The Intraday Pivot Points indicator is used by Rob Booker in conjunction with Knoxville Divergence in order to create an effective trading system that can determine prime price targets within the market including when it is best to enter short positions.
This indicator is routinely used and praised by Rob Booker, experienced entrepreneur and currency trader.
The indicator input and style can be customized according to trader preference. Let’s take a look at what goes into Intraday Pivot Points.
Input Settings. With input settings, traders will see options to choose the look back period, and then three other period options for the indicator. Intraday pivots have three options:
1) 1-hour pivots, or 60-minute periods;
2) 4-hour pivots, or 240-minute periods; or
3) 8-hour pivots, or 480-minute periods.
Style Settings. With style settings, traders can adjust the width of the line and other cosmetic decisions for the layout of the indicator on the chart.
According to Rob Booker, the “best examples of intraday pivots are the ones that are not hit by price.” This means a pivot that is displayed on the chart with no visible candle intersections is a great price target for traders to utilize as the point in which they will enter short positions. By waiting for Knoxville Divergence to form, or even price reversals to occur, traders can use the missed pivot as a target for price. This “missed pivot” is easily identified as an intraday line that has no candles touching it from the beginning to the end of the period.
Intraday Pivot Points are used to determine prime market price action targets that alert traders of the best times to enter short positions. By using the Intraday Pivot Point indicator in conjunction with other indicators, such as Knoxville Divergence, traders benefit from additional technical support and inherently build a trading system that identifies key price action moments.