Has any one used PP method for day trading?

H= Yesterday high, L=low, C=close

R= Resistance
S=Support

PP=(H+L+C)/3

R1=(PPx2)-L

R2=PP+(H-L)

S1=(PPx2)-H

S2=PP-(H-L)

Purchase when price cross R1 and Sale at level R2.
Or
Short sell when cross S1 and purchase at S2.

Stop loss is must.

I want to know is this method working for day trading?

Thanks

Newbie question: what is "pivot" and its significance?

My broker's new screen offers this.

For BHEL, the value is 2413.05.

For Wipro, it is 666.86 (yes, 666.86).