Using the 50% Range as a Pivot

[Soultrader]

Ive posted an interesting chart. As you can see, there is a cluster of the value low pivot and the 50% range of yesterdays trading day and todays low.. This can act as a powerful pivot.

How I obtain the 50% range: Simply take a fibonacci retracement line and plot if from the high of yesterday to the low point of today. The low point was made during the morning session. Then you look for key fib resistance levels: 50% and the 61.8%.