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Richard wrote:
> Great. Then my next question is what do you mean by the "pivot high"?
> Is that the same as R1, R2, or R3?
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A pivot high is one in which the market turns down after having been
going up for a while. In other words, it "pivots" from going up to
going down.
If you use the phrase "pivot high" by itself, I think most would
assume that a daily time frame was being referred to.
When I use the phrase "intraday pivot high", I'm most often referring
to one that can be seen on a 5 minute chart. The phrase "3/4 intraday
pivot high" refers to an intraday pivot high that occurred last
Thursday, in this case at 119-22.
You'll find that I make frequent reference to previous intraday pivot
highs and lows in this commentary. The fact that a market has already,
in the recent past, turned at these levels, is reason enough to
suspect that they might again, especially when a "cluster" of them
exist on the chart, and ESPECIALLY when they are near S&R levels.
I hope this helps.
Bob Hunt
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