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Study says pivots don't work?


This simple study says that pivot points don't work; they author tested 10 major currency pairs for 2006 to the present and found that the price was no more likely to revert back to the pivot point than any other number [url]http://www.myforexdot.org.uk/PivotPointAnalysis.html[/url].

If pivots work, can someone suggest something that can be back tested to show that they have some statistical significance?
Yesterday's Daily Classic Pivot Points
R4 1109.25
R3 1094
R2 1078.75
R1 1070.75
PP 1063.5
S1 1055.5
S2 1048.25
S3 1033
S4 1017.75

Weekly Classic Pivot Points
R4 1136.25
R3 1100.75
R2 1065.25
R1 1051.25
PP 1029.75
S1 1015.75
S2 994.25
S3 958.75
S4 923.25

Key Price Levels
1067.75 08:29
1059.25 11:00
1067.25 14:26
1062.25 15:08

Notes:
No real matches today. Very narrow range and light volume
Rosh Hashanah holiday began at sundown.
Source of PP
http://www.mypivots.com/dn/?symbol=224

Hope it helps
quote:
Originally posted by redsixspeed

These are the areas I'll be watching tonight & tomorrow
...


Good matches on:
R2 1067.17-1065.88
R1 1064.58-1063.25
S1 1059.33-1058.00
Daily Classic Pivot Points
R4
R3
R2
R1
PP
S1
S2
S3
S4

Weekly Classic Pivot Points
R4
R3
R2
R1
PP
S1
S2
S3
S4

Key Price Levels
1052.00
1061.50
1058.00
1062.75

Notes:
1052 close to R1w 1051.25. Very narrow range and light volume

Source of PP
http://www.mypivots.com/dn/?symbol=224
22-Sep-09
Open 1060.00
High 1069.25
Low 1059.50
Close 1067.25
Range 9.75
Volume 1,836,478

Key Price Levels
1061.50 09:35
1069.25 12:11
1065.00 12:42
1068.75 13:58
Notes:
Matches at R2d and at R1d

Daily Classic Pivot Points
R4 1092.00
R3 1080.75
R2 1069.50 1069.25 1068.75
R1 1065.00 1065.00

Source of PP
http://www.mypivots.com/dn/?symbol=224
23-Sep-09
Open 1067.25
High 1075.75
Low 1055.25
Close 1059.00
Range 20.50
Volume 1,836,478

Key Price Levels (times are CT)
1070.00 08:24
1062.25 09:42
1075.75 13:35
1055.25 14:59

Notes:
Matches at R2d, R1d S1 and S2

Daily PP and matching prices (column 2)
R2 1075.00 1075.75
R1 1071.25 1070.00
S1 1061.50 1062.25
S2 1055.50 1055.25

Source of PP
http://www.mypivots.com/dn/?symbol=224

Hope it helps!

24-Sep-09
High 1064.00
Low 1041.00

Key Price Levels (times are CT)
1064.00 07:45
1062.00 08:34
1043.25 09:44
1049.00 10:11
1041.00 13:24
1048.75 14:12

- PP ---
* Price-*
Dif
PP 1063.25
1064.00
-0.75
S1 1051.00
1049.00
2.00
S2 1042.75
1043.25
1041.00


Source of PP
http://www.mypivots.com/dn/?symbol=224
Hope it helps!

25-Sep-09
High 1049.50
Low 1036.25

Key Price Levels
1041.00 08:40
1048.00 09:13
1036.25 12:13
1044.75 14:00

- PP ---
* Price-*
Dif
PP 1049.75
1048.00
1.75
S1 1035.50
1036.25
-0.75

Source of PP
http://www.mypivots.com/dn/?symbol=224
Hope it helps!

28-Sep-09
Key Price Levels
1037.00 02:42
1048.00 07:36
1043.75 08:30
1060.25 11:09
1057.50 11:59
1061.00 12:44


Daily Classic Pivot Points
- PP ---
* Price-*
Dif
S1 1042.75
1043.75
-1.00

Source of PP
http://www.mypivots.com/dn/?symbol=224
Hope it helps!

29-Sep-09
Key Price Levels
1065.75 07:07
1055.50 08:13
1065.75 08:59
1053.25 10:48
1061.00 12:44
1054.25 15:15


Daily Classic Pivot Points (ETH basis)
- PP ---
* Price-*
Dif
PP 1052.00
1053.25
-1.25

Weekly Classic Pivot Points
- PP ---
* Price-*
Dif
R1 1065.75
1065.75
0.00

Source of PP
http://www.mypivots.com/dn/?symbol=224
Hope it helps!

R4 1069.67
1067.54
R3 1065.42
1063.29
R2 1061.17
1059.75
R1 1058.33
1057.63
======================
PP 1057.00
======================
1055.50
S1 1054.08
1053.38
S2 1052.67
1050.54
S3 1048.42
1046.29
s4 1044.25
Study wasn't usin' them right. Nuff' said.