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I was wondering if anyone uses hourly (or intraday of some other value) pivots? I was just playing around with creating new indicators and came up with the attached indicator as an idea.
The basic concept is that there is a buy zone between R1 and R2 and a sell zone between S1 and S2. The indicator colors these regions green for buy and red for sell.
In order to get a big picture, it does weekly, daily and intraday pivots. The weekly ones are lightest and the intraday darkest.
To be honest, I have never really used intraday pivots but just wondered if this approach is one that anyone thinks is useful.
Comments welcome - this is a very alpha indicator and internally uses the CMI daily and weekly pivots and the Intraday pivots from the NT forums but they are included in the zip file so you just have to import it.
Depending on the time frame it may have some relavance. However I have seen this back tested and it was 50 to 54 % successful. I personally think it is near useless on a small time frame. Nothing wrong however with setting up a method where you should be on the lookout for a reversal/
I don't know if this helps but I no longer use short-term pivots as I've gotten killed in the past doing so. I am now a huge believer in the theory that pivots should never change. If you haven't already, on whatever it is that you trade, try going back a year and simply plot sup/res lines wherever you consistently see bounces. It's helped me a lot. I hope it helps others as well.
Jake,
Quite the same as you.
But I use 100 and 200 sma/ema as simple reference to market mood bull/bear + sometimes for SR levels.
Just plot them and see at least 15-20 days back.
However they works on all time frames, depending how to look on them.
P.s. that has some relation to me old studies about market cycles/structure, i.e. market has certain cycles/structure which could not be changed by anyone because they based on main physical and psychological laws.
Any your comments are welcome
Krgds,
Andrew
