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
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.
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.