Floor Pivots Revisited

I've gone back through months of intraday charts looking at the DAILY FLOOR PIVOTS. Was looking at the ones derrived from 24 hour data vs. pit session (RTH) data ... just eyeballing it, no "system" testing.

My observation is that the floor pivots react off of the average price and R123 and S123 from the RTH pit session more often and more effectively in terms of price action than the pivots that are calculated to include the overnight session ... even though those often work as well as S/R levels.

Just an observation and would like inputs from folks who've been following the floor pivots on the variety of calculations. Don't mean to beat a dead horse here, but this is what I'm seeing!

Feedback please ... helps me and all here.

Sincerely,

Barbecued MonkeyMeat

Hey, Bruce. Yes, that's how I use a lot of this stuff. I like to know where all the typical spots are, because if nothing more they will want to get them there to suck all the retailers in and play games with them. I have my own methodology, but I have all the MP stuff on there, pivots, Initial Balance, previous daily highs and lows, GLOBEX points, and so on. I see how it all fits into what I am putting together, and I then look to see how the game players can be used to help me out.

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Originally posted by BruceM

I think the one good thing of knowing where the "Pivots" are is that we know the super powers will try to push it towards one each day......Dr. Brett says the actual pivot from the previous day is hit over 70% of the time so that is fairly good odds in my book....we have the highs and lows of being hit over 82% of the time........the point is that we can use the information in opposite ways of the standard retail trader....

I like to watch how far they can push it beyond and S1 or R1 to run the stops and then move it back strategy for R1 and s1 levels

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Gotta watch them odds. The Derby winner was a 50 to 1 long shot....LOL

Bruce just kidding about the odds. Do you have a stat on how often the market hits
the 50% retrace of a move then goes on hits the 618%?

Anyone have a thinkorswim script for rolling floor pivots? Ive heard hourly rolling floor pivots are just as important as daily pivots

no problem red.......that 30 % of the time we are wrong can take all of our money....I don't follow fibs so I don't have stats on that....sorry

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Originally posted by redsixspeed

Bruce just kidding about the odds. Do you have a stat on how often the market hits
the 50% retrace of a move then goes on hits the 618%?

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I look at RTH pivots everyday. When price reaches area of pivot points I use it as a "pay attention" see what price does, how does price react, is there any obvious pattern in the chart?.

Using the classic calc for S3 or R3 (RTH), when price reaches near those levels, short-term momentum is usually spent. I am referring to S3 or R3 levels generated for the previous day or the day 2 days prior. Price moves to those levels, consolidation highly likely and be on the lookout for some sort of a counter move (can happen, but markets can just consolidate sideways). When 2 consecutive days of S3 very close to each other, market is ripe for consolidation, better to trade directional scalps and watch for at least a short-term breakout of the range (opposite the prior move). If R3 from previous day approached, watchout for break down, if price in vicinity of S3 from prior day, watch for breakout upside (short-term intraday).