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I am using Multicharts on AMP and whenever I open a new chart there is Floor Trader Pivots study on the chart. Does anyone use these and/or are they helpful. The second part of the question would be how do you use them?
Can you help answer these questions from other members on NexusFi?
Check out "Secrets of a Pivot Boss" by Franklin O. Ochoa, and "The Logical Trader" by Mark B Fisher. They both get into how to use floor pivots and strategies. Can use them for entries or where to place stops. Some days they eerily work like magic for me.
Floor pivots are calculated from the prior day's Hi, Low and Close and different relations between them. They are expected to show levels that may be important today, based on those values from yesterday, and to show probable support and resistance.
Do they work? Some people use them all the time, some don't. You'll get different opinions from different traders. It's probably best to see for yourself.
I used to use them all the time and I was sure they worked. Then I stopped putting them on my charts and I never missed them.
But try them and see.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Thank you for the responses. I have watched them a little bit and look back over the days and it doesn't seem to be very consistent in accuracy, but then I guess nothing is. I'll have to keep watching them and see if I can find any logic to them. Thanks again.
