Definition
Ziv Ghost Pivots is a dynamic indicator used to get a pivot target level for a specific trade. Within the indicator settings, there’s a variety of options that include period pivots: 4 hour, next day (8 hour), next week, and next month. These settings allow the user to see the pivot target levels for the specific period(s) chosen in the indicator settings.
Takeaways
Rob Booker, an experienced entrepreneur and currency trader, suggests using the Ziv Ghost Pivots indicator and choosing solely “next week pivot” for pivot target level projection. This specific method shows the user where the pivot would be that corresponds to the end of the week. Booker claims this strategy to be a terrific “profit target.”
The Ghost Pivot is referred to as such because the target does not technically exist... yet. If you adjust the settings to next week, it is still the current week, and therefore the pivots are a prediction. A ghost pivot displays where the target would exist if today were the first day of next week.
What to look for
To get a high probability target, Booker mentions for traders to keep a close eye on Thursdays and Fridays.
Summary
The Ziv Ghost Pivot indicator is great for traders who seek out high probability targets. Although the Ghost Pivots don’t exist at the time they are being used, they show what the future levels will look like in order for traders to act on profitable targets. By going to the indicator settings, users can play around with the pivot periods and see which setting works best for them.