Pivot Points and Oanda

Beginner Questions
1

Hey babypips people,

I’m a newbie going through Babypips school and I have a doubt about pivot points. I have a demo account with Oanda and they close the daily candles on a different timeframe from the NY close. So the dially candles will have different high, lows and closing prices from the ones used by other trading platforms and therefore will also different pivot points. Since has standard traders calculate them using the NY closing time and because they can be self-fulfilling indicators what should I do?

  • Use a different charting software a put the orders through Oanda or disregard the discrepancy between the the Oanda and the other brokers because it is not that important?

Thank you very much in advance for any help on this matter.

Cheers

2

Hey there. I do a lot of trading through OANDA and MahiFX- neither of which close after NY time. To remedy that, I use FXDD’s MetaTrader 4 offering to do chart analysis and then place my orders either through Mahi or OANDA. FXDD does close their charts after the NY session.

Yes, it is important because you’ll wind up with mixed signals if you look at the different charts. It was hard to find a concrete answer on the matter so I ended up just comparing about a month’s worth of charts and yeah they were different enough to make me want to find a NY close solution.

The couple hours just after the NY close is a great time for analysis and to place orders (if you’re trading higher time frames) because the markets are relatively quiet with just Sydney open until Tokyo opens.

3

Hey Stonecoldmichael,

Thank you very much for your reply it has been very helpful.

4

You’re welcome, Sid. Good luck out there!

5

Thanks for that, I’ve also been wondering about the real difference between pivots that are my close based vs midnight est based