Guide to Pivot Points: Chapter 2

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is a follow up to my previous Idea. Please see that one first if you have not yet done so:

Chapter 2: ''Mid'' Pivots or Mid Points.

Simply 1/2 of the two Main Pivots nearby.

M-1 is halfway between Support2 and Support1.
M-2 is halfway between Support1 and Central Pivot
and thus M-3 and M-4 are above Central Pivot , counting UP.
Not sure why it is done this way, but you get used to it

Mid Pivots are used by many traders, and sometimes called 'Minor' pivots .
They often cause a break/turn, especially if near another time frame pivot .
I add a mid pivot if price is near the range, to gauge the effect in detail.
Scalpers should just get in the habit off adding them each week/month.

Time Frames:
For Mid Pivots I usually only add to Monthly and Weekly.
One could add to Daily as well, and that would be valid.
I add Daily if I am performing surgical precision analysis.

My Application:
MID-Pivots are NOT in the TV indicator ''Pivot Points Standard''.
So I add them manually, with a fib to find 50% between two main points.
Hopefully TV will ad a Pivot indicator with Mid pivots soon.
There may be indicators created by Users, that include Mid Pivots
For this tutorial I wanted to use readily available TV features.

Comment: Update on current Pivot status for apr 8th 2018.
Just a quick look at how the Pivots are lining up for this week.
A couple of ''clusters'' or ''zones'' to watch where multiple pivots are close.
Comment: Another example of Pivot based price action.
LTC over last couple of weeks:
Comment: I have posted a ''Chapter 3'' below. (how to draw NEXT period's pivots):
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hi. .very nice... thank you for suggesting this indicator.. looks interesting.
I've been using these from your post. Thanks for the info.
@LynMcd, Great to hear, and you are very welcome. Pivots are good for setting targets, perhaps more so than entries, but they seem to do their thing, week after week....
+1 Reply
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