Does anyone WHO ACTUALLY TRADES with REAL MONEY (preferably commodities and futures) use floor trader pivots? The pivot is roughly calculated by taking the high, low, and close and dividing it by three right? How are the supports and resistance level calculated from there? Also, what time increments are you watching while in a trade and using this indicator?
Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, even if you learn everything about futures trading indicators the market is just too random and unless risk is controlled, over time your account will slowly get wiped out, regardless how good a “trader” you think you are.
This question was about futures trading indicators and there have been some pretty good answers that should help in your trading, and especially in relation to futures trading indicators, the answer has been posted in the categories listed below:
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I found pivots to be a bit vague. There are several different ways to calculate them, and I think the underlying assumptions are flawed for 24 hour markets. They might work just fine for stocks, but where do you draw your day for the Euro or Oil or gold or even the S&P? Do you include overnight trades, or just use the regular session? Which formula do you use? From the many people I talk to, a primary reason for using pivots is that the floor traders use them, but with less and less volume happening on the floors, this argument is flawed as well.
JMTC