| AUG 1994
The Pivot Point For Trading by William I. Greenspan
The Pivot Point For Trading by William I. Greenspan Want to know what the pros use in trading? Well, you're in luck. William Greenspan, the founder of the Commodity Boot Camp and a Chicago Mercantile Exchange floor trader, explains how he uses the pivot technique in trading. For the first nine years as a professional floor trader, I was oblivious to any technical trading techniques. I traded Treasury bonds, currencies, cattle, soybeans and Standard & Poor's 500 contracts with only fundamental trading techniques. As the markets have become more efficient and in turn I have become — I hope — a little wiser, I have acquainted myself with some technical tools to help me compete in today's market. One of the most valuable technical trading tools that I use every day is the pivot technique. I was introduced to pivot technique trading about six years ago, although it has been around for decades. Many professional traders use the pivot technique and others keep the pivot calculations handy to know what the pivot traders are doing and not get in the way. For an active day trader, the pivot technique can offer numerous profit opportunities. This technique works efficiently in all futures markets, although it responds better in markets with a wide daily trading range, such as T-bonds, the S&P 500 and currencies. It is harder to use in the corn, wheat or soybeans markets, which currently have narrow trading ranges.
by William I. Greenspan
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