Since 5PM EST is considered a “closing time” for Forex market and I live in a GMT+1, what time zone should I be setting my pivot points within?
Is there a correct way of setting up pivot points? I mean if we all trade simultaneously in different time zones, we can’t be all right. Pivot points can’t be correct for all of us, so how do I set them? Based on my local time zone, my broker’s time zone or based on a NYSM time zone (5PM EST)?
I usually zoom in a daily chart and take yesterday’s candle’s OHLC and calculate S&R levels so for today I’ve set up my PP at 1,2798 while on ActionForex the PP is 1,4603, that’s almost 2000pips difference. And they have different pivot point prices for each chart, I thought pivot points are the same no matter what TF you use because it’s calculated based on a yesterday’s candle.