Pivot points

Hi everyone

I'm relatively new to T2W and tis is my first post ever- I thnk I signed up a year ago but never got round to posting.

Anyway a couple of things I'm interested in forex GBP/USD and Eur/USD -
Now for me to chart Pivot point and Support * resistance levels taken from previous dayshigh, low and close/3 where do I find this information.

When its says previous session does it mean London close at 4pm, and London session which trades from 8am-4pm only - its recorded high, low and close from 8am same day? I'm in London so that would make more sense to me for now. Where do I find the the high and the low and close prices for the previous day so I can plot my chart a bit with a pivot indicators. Sometimes the close seems to be different depending on whether you watch Newsnight, or use Press Association wire news agency? Whats going on? For example Newsnight/BBC reported gbp/usd 1/6624 and Press Association put it at 1.6618I just want start off learning candelsticks and marking pivot point and support & resistance points on the graph before 8am London open so I know whether gbp/usd start above or below this pivot line.

Also it would be good to have day fx breifing between 7-7.45 am London time - are there any posts before the session starts which shows pivot points from previous days high, low and close ? Are there any useful trading tips for the day on the pairs gbp/usd, eur/usd? I appreiate thta most of the trading takes place between 1pm-4pm but I'm learning so want to follow a session through.

Secondly I live in Lambeth/ Brixton any day traders want to meet up for a cup of tea and act as my mentor ? I see there's a social group which I don't mind coming to but actaully I need mentoring but can't afford all those expensive courses just yet and don't know if they are needed. Right now I'm reading everything I can just to get familiar. I'd like to be a technical trader although i do have some background in macro economics but not much.

Any useful sites etc would be great thanks.

Indianvibe

samuelhogg said:

www.pivotfarm.com

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Thankyou much appreciated - no problem chart plotting from now with pivots.

Indianvibe

Check out www.fxstreet.com they provide free analysis and webinars

Thanks a lot will check it out.

Indianvibe

You could use the previous days data on a daily candlestick chart and plot this into www.pivotpointcalculator.com.

Be careful not to enter Sundays data for a monday chart, you need to use the previous Fridays. You can also get a lot of info from babypips which maybe useful.

pivot points can be calculated from previous highs, lows, closes etc, but other pivot points (areas) are identified by looking for areas of support and resistance that occur at the same price level historically, but at different times in the past The more they repeat, the more powerful they are, and the higher the probability that they will happen again in the future.

forex2010 said:

pivot points can be calculated from previous highs, lows, closes etc, but other pivot points (areas) are identified by looking for areas of support and resistance that occur at the same price level historically, but at different times in the past The more they repeat, the more powerful they are, and the higher the probability that they will happen again in the future.

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Hi Forex,

Would you look at weekly / monthly charts for this information?

Many thanks

SRC

Hi

yes you can. In fact its a very sensible idea to check weekly and monthly charts for pivot points and other indicators like fibonacci etc. Because they are acting over a longer time frame they tend to be more powerful.

Cheers

forex2010

I will never get the relevance of pivot points as a tool. They don't work so why do so many folks use them?

forker said:

I will never get the relevance of pivot points as a tool. They don't work so why do so many folks use them?

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what do you think works then

Support\resistance ... Plain and simple

At times the lack of intellectual (trading) curiosity on display on this suite of forums staggers me; dyor, 'Google' pivots, watch the many you-tube vids on the subject..

BTW, just about any charting package you can buy, or get free, puts S&R (3 levels) + the daily pivot on your chart as an indicator option/choice..IMO you should not trade without these 3 key levels on your charts, particularly if you're day trading fx.