Pivots points for forex?

Beginner Questions
1

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

2

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.

3

i use the dukascopy daily pivot point levels from their website and look always at the support and resistance levels on their tv :slight_smile: very accurate

4

Great, I asked them which time they for close to calculate their pivots.

5

i think they use the gmt +0 time
london time as the clock of their site :wink:

6

Anyone explain difference between dealing desk and non-dealing desk please!

7

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.

8

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

9

+1 on using 0 gmt