Question for you technical geniuses out there. After Matt
and Steve have taught so much about pivots and how much the markets
respect them. Now I have a question when a stock like apple today
gaps under the s2 pivot in its 5 minute chart, do you just throw
them out or do you expect it to at least test that pivot?
Fibo - regarding your question...on a gap below a pivot then I
would watch that for short term resistance. AAPL actually
traded below S3 early this morning and chopped around below it
before breaking above that level. When the pivots are widely
spaced also consider the mid points of such pivots for additional
guidance.
Posted by philosoraptor on 19th of Oct 2011 at 12:51 pm
Steve, to build on your point from earlier, when very large gaps
appear overnight, even R4/S4 can be in play. Also, today in AAPL
(so far), both support and resistance are defined by pivot
mid-points.
Pivot Question- Gapping under s2
Posted by fibo on 19th of Oct 2011 at 11:01 am
Question for you technical geniuses out there. After Matt and Steve have taught so much about pivots and how much the markets respect them. Now I have a question when a stock like apple today gaps under the s2 pivot in its 5 minute chart, do you just throw them out or do you expect it to at least test that pivot?
Fibo - regarding your question...on
Posted by steve on 19th of Oct 2011 at 11:08 am
Fibo - regarding your question...on a gap below a pivot then I would watch that for short term resistance. AAPL actually traded below S3 early this morning and chopped around below it before breaking above that level. When the pivots are widely spaced also consider the mid points of such pivots for additional guidance.
Steve, to build on your
Posted by philosoraptor on 19th of Oct 2011 at 12:51 pm
Steve, to build on your point from earlier, when very large gaps appear overnight, even R4/S4 can be in play. Also, today in AAPL (so far), both support and resistance are defined by pivot mid-points.
Thanks for the input philosoraptor
Posted by steve on 19th of Oct 2011 at 01:00 pm
Thanks for the input philosoraptor - excellent feedback