[wsam29]

if you use tradestation at work, there is an indicator that plots the pivots for you based on your inputs, really handy, sure beats draw line by line by hand.

you'll do fine as long as you learn to sit on your hands and wait for your trades.

even include volume.

There are many ways to skin the cat so to speak, but when I was trading stocks, I would also include the sector index in which it may be part of.

ie trade INTC, watch $SOX and plot pivots on it as well. That way you can also guage whether your stock you are trading is leading or lagging for the day.

Just some ideas, get your creative juices flowing once more.

look under "forum jump" indicators.

[ddau]

I tried the pivot points and they worked pretty well. But I wasn't really disciplined enough to take some of the signals but I will continue to practice. I attached three charts. ATI, SU, and XLE. I traded mainly SU, the XLE is the index I follow. But it isn't a very good one, atleast not today.

In the morning I managed to sit tight until about 10:30 when SU crossed its PP. I got short and had a bid out at 73.66 which was S1. The last print to go off before it reversed was 73.67, go figure. So I didn't get the fill and ended up just taking the offer. Unfortunately I didn't have the guts to reverse and get long. And as you can see it reversed. I didn't get long until the PP where it crossed through and pulled back on the one red candle. I managed to make some money there.

So it reaches R1 and here is where I got whipsawed for a good while. I should have known to sit out because it was nearing lunchtime and such. But I kept getting long and short multiple times. That killed my profits just from commissions.

Finally around 2:15 I got short and made some there. But the price never really reached PP so I had to cover. I waited for the price to approach R1 again and it did I got short but it popped a little and I covered the top but I immediately reshorted and made some money back.

That is pretty much the jist of my day. Any suggestions would be greatly appreciated. It was a very sloppy day to say the least but I think I can really practice hard and make good use of pivot points. It was the first day I used them so can't expect much.

[wsam29]

Originally Posted by ddau »

I Unfortunately I didn't have the guts to reverse and get long.

That line that you entered yourself tells a great deal about really how you are trading.

You are still missing 1 key indicator in my opinion that would have given you more reason and confidence in taking that trade.

I put up the same chart myself and my key indicator and it would have meet my entry criteria.

Remember we're trying to figure out "collectively" what the market is trying to do. My personal analysis only goes so far if the market does not see it that way as well, so go with the net order flow.

[ddau]

I will continue to use these pivot points and work on my tape reading skills. Also I'll keep looking for that 1 indicator I may be missing. I am on the right track now. Thanks for all your help wsam29, I'll keep posting my progress as I refine my strategy.