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[123tom]

Looking at IPIX pivot points....


Someone posted a chart showing some pivot points. I wanted to help folks see how they are useful as target markers on a chart. But they need to be used the right way. First ,the poster set up the chart with 3 tools that wont work right together. I have found that when you combine the Pivot point tool, along with the Ichimoku cloud tool, the Ichimoku cloud tool skews the Pivot points and makes them different. The same thing happens when you add "extra bars" into the chart .(see stockcharts tool box of 'chart attributes' where you can add a number in the "extra bars" box. If you add more than 5 on the daily and 2 on the weekly, it changes the Pivot points equation, and you get different pivot points come out. So when you want to know what the true pivot point target markers are for the current moment on the chart, you cant use the Ichimoku cloud tool or add bars to the chart, at the same time. Instead, you have to plot the chart using the Pivot point tool, along with something basic like 200ma ,Bollinger bands, or the 50ma.
Another thing I learned about using pivot points, is that if you type into the pivot point box ,where it says ,'parameters', type in the letter F, it yields the Fibonacci pivot points , which gives you a few extra pivot points to look at.

Here is what the pivot points looked like on the daily chart Before the big rally surge.
You can also see on the chart the Fibonacci retrace tool I use , to show the projected target area for the next rally, yet to come, that has a target area around 1.18.

click for chart