What i learnt from babypips is that pivot point is calculated using the last trading session’s open,high,low and close.
But I don’t know how to get these values.
The only one i am sure of isusing the close of the New York session as it was stated that that is the value most traders use.
If say i want to trade during the London session that falls between 8am to 4pm GMT, i am supposed to make use of the values of open,high and low from the Tokyo session which is the last trading session(correct me If i am wrong).
If this is so,which of the candle stick values within the Tokyo session am I to obtain the values of the open,high, and low from and make use of to calculate pivot point?
here is an idea for you
why don’t you apply the pivot point indicator on your chart
then
go into the code of it and understand how it calculates it
i don’t think you understand the term SESSION correctly
they are talking about PREVIOUS SESSION as in
PREVIOUS DAY
PREVIOUS WEEK
Mate, let’s say you have a Pivot point indicator… ok
let’s say it’s a weekly indicator
well… why do you just start like this, instead of me explaining the calculations
why don’t you take the HIGEST POINT of the last week
the LOWEST POINT
and find the MID WAY POINT BETWEEN THOSE 2 POINTS
start there
How do i get the pivot point indicator ?am I supposed to download it from meta trader 4 platform or where?it’s actually a daily indicator I will be looking at.
I understand how to calculate it by imputing the high,low,open and close values of the previous session but how to get those values is my problem.
If for instance I want to trade on say Tuesday during the London session,the session before that is the sydney session.using daily trade values,how do I obtain the open,close,high and low from the sydney session and use it to calculate?
i thought it was in MT-4 by default
if it’s not you can always go to the MARKET tab in MT-4 search for pivot point calculators and download one
i don’t understand.
what do you mean how do you get it
you look at the chart and you get the values…
i don’t understand what you mean
Hello, Lexzy
Your post raises a valid question: For calculating pivot points, when do the major trading sessions begin and end? And, specifically, which candles mark the open and close of the Tokyo Session, for calculating pivots in the London Session?
The short answer to your question is:
For trading the London Session, using Tokyo Session pivot points, refer to the session times for Tokyo and London given here – Forex Trading Sessions - BabyPips.com
That is, find the high price, low price, open price, and closing price occurring during the Tokyo Session (currently 11 pm GMT - 8 am GMT), and use those prices to calculate pivots for the London Session, which begins at 8 am GMT. Note that this suggestion ignores the Sydney Session, altogether.
Many traders do not ignore the Sydney Session. Instead, they combine it with the Tokyo Session into one long Asia/Pacific (APAC) Session. If you prefer doing it this way, then use 9 pm GMT as the open of the APAC Session (and use 8 am GMT for the close, as above).
If you’re not in the GMT time zone, then you’ll have to figure the corresponding times for wherever you are.
Here’s the long answer:
If you want to apply pivot points to sessions other than the London Session, you’ll have to make some additional choices regarding times.
For example, the London and New York Sessions overlap each other by 4 hours. So, if you want to trade the New York Session (1 pm GMT - 10 pm GMT) using pivots from the (previous) London Session, you would likely base your London Session pivots on the first 5 hours of trading in London – that is, 8 am GMT - 1 pm GMT.
Daily pivots are easier to manage than session pivots, because once you have specified the beginning of each trading day (typically 5 pm New York time), there are no overlaps to contend with. But, session pivots can be rationally applied and successfully used, as well, if you choose the session times in a logical way.
As to the broader questions – what are the major trading sessions, and when do they begin and end – there are no universally-accepted answers to those questions, because forex trading sessions do not start and end at fixed times (as trading sessions do in exchange-traded markets). Instead, in each forex market – the London market, for example – trading ramps up in the early morning, as the sluggish overnight period transistions to daytime, and then ramps down in the late afternoon, as the busy daytime period transistions to the overnight.
Most – but, not all – of the trading in any particular market occurs during the normal business hours in that market, say 8 am to 5 pm, local time. And those times are frequently cited as the so-called forex session times in that market. But, those times are merely a handy approximation.
The Babypips School teaches a 4-session trading day. The 4 sessions are Sydney, Tokyo, London, and New York. In this scheme, there are extensive overlaps between Sydney and Tokyo, and between London and New York. When basing pivot points on session times, you have to decide how to contend with these overlaps, as described above.
John Kicklighter, analyst at DailyFX, suggests a 3-session trading day, the 3 sessions being Tokyo, London, and New York. You can read about his approach in this article from Investopedia – The Forex Three-Session System | Investopedia
Keep asking questions. It’s how you learn.
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I know of the 4 time sessions.thanks
If I want to go by what u explained here,
Let’s say u want to trade on Friday 23/02/18, does this mean that it’s 9pm GMT of Thursday 22/02/18 I will use as the open price and 8am GMT on Friday 23/02/18 I will use as the close price?
Secondly,if this is so,on Thursday 9pm GMT,d candlestick at that time opened at 1.23310.on Friday 23/02/18 at 8am GMT,the candlestick closed at 1.22948.
Are these the values I am to use as the open and close prices respectively?
Third,if this is so, how do i obtain the high and low price to use in calculating from all the candlesticks that formed within the APAC Session of between 9pm GMT to 8am GMT?
Mate, @Lexzykool317 you could also just visit this , which i stumbled upon 2 days ago.
it has all the formulae for you clearly printed
hello. thanks, i know how to input all the values using the pivot point calculator. that is not my problem. my problem is how to obtain the values for high, low, close and open to use in the calculation.
someone else commented by giving this reply which i quoted below and my own reply too.
@Lexzykool317
oh , ok
well… you get them from the chart… obviously , just look them up.
or are you referring to some closer to a data feed
i mean… do you just want to obtain them
or do you want to use DDE (DYNAMIC DATA EXCHANGE)
I’m not really understanding your question
i mean when you say this
to me . it’s simple
you go to the chart,
you find the previous period
you pull out your crosshair
you obtain the values… simple
and i am finding it hard to understand that you can’t do this and i’m not trying to sound rude, but how do i say this without sounding rude
so… then let’s assume you know how to do that
well then… what do you mean,
the only other thing i can assume that you mean is that you don’t know how to use DDE in Excel Is that what it is
Maybe i’m not understanding you… I don’t know
i then thought you didn’t know how to calculate the pivot point levels, which is why i gave you the link
but you said you already know that
so… i’m not sure what your’e after
@Lexzykool317
now mate, me and @Clint done usually see eye to eye on things,
but this is basically what i was saying
you go to the chart
you get the levels
now clint has basically spoon fed you the answer with pictures .
i was thinking of doing the same thing, but i figured it would be insulting if i did
but i suppose the first question is this
IS THIS WHAT YOU WERE AFTER ALL ALONG
Clint has given you the correct answer
but the question is… is this what you were after, because i already told you to do this, but you said you knew it
so… yeah, i’m confused, if this is not what you are after , and you are not after the calculation for the levels.
could you clarify what you need
clint’s answer is correct relative to what you asked (in my opinion) only difference from my answer is… he supplied pictures with arrows. so anyone could understand it
i’ll give clint the respect of a like in this situation. and that’s saying a lot.
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Thanks a lot.this chart has answered my question and clarified things.please what how do i obtain these values in chart form daily to make use of for daily trading?as in,can you give me the link you googled or so to get access to this chart?
@Clint has actually replied with this chart:
It’s actually what I was asking for because I didn’t know how to go about getting the OHLC values from a session but this chart has explained it all.
Thanks a lot.
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Maybe i didn’t you well.
@Lexzykool317
mate, i’m outta here. No offense… @Clint basically drew you a picture
you then said
and then you asked to be spoonfed again
(i’m not being rude, ok) but seriously mate… Cmon, how do you expect to be profitable in forex if you need to ask FOR EVERY SINGLE STEP OF THE WAY IN HOW TO DO THINGS
let me save you a lot of time right now…
YOU WILL NOT BE PROFITABLE because you lack the following traits
(this is going to be hard to hear, but i believe if you accept it it will help you)
i apologize ahead of time… ok
- You lack the ability to think for yourself
- You lack the ability to discover and learn
- You lack self confidence
- you lack the ability to experiment
because of this. YOU WILL FAIL
I’ll leave it with you and clint, if he wants to help you . i would give him a big thank you , if i were you .
i’m done with this, this is just getting way way too basic that it’s becoming ridiculous…
like i said, No Offense… ok
i’m just not prepared to go to this level, i expect people to help themselves, maybe that’s just me… who knows
be cool
good luck… YOU WILL NEED IT
i don’t understand what this means
[quote=“Martin_K, post:13, topic:137419”]
i’ll give clint the respect of a like in this situation. and that’s saying a lot.
[/quote
@Clint’s use of chart simplified everything
I understand… and that’s completely cool
some people are Visual (i am one of those people) some people don’t need visual aids
i felt that my instructions were more than clear, i can’t see how i could have been simpler (beyond also putting up a picture)
but if that’s what helped you, that’s great mate,
but you then still don’t understand hehe
Mate, i’m not trying to be rude… ok i’m not trying to be offensive in anyway, this is just getting to be on a level that i no longer entertain because i have a belief that in order to HELP SOMEONE you sometimes have to get them to get off their bum and do things for themselves
i don’t believe this is going to help you
i believe that clint has good intentions by posting this chart (as do i ) by answering your question
and i know you will have this answer THIS TIME
but what you fail to realize (i think ) is in forex YOU HAVE TO DEVELOP A SENSE OF SELF RELIANCE,
you are not doing this… you are basically getting accustomed to asking for help every time
THIS IS NOT REALLY HELPING SOMEONE. this is crippling someone
so like i said, i’m not willing to go to this level because i do not want to be the one that cripples you
does that make sense ?
i wish you well though