Bigbusiness
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Chrishayes is absolutely right in what he said about their trigger points being 3 points and around 15 away from R1 and S1 levels.
Their FTSE open, high and low figures match those on yahoo and bigcharts .
However when comparing their open, high and low prices for the DOW on any day these are different from those displayed on Yahoo or big charts, any idea where this is ? (using their open , high and low numbers what Chrishayes said holds).
Their FTSE open, high and low figures match those on yahoo and bigcharts .
However when comparing their open, high and low prices for the DOW on any day these are different from those displayed on Yahoo or big charts, any idea where this is ? (using their open , high and low numbers what Chrishayes said holds).
you think chinese number's are bad...check the post under pivot point's ..there is a company selling their pivot method for
$99.00 www.surefirething.com...
one could easily do it themselves using a pivot calculater
instead of paying $99.00. .be carefull out their..
$99.00 www.surefirething.com...
one could easily do it themselves using a pivot calculater
instead of paying $99.00.
.be carefull out their..damianoakley
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PIVOT POINTS ?
Hi,
I've just read this entire thread with interest.
Could someone here maybe enlighten me a little more on Pivot Points? I've had a quick look at pivotpoints.co.uk.
How are these pivot points meant to be used? How are they calculated? Would it be possible to day trade the FTSE using Pivot Point calculations and correct money management? Why are there 2 Support and Resistance levels?
I speak to a guy regularly on email who I met on another bulletin board. He used to be a stockbroker in the U.S. He lives in the UK now and says that he makes his living day-trading the S&P500. I think he is genuine because he will never really tell me his trading system!
My point here is that he's mentioned to me that he uses calculations that he once used as a pit trader in the U.S. to determine the likely "turning" points on the S&P500 index. Are these the "pivot points" that have been mentioned in this thread?
If anyone could explain pivot points to me I would be very greatful. I'm currently paper-trading EOD with Omnitrader, but I want to get into Short-Term Day Swing Trading which is why I'm interested in these Pivot Points.
Many Thanks
Damian
Hi,
I've just read this entire thread with interest.
Could someone here maybe enlighten me a little more on Pivot Points? I've had a quick look at pivotpoints.co.uk.
How are these pivot points meant to be used? How are they calculated? Would it be possible to day trade the FTSE using Pivot Point calculations and correct money management? Why are there 2 Support and Resistance levels?
I speak to a guy regularly on email who I met on another bulletin board. He used to be a stockbroker in the U.S. He lives in the UK now and says that he makes his living day-trading the S&P500. I think he is genuine because he will never really tell me his trading system!
My point here is that he's mentioned to me that he uses calculations that he once used as a pit trader in the U.S. to determine the likely "turning" points on the S&P500 index. Are these the "pivot points" that have been mentioned in this thread?
If anyone could explain pivot points to me I would be very greatful. I'm currently paper-trading EOD with Omnitrader, but I want to get into Short-Term Day Swing Trading which is why I'm interested in these Pivot Points.
Many Thanks
Damian
Trader333
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Damian,
Try this link
http://www.spreadsbetting.co.uk/yabbse/index.php?board=1;action=display;threadid=124
This is a whole thread at www.spreadsbetting.co.uk that gives all the information on pivot points and includes a spreadsheet that calculates them for you. For those interested in this it is very good in my view.
Cheers
Paul
Try this link
http://www.spreadsbetting.co.uk/yabbse/index.php?board=1;action=display;threadid=124
This is a whole thread at www.spreadsbetting.co.uk that gives all the information on pivot points and includes a spreadsheet that calculates them for you. For those interested in this it is very good in my view.
Cheers
Paul
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Damian - it sounds to me as if the US trader is talking about pivot points. These are used by traders in the pit, and therefore used to apply particularly well to pit traded futures. When in the pits the traders could easily remember 5 numbers (R2, R1, pivot point, S1 and S2) and therefore traded between these points.
As the majority of pits have been replaced by electronic systems the pivot points are, theoretically, not as important now as they once were. However, they still have a huge following, particularly among the retail traders, so they are worth using if that is your style.
I used to bear them in mind when trading, but now I don't use them.
As the majority of pits have been replaced by electronic systems the pivot points are, theoretically, not as important now as they once were. However, they still have a huge following, particularly among the retail traders, so they are worth using if that is your style.
I used to bear them in mind when trading, but now I don't use them.
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Deskpro - there are a couple of reasons why the 5 pivot points may differ.
It depends on which data you are working from - the spread betters figures will be slightly different because they are their figures and take into account the high and low prices the SB company traded at, irrespective of what the underlying index traded at.
Also, there are a couple of slight variations in the formula for working out pivot points. Some use H + L + C / 3, others use H + L + C + O / 4 - the latter takes into account any overnight gap. H = high of yesterday, L = low of yesterday, C = yesterday's close and O = today's open.
Remember also that there are often slightly different figures depending on whether you include the regular traded market or include pre-market or overnight trading as in the S&P.
Confusing I know, but you just have to find out by trial and error which of the pivot points best 'fits' the market you are trading.
It depends on which data you are working from - the spread betters figures will be slightly different because they are their figures and take into account the high and low prices the SB company traded at, irrespective of what the underlying index traded at.
Also, there are a couple of slight variations in the formula for working out pivot points. Some use H + L + C / 3, others use H + L + C + O / 4 - the latter takes into account any overnight gap. H = high of yesterday, L = low of yesterday, C = yesterday's close and O = today's open.
Remember also that there are often slightly different figures depending on whether you include the regular traded market or include pre-market or overnight trading as in the S&P.
Confusing I know, but you just have to find out by trial and error which of the pivot points best 'fits' the market you are trading.
Bigbusiness
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The yahoo high and low price for the Dow 30 is based on the high and low of all of the 30 companies. As they are not at the high or low at the same time, it is different from the index high/low.
Hope you can make sense of that!
Hope you can make sense of that!
Bigbusiness
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I had a look at their results. Their long entry points for the Dow seems to be the first resistance point using the pivot system (R1) +2. Their short entry seems to be the first support (S1) +16.
I am not sure why anyone would want to pay them to do that when they could do it for free.
To check this out for yourself, use this pivot point calculator:-
http://www.pivotpoints.co.uk/
Personally I think their results are unachievable as they calculate them using the maximum possible points gained on each day. In practice, this is not possible, unless you know the high and low of the day before trading. If you knew that, you wouldn't need a trading system!
I also think it would be hard to trade this system using a spread better, as the minimum gain of 10 points would be taken up by the spread and any quote bias.
I am not sure why anyone would want to pay them to do that when they could do it for free.
To check this out for yourself, use this pivot point calculator:-
http://www.pivotpoints.co.uk/
Personally I think their results are unachievable as they calculate them using the maximum possible points gained on each day. In practice, this is not possible, unless you know the high and low of the day before trading. If you knew that, you wouldn't need a trading system!
I also think it would be hard to trade this system using a spread better, as the minimum gain of 10 points would be taken up by the spread and any quote bias.
Bigbusiness
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Just had an email advert trying to flog me this system. Is there a place where I can complain about these people? It is clear to see that their results are not possible and all they are doing is selling pivot points plus a fixed factor that they add on.
Scripophilist
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Great thread guys, I also received this email and impressed by the speed at which T2W has disected it!!
