Yes, 5 pm New York time (10 pm London time) is the end of one trading day and the start of the next trading day.
The trading day we call “Monday” begins at 5 pm New York time on Sunday, and ends at 5 pm New York time on Monday. And, so forth.
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Forgot to add -
when used with [I]Lines of Support & Resistance[/I], and other indicators.
Can I ask if there are any Indicators that might be more logical to use with Pivot Points ?
cheers
I agree, provided your levels (lines, or zones) of support and resistance are shrewdly selected.
Often, you will find that one or more of your S/R levels coincide with each other, or with a pivot level. This is called [I]confluence,[/I] and it’s an important thing to take note of.
[I]More logical than S/R levels?[/I] — No.
[I]Potentially useful[/I] as clues to what’s coming today, or this week? — Maybe.
You might want to look at Fibonacci retracement levels, and take note of any confluences which appear.
Referring to the current 1-hour EUR/USD chart, if you drop a fib on the swing from Thursday’s High to Friday’s Low, you will see a very close confluence between the 50% fib retracement level and Friday’s High. That level [I]could[/I] be important going into this new calendar week.
Be aware that confluences are seldom perfect to the pip.
In confluences, as in horse-shoes and hand grenades, close counts.
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