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***UPDATE
8/2008- I used Floor Trader Pivots for many years. About 5 years ago I
started to use Market Profile and Floor Trader Pivots together. Then about
3 years ago I stopped using the Pivots since they no longer seemed to work
as well as Market Profile support and
resistance areas.
I
like to trade using lines. Lines define support and resistance areas. Lines can
be straight, curved, horizontal, vertical or angled. I see them as magnet areas, action/reaction areas
and support and resistance areas.. They attract price to it and when price gets there we
get a reaction. Pause sometimes but then repelled back from where it came or
allowed to pass through and on to the next magnet.
Floor
Trader Pivots are calculated many ways. I use the calculation used by
most traders. I don't feel there is any magic to the calculation. The
effectiveness is a self fulfilling prophecy concept. The more watching a line
the more dependable the reaction. These are the pivots used by many pit traders.
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miracles,
they are everywhere.............. 