I am wondering what timeframe I should be using in creating pivot points for intraday trading. I am generally trading the New York hours, however I am wondering if I should create pivot points based on the New York close or the London close? Or should I create new pivot points at the open of one of these trading sessions based on the previous 24 hours trading? Perhaps there are different opinions/approaches to how this should be done, if that is in fact the case I would be most interested in learning the most standard procedures used. Thanks for the help.
I use the 2 minute chart for my intra-day trades.
I have read in several places that 5pm EST time is considered the close of the day in the forex market. When I was researching camarilla line pivot points it seemed the prices for the following day matched up the closest to those pivot points when I set the close time to 5pm EST.