I have been looking a bit towards pivot points and observed that some days they do work as support and resistance, but some days they mean nothing for price action. A bit hard yet to figure out wich days they should be disregarded.
Do anyone else here use pivot points in their trading? ....and how do you find them usefull ?
The following user says Thank You to sharpshoota for this post:
Nothing works all the time. I trade futures with pivots and set stop loss below for risk management. More often then not I get stopped out. But when I do not the profits far offset the times I get stopped out. You can be right 10% of the time and wrong 90% of the time and still be profitable. Key is risk management and getting out of the trade when it didn't work out.
The following 2 users say Thank You to haonkered for this post:
improper stop placement will result in getting stopped out. consider placing stops around support or resistance areas coupled with ATR to help estimate those ranges. The result is a structured stop instead of a arbitrary cash stop based on your view of the market, rather structured stops will be in better alignment with the market, which is never wrong. my $.02
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