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I've also always been curious about session pivot points as S/R levels too, although I've shyed away from doing the research because I figured as a forex trader I'm usually active in the late Asian session or the early London session rather than the US session.
You can discover what your enemy fears most by observing the means he uses to frighten you.
Can you help answer these questions from other members on NexusFi?
Hi guys, a possible part of the euro story here is The $US rejected a major resistance area from 2010 providing a catalyst to the Euro. I'm surprised the indices were so weak though. You can see it on this full session chart here.
Also shown on the 30 minute chart you can see the rejection...
Now we basically wait and see what the overnight session does. If we don't start moving lower, I will be out of this trade. Even at full stop, I am still profitable today thanks to the ES.
if the pivot holds it will go higher to 1.2572 where the real resistance is waiting. if it breaks the 1.2572 we look at 1.2595.
my guess: it will hang around the resistance and wait for signals from the g7.
i went short 1.2530 when i got my signals for the first time since friday. i use a tight trailing stop because i think it will test the resistance rather than the support which is 1.25 now..
to all who were asking:
i use the person pivots
my free software has it integrated.
the formula is proprietary. it calculates the standard deviation based on the prior days close automatically. you can find calculators on many websites.
the person pivots are my money making machine. the person pps indicator is ok but it does not deliver better results than the atr supertrend or just plain stochastics and moving averages. anyway it is a very good indicator on mid-term charts.
i will take a long brake from here because psychos who belong to a mental home are allowed to post here (in a different thread). this is not the place where i want to contribute value
ciao to all nice and smart people
i am out of here
There was a small divergence today in delta, which would support your long position. But what doesn't support it is the complete lack of interest between 2470-2530 today, was a ghost town.
Here is a 15 min chart at 6:50am EST. I am flat but wanted to show an area which i would have used for shorting earlier this morning. The area is well located in the higher timeframe and shows quite well what occurs when there is imbalance in terms of supply/demand. Simple and effective.