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Nah, I'd say pivots aren't a bit like pornography. They will however make
someone's head turn and if you're wrong with the market a pivot might make
you look at your data with one eye shut.
Didn't anybody teach you to play basketball when you were a runt? If you
stop dribbling the ball, you can't move both feet, but you can "pivot" on
one foot looking for someone to throw the ball to, or take a shot, but if
you move both feet your going to get the whistle for sure. So pivots are a
bit like basketball.
Uncle Webster says;
1 : a point, shaft or pin on which something turns
2 a : a person, thing, or factor having a major or central role around which
something turns or depends, function, or effect b : a key player or
position; specifically : an offensive position of a basketball player
standing usually with back to the basket to relay passes, shoot, or provide
a screen for teammates
3 : the action of pivoting;
or used as an adjective,
1: turning on or as if on a pivot.
Now lets say that the price on a chart is moving right along and then stops
on a dime turns around and goes the other way for several bars. That's it,
you have a pivot. Some traders call it a swing point. I guess because if you
are in a swing, swinging along back and forth each time you go as far as
gravity will let ya, then you stop and go back the other direction. By the
way, never jump out of a swing at that point. I did when I was a kid and I
broke my arm. Ouch! Do jump out of trades at or near that point though.
Now those day trading animals have a thing called a pivot point. They add 3
prices together and toss in some turnips and you have a place that they
think it's going to pivot; but sometimes the traders step on a slick piece
of turnip and slide right on through that pivot point. If they do that,
sometimes it's like a lose fumble in a football game because they all go
chasing and piling on the price move.
Nope not like porno, not a bit.
(Some humor intended herein.)
Brent
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