When is the best time to gather pivot points? I usually get my pivots from 5pm to 5pm.
Can someone show me their pivots according to my time frame?
Pivot points should be based on daily price bars (candles).
The optimum daily price bar is one which opens and closes at 5pm New York time. That’s because, in the 24-hour worldwide forex market, 5pm New York time is the closest thing we have to the end of one trading day, and the beginning of the next trading day. At 5pm New York time, the normal business day has ended in Europe and in North America; the business day has not yet started in Asia; and only New Zealand and Australia are open for business.
5pm in New York is 21:00 GMT in the summer, when the U.S. is on daylight saving time; and it’s 22:00 GMT in the winter, when the U.S. is on standard time.
If you are not in the eastern U.S. time zone, then you need to make the appropriate adjustments so that your pivot points are based on daily charts which open and close at 5pm New York time.
As for your second question, are you asking for numbers? equations? charts?
If you’re asking how pivot points are calculated, here is a previous post with those answers: http://forums.babypips.com/newbie-island/22945-looking-tool.html#post106030
If you’re asking what pivot levels look like when plotted on a chart, here is an example:
thanks Clint, I’ve been toying around with an idea for trading daily candles and was wondering the best way to define the begine time and end time of a day. 5pm eastern makes sense even though things seem to start winding down maybe a couple hours before that.
I have a pivot point indicator in my metatrader but don’t remember if I downloaded it or it came with the platform.