Guide to Pivot Points: Chapter 2
Updated
This is a follow up to my previous Idea. Please see that one first if you have not yet done so:
Chapter 2: ''Mid'' Pivots or Mid Points.
Math:
Simply 1/2 of the two Main Pivots nearby.
Order:
M-1 is halfway between Support2 and Support1.
M-2 is halfway between Support1 and Central Pivot
and thus M-3 and M-4 are above Central Pivot, counting UP.
Not sure why it is done this way, but you get used to it
Use:
Mid Pivots are used by many traders, and sometimes called 'Minor' pivots.
They often cause a break/turn, especially if near another time frame pivot.
I add a mid pivot if price is near the range, to gauge the effect in detail.
Scalpers should just get in the habit off adding them each week/month.
Time Frames:
For Mid Pivots I usually only add to Monthly and Weekly.
One could add to Daily as well, and that would be valid.
I add Daily if I am performing surgical precision analysis.
My Application:
MID-Pivots are NOT in the TV indicator ''Pivot Points Standard''.
So I add them manually, with a fib to find 50% between two main points.
Hopefully TV will ad a Pivot indicator with Mid pivots soon.
There may be indicators created by Users, that include Mid Pivots
For this tutorial I wanted to use readily available TV features.
Chapter 2: ''Mid'' Pivots or Mid Points.
Math:
Simply 1/2 of the two Main Pivots nearby.
Order:
M-1 is halfway between Support2 and Support1.
M-2 is halfway between Support1 and Central Pivot
and thus M-3 and M-4 are above Central Pivot, counting UP.
Not sure why it is done this way, but you get used to it
Use:
Mid Pivots are used by many traders, and sometimes called 'Minor' pivots.
They often cause a break/turn, especially if near another time frame pivot.
I add a mid pivot if price is near the range, to gauge the effect in detail.
Scalpers should just get in the habit off adding them each week/month.
Time Frames:
For Mid Pivots I usually only add to Monthly and Weekly.
One could add to Daily as well, and that would be valid.
I add Daily if I am performing surgical precision analysis.
My Application:
MID-Pivots are NOT in the TV indicator ''Pivot Points Standard''.
So I add them manually, with a fib to find 50% between two main points.
Hopefully TV will ad a Pivot indicator with Mid pivots soon.
There may be indicators created by Users, that include Mid Pivots
For this tutorial I wanted to use readily available TV features.
Note
Update on current Pivot status for apr 8th 2018.Just a quick look at how the Pivots are lining up for this week.
A couple of ''clusters'' or ''zones'' to watch where multiple pivots are close.
Note
Another example of Pivot based price action.LTC over last couple of weeks:
Note
I have posted a ''Chapter 3'' below. (how to draw NEXT period's pivots):
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