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I have a question for floor pivot traders who trade the levels everyday, e.g. major floor pivot support / resistance levels.
I will take yesterday as an example for ES futures, May 10th, 2021.
Price opened above pivot point. Then went down, looking to make it's gonna hit the S1 area. Suddenly, it broke though pivot point again, so much so, that it was almost halfway to R1 area.
Again, this just reversed to come back to pivot point, then a monstrous move down to S1 (4200), then again, just by close, all the way to S2 (4175) area.
My question is, whoever is trading these levels, do you identify when to enter solely based on order flow / bookmap indicators (because almost everyone here is using them)?
Or do you just trade strictly based on price action? If this, then how would you trade something which reversed instead of going to your intended target? E.g. Failure of price reaching R1 area. Will you gladly take a stop because that's how trading is?
I use Jigsaw just because of the great DOM they have. This DOM is stable, doesn't freeze, etc. But, no order flow for me. I use Daily, Weekly and Monthly pivots on my chart.
You could try other kind of charts with your pivot points (could be tick or volume based).. And also test Daily pivots for a regular session (floor) or a Globex session, and see the difference.
Best!
Thanks Fonz. All my time here, I am surprised no one actually talks about trading the way floor traders do like at the stock exchange.
Everyone (almost) is either running behind heatmap and/or order flow.
But when you look at these floor pivots, you will start to see the actuality as to how the market wants to move from one area to another. Of course order flow / heatmap are just the tools, but my main concern was why anyone is never talking about how and why the price moves to these levels everyday.
If you can clearly spot your trend - clearly - then you will know the price will have to go test the next area, either up or down. Yes there might be hiccups and actual reversals because of news, but majority of times, the prices just move smoothly from area to area on bigger time frames like on one hour, four hour charts and daily charts.
