Pivot Points - What time to use as End of Day?

[erikcw]

Hi all,

What is the preffered time to use for end of day when setting up pivot points? I've heard both 5pm EST and Midnight EST. I would imagine 5pm EST woeuld have more inpact since it is the close of the NY session... Any thoughts? (maybe I should use the end of the London session?)

Thanks!

 

[Directional]

depends on which day you feel has most validity... remember there are three influential days in a standard forex session, Tokyo, London & New York.

Have you tried looking at 24h session and using the open and close of these for basing pivots?

I personally found calculated pivots points to be little more than random in their relevance for support & resistance. if you draw enough fib lines, pivots and gann on your chart, some of them will line up with something, but whether they actually mean anything to anyone other than you is a matter for debate.

 

[noises49]

17:00 NY / 22:00 London is the end of the trading day - worldwide. No question whatsoever. All brokers and quote services reset daily stats, update interest, and start the new day at that time.

 

[commanderco]

Hi all,

What is the preffered time to use for end of day when setting up pivot points? I've heard both 5pm EST and Midnight EST. I would imagine 5pm EST woeuld have more inpact since it is the close of the NY session... Any thoughts? (maybe I should use the end of the London session?)

Thanks!

Why do you want Pivot Points?

 

[noises49]

Path to Fame and Fortune

 

[philhackett]

Purchase the Fabrefactum package. I never have to input information and the results are amazingly accurate. It is very erasy to use.

Phil

Hi all,

What is the preffered time to use for end of day when setting up pivot points? I've heard both 5pm EST and Midnight EST. I would imagine 5pm EST woeuld have more inpact since it is the close of the NY session... Any thoughts? (maybe I should use the end of the London session?)

Thanks!

 

[FOREXHUSKY]

Same in our group

17:00 NY / 22:00 London is the end of the trading day - worldwide. No question whatsoever. All brokers and quote services reset daily stats, update interest, and start the new day at that time.

My group is using same close time 22:00 london.
Working perfect,and thx to expanded pivotzones,so far consistant profits from 60months.

So if you use pivots plz use 22:00London.
But we are all diffr. and some traders may use other time zone.

Point is results,not one person but many traders.

From trading desk of

FOREXHUSKY

 

[Anonymous]

Does NY closing time change with the seasons as with London time does with Winter time and Summer time?

 

[forexguru99]

Does NY closing time change with the seasons as with London time does with Winter time and Summer time?

To be honest you dont find much volatility between us close and asian open.
so guess does not have matter what time u use ie between 9.00 pm to midnight - i mean UK time. i set it midnight to midnight, so it is asian start and asian close, as it gives me a better feel for london open - you have a good direction.

you really want to include the asian open there just in time for the London open, which is critical
Most charting packages will automatically calulate the pivots and once you addthe fibos, this becomes one of the powerful system to trade. there was a nice article i think on moneytec about this. will try and find it

 

[noises49]

More on Pivots

Does NY closing time change with the seasons as with London time does with Winter time and Summer time?

No, local time is the same regardless of the season. If your tracking by GMT there is a one hour difference for DST.

Daily pivots can be calculated on any 24 hour period you desire, however the difference should not be appreciable. Todays Cable pivots were Asia Close-8114, NY Close-8103, London Close-8117.

Most if not all of the published pivot calcs use 2200 London / 1700 NY. It's also when the brokers (that I'm aware) of calc interest. I've found that this works as well as any.. Of course, some days are better than others. If he'd only do a sharp reversal at the Pivot every day, life would be beautiful.

 

[nine]

To be honest you dont find much volatility between us close and asian open.
so guess does not have matter what time u use ie between 9.00 pm to midnight - i mean UK time. i set it midnight to midnight, so it is asian start and asian close, as it gives me a better feel for london open - you have a good direction.

you really want to include the asian open there just in time for the London open, which is critical
Most charting packages will automatically calulate the pivots and once you addthe fibos, this becomes one of the powerful system to trade. there was a nice article i think on moneytec about this. will try and find it

I did quite a lot of reseach about pivots some months back and asked the same question. IMO the most important question you should ask about pivots, fibs, indicator settings, support etc is "what does everyone else do?" Not because you must be the same but because you want to anticipate/use the other players' responses. For pivots, most use 17:00 and the close is one of the key components of the pivot calc - much of the time it wont drift much as fg99 says but sometimes it does. Given that you're looking for possible reversals you should look where the maximum possible support for your view will exist.

Good luck in your trading.

 

[Anonymous]

Is it possible there are 2 End of Day's for calculating? Say, one group uses 5 pm to trade till midnight then re-calculate using the midnight to trade from midnight?

Is there a common chart or figures to use in order to synchronize the 5 pm and midnight pivot points, so everyone can use the same figures?

 

[ketchup]

21-00 gmt

 

[dwaine]

Mate why dont you just install the pivots daily code for mt4.

i like it and then you dont have to worry about plotting at the end of the day as it does it automatically

regards

 

[Anonymous]

My figures seem to be wrong by 2 to 3 pips.

 

[Spreadbetteur]

I would not worry about being accurate to the pip.

Think of it as a zone of 5/6 pips rather than a single pip.

What I am doing is using a Meta Trader custom indicator pivot and comparing it to:

http://www.actionforex.com

www.mataf.net

On most days all readings match. On days that the don't they usually differ by 2/3 pips, in that case I record all readings on my list.