/low/close from this prior week (Ending Close Friday) for the upcoming weeks pivot points (these would be your "wider net" pivots)
Then you sit down at EOD every day of your market and take High/low/close of DAILY chart and have those pivots set for next day?
Also there are about 4 common pivot "sets" out there- you use "Floor Pivots" then?
Thanks in advance!
Sledge