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Pivot Points 3968

I've been looking for a pivot calculator and found it on your site. Do you prefer the default setting or woodies or combo of both? Also does it figure on reg. session day or 24 hr. ,or does it not matter? Additionally how is Sunday accounted for as to Monday, or is Friday accounted towards Monday?

Finally do you find significance with weekly, monthly calculations that have shown heavily weighted areas of support or resistance historically? I am very much a new trader but I think that I have found out how important these levels can be. I wish I would have considered using these before I jumped right in to some unsuccessful trades.
The type of pivot that you use depends very much on your style of trading as does the RTH or 24hr session data. For example, a trader using a 2 point stop may be profitable trading classic pivots but another using 2.5 point stops won't because their stops are too big for that market and strategy. Also, pivots are rarely used in isolation and often looked at with clusters of other lines such as Fibonacci. This is one of those areas where you need to back test with a spreadsheet and do a lot of paper trading to work out what works for you.

The previous session's figures are used for the following session. So if there were no holiday on Monday then Friday's figures would be used for Monday.

Read this topic for more info on weekly pivots: Weekly pivot influence on first trading day
Thanks Day Trading, That helped clarify some things. I'll have to do a little more investigating into the fibs with pivots.