HI,
I know some pros are using pivots points to trade stocks and some futures… but what about forex ? Are they used by forex traders ?
Also, which GMT base should be used to calculate the pivots ? GMT +0 ?
Thanks
HI,
I know some pros are using pivots points to trade stocks and some futures… but what about forex ? Are they used by forex traders ?
Also, which GMT base should be used to calculate the pivots ? GMT +0 ?
Thanks
Take a look at the report below.
Daily pivot points are usually calculated on the close of the day, but Forex doesn’t have a daily close I hear you say, so the time used is generally NY close. 1700 EST, 2200 London. ( Also the time rollover is calculated)
But whichever time [B]YOU[/B] decide to use stick with that time.
i use the dukascopy daily pivot point levels from their website and look always at the support and resistance levels on their tv very accurate
Great, I asked them which time they for close to calculate their pivots.
i think they use the gmt +0 time
london time as the clock of their site
Anyone explain difference between dealing desk and non-dealing desk please!
OK, after investigation, it seems dukascopy uses NY close to calculate their pivots.
Their levels are similar to what I get there, more or less a few pips: actionforex.com
which state they use NY close.
And in case anyone doubts… these levels DO seem to have some importance: price really seem to watch these levels.
Came across a nice pivot point video by Andrei Pehar that may help you guys ( and gals ) forexpros.com/live-events/transcripts/sharpening-your-edge-series:-pivot-points-27177
He says Midnight GMT as London is still the centre of the Forex world
+1 on using 0 gmt