[BlowFish]

What Tin Gull said traditional ones 'work' just fine. Sometimes on the DAX they are almost magical. Of course at other times when business is slow they are chopped from side to side as stops are run and traders lured in. Actually this can be the case with any well known line or formation, if there is no underlying order flow the fakirs come out in force

Cheers,
Nick.

[Minetoo]

What about tight, range-bound days (aka 'chop' or 'random rotational days') when the price action doesn't even come near the pivot lines? Are they just discarded on these days and some other strategy employed?

[notouch]

At least one pivot usually comes into play but they're not the holy grail. You need to look at other sources of support and resistance like previous highs/lows, fibs and value area levels.

[keymoo]

I use the values from the daily chart which should be 24h high/low and the settlement price should be the close. So for YM On tradestation I use the data from the previous day on a daily @YM chart to plot on my current intraday chart using my own indicator, which can be downloaded from the indicators forum. I use the 'standard' formula.

I use these calculations from experience as they have proven to be the most respected by the market on the YM, ES and DAX.

[BlowFish]

Originally Posted by Minetoo »

What about tight, range-bound days (aka 'chop' or 'random rotational days') when the price action doesn't even come near the pivot lines? Are they just discarded on these days and some other strategy employed?

On those days it will often chop around the PP itself. Halfway points are often respected too. The problem often comes after a wide range day - the lines for the next day are going to be spread out (due to the geomatory behind the maths). After such a day you may get a narrow consolidating day (or 2) in which case you may not hit much.

Really there is no substitute for eyballing the charts yourself and seeing what works (or not) for your favourite instrument.

Cheers.

[michaelstuarts]

Greetings.............
while we are on the subject of pivots.........

Is it possible to use pivots for longer time frames; over days or weeks.

Can I use a monthly bar to calculate the pivots for the following days and weeks of the next month ?

Do I use a weekly bar for the following days for the following week ?

How would pivots be used for short term (days) or even weeks.

I'm not sure how things would scale for different time periods. One day trading day in the stock market contains approximately 78 five minute bars and the pivots for this day are calculated from the previous day with a ratio of 78:1.

thanks,

//michael

[dalby]

yes, many people (myself) included use monthly and weekly pivots.

needless to say, these are much wider between levels than daily pivots, and often don't come into play.

i love confluence. like when a daily pivot, a weekly pivot, and a market profile level (like a virgin POC) all come together.

Originally Posted by michaelstuarts »

I'm not sure how things would scale for different time periods. One day trading day in the stock market contains approximately 78 five minute bars and the pivots for this day are calculated from the previous day with a ratio of 78:1.

BTW - Many of us trade the indices using the 9:30-1615 timeframe on the futures contracts, yielding 81 five-minute bars over a 405 minute timeframe.