S3 to R3: Two important pivots

[Soultrader]

	Quote:	notouch
	You mention somewhere on the website that weekly pivot points provide strong support/resistance and that's what happened today with YM. The daily s1 and s2 were too close to be of any significance but weekly s1 and s2 were the only support on the way down. Daily s3 never came into play because it was too far down.

Weekly pivots work nicely at times. Its been working on the ER2 lately as well. But there are also times when the markets pay no respect to it. I tend to like the cluster pivots... my favorite type of S&R based on pivots.

[alex_p]

Hi Soultrader.
Could you please explain more in detail how do you build up cluster pivots?
Weekly pivots these are 5 trading days back or from Monday up to Friday?
Thank you

[Soultrader]

	Quote:	alex_p
	Hi Soultrader. Could you please explain more in detail how do you build up cluster pivots? Weekly pivots these are 5 trading days back or from Monday up to Friday? Thank you

Yep... update the weekly pivot before every Monday and the monthly before the trading session on the 1st of every month. Clusters are just price levels that line up with each other whether they be pivots, market profile levels, fibs, previous day high/low, overnight S&R, etc....

[alex_p]

OK
Thank you

[sudha78]

What a surprise! S3 pivot proved this today!

[notouch]

The classic S3 pivot worked better than the Woodie S3 pivot. The Woodie pivot provided very temporary support.