Sanrith Descartes
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I see the term used a bunch, how exactly are the pivot points derived?
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Zog
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Jysin
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The official term can reference intraday, but I also tend to use it when referring to technical levels over longer periods of time. Basically finding levels of support / resistance on the Daily timeframe to look for some level of support on the current intraday.
So, QQQ level I cited at ~342.7 , you can see where my crosshairs are. This coincides with a longer period of high daily resistance through a big part of April 2021. (Former resistance becomes support on the way back down). Like most technical analysis, it is not always perfect. But the more the stock comes in and reacts to a level, the stronger it becomes. You can also see how it was clearly reacted to in June of the same year before finally breaking higher.
Again though, I think big tech is still on the backburner and SPY is dictating support and resist levels for the time being.
So, QQQ level I cited at ~342.7 , you can see where my crosshairs are. This coincides with a longer period of high daily resistance through a big part of April 2021. (Former resistance becomes support on the way back down). Like most technical analysis, it is not always perfect. But the more the stock comes in and reacts to a level, the stronger it becomes. You can also see how it was clearly reacted to in June of the same year before finally breaking higher.
Again though, I think big tech is still on the backburner and SPY is dictating support and resist levels for the time being.
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Sanrith Descartes
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Sanrith Descartes
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Moglyzoke Moogleman
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My only regret on that short was not biting a much larger chunk.
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Sanrith Descartes
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Sanrith Descartes
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I dont usually chart the SPY, but looking at it, I see $416.74 as the line in the sand for support.
Jysin
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Sanrith Descartes
fairly close yes. There's a little bit of support around 420 (hey!) and the next is 415, but failing that is nearly a straight shot down to the 400-403 gap. This is why holding yesterday's low is fairly important today.Far easier reading these levels if you use big boy charts. Get TradingView man! They give you a month free to play around with it. I swear by it.
Sanrith Descartes
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Pfft. Next thing you are going to tell me to get rid of my dial-up internet and get some fancy DSL connection.
Far easier reading these levels if you use big boy charts. Get TradingView man! They give you a month free to play around with it. I swear by it.
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Jysin
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Aren't you tired of your mom kicking you off the internet when she picks up the phone!?
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Sanrith Descartes
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I have a ton of other tools I can add to my charts. I am just a minimalist. I dont day-trade so I tend to take a more longer macro view of the chart.
Sanrith Descartes
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Jysin
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I am adding these in manually. They give me another level of confidence when buying into any given stock. If the market as a whole is pulling back, but coming into a major support level at the same time a particular stock is pulling into a level, you get a more significant chance of a support bounce. There is market alignment with your trade. Last year, I remember TSLA pulling into its 100D support at the same time that the SPY was pulling into a major level as both were initially selling with volume. That gave me conviction to buy a larger position as both were coming into support at the same time.
Conversely, if the SPY and QQQ were pulling back with no immediate support in sight and you were trying to go long in a particular name, that is far riskier.
This is obviously important for day / swing trading. However, I find this equally important when trying to time long term entries in these volatile markets. I am sure Blazin was eyeing stuff like this yesterday seeking the reversal.
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Jysin
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For further clarification, my main trading setup has a whole monitor that is split between SPY and QQQ 5min charts with these major pivots plotted out. Between them, I have a $TICK chart.
So, I am very closely monitoring these for market alignment with whatever trade in an individual name I am trading with a diff monitor that has 5min, 1min, and 24s charts. Before planning my entry I am plotting the daily chart pivots in that name. Then using 5m chart for swing type entries. 1m and 24s charts I am using for daytrade entries / exits typically.
3rd monitor is exclusively for my broker (Order entry, Time&Sales, L2, etc.)
4th monitor is newsfeed and Bookmap (graphical full book L2 representation)
So, I am very closely monitoring these for market alignment with whatever trade in an individual name I am trading with a diff monitor that has 5min, 1min, and 24s charts. Before planning my entry I am plotting the daily chart pivots in that name. Then using 5m chart for swing type entries. 1m and 24s charts I am using for daytrade entries / exits typically.
3rd monitor is exclusively for my broker (Order entry, Time&Sales, L2, etc.)
4th monitor is newsfeed and Bookmap (graphical full book L2 representation)
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