Hello,
I am new to trading, well actually still using a demo account. Anyhow, I was reading a tutorial online about trading pivot points. This tutorial talked about having to find the previous days high, low and close. My question is… when dealing with the currency market what is considered a day, hour wise. From 5pm one day till 5pm the next? I thought the market was 24 hours except for Friday at 5pm till Sunday at 5pm.
Any help would be greatly appreciated.
The question you need to ask yourself is 5pm in which part
of the world?
The forex market follows the sun around the world, starting in
Tokyo, Europe, London, then finishing in New York.
But your trading platform software has a server time, which is
set in the country it is housed.
So the daily candle close will vary according to your trading
software. (On Oanda the candle closes @ 5am my time GMT)
But if you stick to the daily close of your trading software then
the pivot points should be calculated from the same relative data
every day.
:wishes:
Thank you for your time.