What Every New or Aspiring FX Trader Wants To Know

Ok so the indicators are:

PIVOT POINTS SHIFTED (-4 time shift for EST)
PIVOT LINES TIME ZONE (Set with 0 Shift)

Both of these line up pretty well.

I tried DailyPivot_Shift, because the lines appears to line up pretty well with price action.

pullice,

they are correct. :slight_smile:

I compared them with an IBFX data feed [B]& time shift[/B] to show Pivots from midnight EST to midnight EST [B]and with another broker feed[/B] midnight EST to midnight EST.

If you want to double check your Pivots I would use this online Pivot Point Calculator:

Forex Pivot Point Calculator

And here is an Excel Sheet with the Formula embedded. Just put in HiLoCl and youā€™re ready to go.

Thanks again all you guys, I have been struggling whole day with this pivots, now with all this info you guys laid out I will never have a problem with pivots points

Thanking you guys again:):):slight_smile:

Hi Used!

I downloaded your excel sheet and I like it, way more organized than mine!, lol.

I was wondering if you use the daily range value as a possible profit target, or whatā€™s the use that you give to it.

Thanks.

Iā€™m still lost:( I have the same High, Low and Close values.

Could you let me know which method you used to calculate them? I have the same values for all except my S2 and S3 is a little weird.

using Pivot Points Daily shift (shifted to EST):

R3 - 1.5720
R2 - 1.5438
R1 - 1.5335
PP - 1.5156
S1 - 1.5053
S2 - 1.4874
S3 - 1.4592

Thanks,

Synergy

I am using the indicator PIVOT LINES TIME ZONE with settings set to 0 and I double checked it with the link Used gave me and everything adds up correctly

Perfect, I see my mistake. Thanks a lot, I really appreciate it :slight_smile:

try putting in 20 instead of -4

Just to conclude what I found, the following indicators and settings give the same pivot values, within a few pips (EST used):

Pivot Line Time Zones - 0 Shift
Pivot Lines (Daily Shift) - 4

and can be confirmed using the online pivot calculator that [B]used [/B]posted.

Pivot Lines (Daily Shift) keeps the pivot lines from previous days plotted, so I prefer using that, but doesnā€™t include M values.

The indicator DailyPivot_Shift doesnā€™t line up well, maybe because it has a shift already in it or something, and I will probably discontinue using it.

Cheers,

Synergy

Last night the setup for shorting the PDH was profitable if you were able to limit your expectations to 30-40 pips. The market had news heading into the London session and I typically am out of the market before the reports are dueā€¦ many times hours before.

If you turn your attention to the 4 hour and 1 hour chartsā€¦ we had repeated Macd bullish divergences and higher highs and higher lows posting each day. This is why I was unwilling to overstay my welcome on the short at PDH last night Pre London open.

The market had shown a turn up in flows and this coupled with Long Term Sentiment and Commercial Traders holding a extreme Net Long position at the same time Retail traders are diameterically opposed to their Longsā€¦ this bodes well for a intermediate or possibly long term low in the Cable.

The chart I posted last week of the Weekly Futures Contract of the Pound plots the Commitment of Traders data and Market Sentiment. Both are in sync for long term bullish trends to developā€¦ obviously COT data can be very early in terms of predicting long term trend changesā€¦ however, the technicals are there, nonetheless.

I thought I saw a post asking where I got this chart and the company that produces itā€¦ the bottom of the Chart says the Company name and phone number to contact for subscriptionsā€¦ or you can simply do a Google on Commodity Price Chartsā€¦ you will see them.

I am not suggesting we are heading North from hereā€¦ we could still very easily breakdown in here and see Weekly lows retested made in 2008. Iā€™m just stating my shorts will be very heavy on confluences to trigger me and I will be more agressive on Longs until technicals suggest otherwise.


QUESTIONS:

  1. What figures do we use for the calculation of the pivot points for Sunday?
  2. What figures do we use for the calculation of the pivot points for Monday?
  3. Is a retest which surpasses the high/low a necessity before the trade is taken?

Thanks in advance!

xXTrizzleXx QUESTIONS:

  1. What figures do we use for the calculation of the pivot points for Sunday?
    [B]Use Fridays - best not to trade until Monday London opening though imo.[/B]
  2. What figures do we use for the calculation of the pivot points for Monday?
    [B]Friday midnight to Sunday Midnight - find your high and low and the OPEN of the first bar on Monday morning Midnight is the close you will use[/B]
  3. Is a retest which surpasses the high/low a necessity before the trade is taken?
    [B]That is just one setup I tradeā€¦ I have several based on market conditions, so the correct response is no[/B]

Thanks in advance!
:slight_smile: my pleasure

Watch for the next significant swing to form and find confluences at one or more of these Reaction Levels noted with a circle.

Last night we seen Cable bounce strongly on Fundie impact right off the 1.5208 level and look on here and see why it did.

This is your first tool in stalking your next setup and it provides a basis to excercise patience and allow the market to come to you and your ā€œanticipatedā€ buy or sell zonesā€¦


ICT, would you say that this is one of the cases in which we have to be flexible to switch market direction?

I mean we were in the sell area and it worked, but price bounced back up, clean cut resistance level, and then came to re test it as support, and then we saw a new high at the next pivot.

Thanks :slight_smile:

figuring pivots still is confusing. It would be nice if all brokers were standardized on one time zone, like airplane pilots all use zulu time. I use Oanda and their daily candles start and end at 11pm EST, but now with the time change to daylight savings time EDT it should now be 12pm.

Used would be pleased that I paid attention when he said in some other thread that pivots should be based on 17:00 EST but now its midnight on this method. By the way, apparently youā€™re an excel wizard like me? :smiley:

exactly soā€¦ news driven breakout, does it have legs though, that is the question.

Thanks for clearing up my misconceptions there, InnerCircleTrader.

I clocked my first successful trade using your methodology today, and I am quite satisfied with the results so far, and hope for consistency.

Thanks in advance,
xXTrizzleXx

hand made, entertainment purposes only :smiley:


Well Cable opened today at the central pivot. Both daily high and low have convergence with daily/weekly pivots.

Long term oscillator is in overbought territory, but still could go up, so I have no clear idea of price direction, neither other technicals that support either way.

I just have a trendline just above the daily high, and thatā€™s it.

What are your thoughts about what we have today?:rolleyes:

Basically in limbo landā€¦lol

So we wait. There is a high impact news release coming out in 4 1/2 hrs, but Iā€™ll be in bed by then, so I think Iā€™m just going to do a little chartwork. I donā€™t quite understand the first 4 hour highs and lows part, so I have to go back and re-read, plus I have so many lines, and now apparently I need to add more :eek: I have to go make the lower timeframes S & R lines invisible to the higher ones.

:slight_smile: