Stocks & Commodities V. 26:11 (46-50): The Logic Of Pivot Trading by Jim White

Stocks & Commodities V. 26:11 (46-50): The Logic Of Pivot Trading by Jim White
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The Logic Of Pivot Trading by Jim White

About Those Short-Term Market Trends. This methodology takes advantage of the short-term trends in the market and applies a pivot trading technique to earn superior returns.

In 1998 I wrote a paper that became the foundation of a trading methodology I refer to as pivot trading. This methodology takes advantage of a fundamental characteristic of freely traded markets — that is, the persistence of price movement. This article will describe the underlying logic of the methodology, provide an example of the statistical verification of persistence, and outline how traders can use it to their advantage.


Persistence is the tendency of a market to move in one direction over a period of time before reversing course. The movements can also be referred to as runs or short-term trends. Those who claim that markets are random admit to the existence of persistence but explain it as a consequence of run theory, where each day has an equal probability of being up or down and the probability of continuing a run declines as the run gets longer. These market participants believe there is no feedforward of information from one day’s activity to influence a future day’s activity.

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