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2019issue C0244-45

Prior-session pivot channels for same-day entries

Prior-session support and resistance are marked on a two-session chart and extended as a prior-session-channel. Longs are built above a pivot-region only after a 0.50 clearance-offset, and a starter-probe is bound by a capped initial stop and a resistance-trail.

  • Mark prior-session support and resistance as horizontal lines on a two-session candlestick chart, then extend them into the current session as a prior-session-channel for entry and exit decisions.
  • Construct longs above a prior support zone treated as a pivot-region, require a 0.50 clearance-offset above the obvious support line and above the obvious resistance line, and avoid buying immediately beneath prior resistance.
  • Tighten a resistance-trail as an open long approaches prior resistance, and apply a 0.50 maximum-stop-distance to both the initial stop and the trailing stop on day trades in the 20 to 70 price range.
  • Open with a starter-probe of 50 to 100 shares so the initial loss stays bounded, and limit the construction to instruments with at least 15,000 shares per minute and a daily range of one to two points or more.
Entries in this reading3 entries
Current trackPivot point45 readingsTrailing stop87 readingsSupport and resistance170 readings

The last session as a map

Prior-session support and resistance are marked as horizontal lines on a two-session candlestick chart. Those lines are extended into the current session as a prior-session-channel for entry and exit decisions.

Prior-session support, resistance, and OHLC points are treated as levels that both discretionary traders and systematic order-routing programs observe.

Where a long is allowed

Longs are constructed above a prior support zone treated as a pivot-region rather than a single print. Buying immediately beneath a prior resistance zone is avoided.

A 0.50 clearance-offset is added above the obvious support line, and above the obvious resistance line, before a long is accepted.

A path map from the prior session

Prior-session cup depth, opening-range breakout height, and the duration of internal trends are used as a path map for the current session.

COMEX gold continuous contract, 236-minute bars

The TradeStation figure traces the COMEX gold continuous contract from mid-October into early December. Prices were read from the printed 1,200–1,250 scale, including the last quoted print of 1,226.3. A trader sees the October rally and test of 1,250, the early-November breakdown toward 1,205, and the rebound—the same swings the overlay marks as buys, shorts, and trail stops.
The TradeStation figure traces the COMEX gold continuous contract from mid-October into early December. Prices were read from the printed 1,200–1,250 scale, including the last quoted print of 1,226.3. A trader sees the October rally and test of 1,250, the early-November breakdown toward 1,205, and the rebound—the same swings the overlay marks as buys, shorts, and trail stops.COMEX gold continuous contract (GC, February 2019) · 236-minute bars · 2018-10-10T00:00:00.000Z to 2018-12-01T00:00:00.000Z

Individual 236-minute candles cannot be resolved on the magazine raster. Points are swing and labeled-date prices rounded to the nearest dollar, except the last print stated as 1,226.3 in the quote bar.

Stops, first size, and eligibility

Once an open long approaches prior resistance, the trailing stop is tightened. That tighter exit is the resistance-trail, and it stays attached to the same prior-session-channel that defined the long.

For day trades in the 20 to 70 price range, a maximum-stop-distance of 0.50 is applied to both the initial stop and the trailing stop.

The first size is a starter-probe of 50 to 100 shares so the initial loss stays bounded. Eligible instruments are those with at least 15,000 shares per minute and a daily range of one to two points or more.

Educational research material, not investment advice. Historical source context does not establish present-day performance.
35 of 38 in the Pivot point track
20199-9 pp.Next on Pivot pointConstructing intraday pivot channels from prior-session levelsA two-day one-minute chart keeps the prior session's open, high, low, close, and leftover support and resistance visible while the current session is planned.
All readings on this track · 38 readings
  1. 1988Constructing action-reaction lines from two pivots
  2. 1988Constructing intradaily point-and-figure boxes and pivot ladders
  3. 1991Constructing layered support and resistance from swings, pivots, and retracements
  4. 1994Three locks on a day-session order, then a staged exit
  5. 1994Building a five-level daily pivot grid
  6. 1996Constructing daily pivot points from session prices
  7. 1996Higher time frame balance points as a trend and band filter
  8. 1998Cup-with-handle construction rules
  9. 2000Pivot levels as a daily trade hypothesis
  10. 2001Construct a same-session polarity card around the daily pivot
  11. 2001Trading inside the cup-with-handle before the breakout
  12. 2005A lower-low rebound as one entry, abstention, and stop routine
  13. 2006Constructing session pivot maps from the prior high, low, and close
  14. 2006Constructing a pivot grid for stops and buy-stops
  15. 2006Monoparametric automatic trendline construction
  16. 2008Write the exit before the entry
  17. 2010Dynamic-pivot range grids for trend bias
  18. 2010Reverse-entry exits for pairs, pivots and support
  19. 2011Sequencing pairs, futures pivots, and implied volatility
  20. 2013Constructing Camarilla levels from prior range
  21. 2013Camarilla levels as a multi-timeframe map of reversion and breakout
  22. 2013Constructing a camarilla-grid from a completed lookback range
  23. 2013Constructing daily pivot support and resistance rungs
  24. 2014Constructing daily pivot levels from prior-session OHLC
  25. 2014Next-session pivot support and resistance from daily bars
  26. 2014Constructing session pivot rails from the prior-day range
  27. 2014Evaluating moving-average, pivot, and support-resistance filters
  28. 2016Stage a Trailing stop toward a planned target
  29. 2016Smoothed RSI and full-cut pivots for option-income exits
  30. 2017Constructing a weekly seasonality pivot scaffold
  31. 2017Seasonality and pivot points as scenario maps, not forecasts
  32. 2018Wave pivots, strength filters, and option premium
  33. 2018Constructing Fibonacci and daily pivot support maps
  34. 2018Building a daily pivot lattice with Fibonacci rails
  35. 2019Prior-session pivot channels for same-day entries
  36. 2019Constructing intraday pivot channels from prior-session levels
  37. 2020Variable-strength pivot highs as falsifiable entry filters
  38. 2020A high-volume-pivot long after a multi-week decline
By fieldEntry and exit rules206 readingsBy year201975 readings
All 45 readings tagged Pivot point
Also on Pivot point5 readings
1994Building a five-level daily pivot grid2016Stage a Trailing stop toward a planned target1988Constructing intradaily point-and-figure boxes and pivot ladders1991Constructing layered support and resistance from swings, pivots, and retracements1996Higher time frame balance points as a trend and band filter