This is a current example of TV's free ''Pivot Points Standard'' indicator. All of those Pivot lines are drawn at the beginning of each period. They do not 'repaint' like most other indicators, making for good targets.
Last week was a perfect Pivot trade, weekly R1 to S1, a common swing. This week the Monthly (new for Jan.) Pivot was found to be support. So it is possible that the Monthly R1 will be hit before the end of Jan.
NOTE The term ''Pivot'' or ''Pivot Point'' is used in different manners by different people. But originally, that term described a very specific method of calculating pivot price points. TV has captured that original method, in the standard indicator ''Pivot Points Standard''.
Here is a 3-chapter guide to using TV's indicator
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Yeah, there are people trading pivots. That is the only way to explain this blue likes are Daily Pivot points. Back in the day, S&P Pit traders would have nothing but index cards with these exact price points written down. Then staring at the ticker, they would place their trades at each of those prices (or a little around them).
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Example of short term Pivot Trader thinking: start with daily, look for weekly target. Same can be applied to longer term using Monthly pivots.
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LTC just hit the Weekly M3, and as expectable Bulls are taking profit now the question is whether Bears will jump in to take this dip as a reason to push down more .
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Pivot Point strategy looking good Weekly R1 broken with force, should go higher .
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Approaching next Take Profit Pivot
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Weekly R1 almost hit might be about done for the week, new pivots coming in 24 hours. .
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Got a decent bounce off the new Daily Central Pivot
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Wow! Chikum broke about the Monthly R1 pivot. no idea what this pump is about, but longs are being rewarded nicely, and Pivot Points were just one of the indicators that hinted of this. Good job LTC! .