Help With Chart Settings

[CarpeUK]

Hi all, me again

Sorry if I am becoming a pain in peoples backsides but “the more I read the more questions I seem to have"

I have been reading up on Pivot Points and I now understand the basic working but I need some help with my charting.

I will be looking at four of the main indices tomorrow (day trading) DJ, FTSE100, NASDAQ & Nikkei and will be trying out this pivot strategy to see how I go (virtual money that is) :-0

Can someone recommend the best chart settings to use for this?

Also, the Pivot strategy seems simple enough to follow but as I am beginning to find out it is never as easy as I may first think. To give you a little background I will be working off the previous days highs, low's & close price? (well thats how i think this stratagy works, if not i will look like a right twat now)

Thanks again
CarpeUK

 

[stevet]

i assume you mean you will be trading the futures associated with DJ, FTSE100, nasdaq and Nikkei

if not, and you are planning to use speadbetting - then there are no pivot points associated with the spreadbetting data

you need to look at the pivot points relative to the futures data - and then learn how the market reacts to the pivot points and what happens from that reaction

 

[CarpeUK]

i assume you mean you will be trading the futures associated with DJ, FTSE100, nasdaq and Nikkei

if not, and you are planning to use speadbetting - then there are no pivot points associated with the spreadbetting data

you need to look at the pivot points relative to the futures data - and then learn how the market reacts to the pivot points and what happens from that reaction

Steve.

I may not be qualified to make this next statement and please do not be offened by what i am about to say i know i am new to this but what you have just said to me i see as being incorrect as it has gone against everything i have read about pivot points and this is why.

Live charts give you the actual daily movement and not the futures price so you are looking at what is going on in the now and trading that. As for not being able to SB the market with Pivoit points this is also incorrect you can even use pivot points on the Forex market. The Pivot point system seems an easy way to start to learn about SB/Trading and charting (well thats the way i see it as being a complete newbie)

Regards
CarpeUK