Once for all, where to get daily pivots levels ?

[Brakkar]

Hi,
my charting package doesn't know to draw pivots levels.

I tried to look on the web for daily pivots levels, and found various site with different levels.
Do you know a reliable source on the web to get pivots levels each day ?

Thanks,
Brakkar

 

[alan5616]

Hi,
my charting package doesn't know to draw pivots levels.

I tried to look on the web for daily pivots levels, and found various site with different levels.
Do you know a reliable source on the web to get pivots levels each day ?

Thanks,
Brakkar

which market (s) are you interested in getting pivot levels for?

 

[Brakkar]

Of course, I forgot to say: FOREX, EUR / USD preferable.

Tks

 

[KillPhil08]

Forex Pivot Point Calculator

Pivot Point Calculator, Free Pivot Point Calculator

but this is the easy one:
Pivot Points Summary - Forex Trading, Currency Forecast, FX Trading Signal, Forex Training Course, Education, Tutorial, FX Book, Forex ebook, Learn to Trade Forex, FX Guide, Pivot Points, Currency Rates, Forex Secret, Forex Brokers, Currency Trading

 

[alan5616]

Of course, I forgot to say: FOREX, EUR / USD preferable.

Tks

One of the challenges, with trying to establish pivot points on the 24 hour Forex markets, is that there is no standard market open and close, not until the weekend anyway.

For example, if your data source is from the UK, the day might start at midnight + 1 sec. Some Euro data feeds work off CET and US data feeds will quite often close the day @ 16.00 or 17.00 EST. Which time zone do you choose for the previous day's High, Low, Close? For this reason, pivot points become less reliable than they might be on markets, such as the Dax, Ftse, Dow, S&P etc., which have fixed trading hours.

Killphil08 has provided good links if you wish to incorporate PPs into your trading strategy. Imho, I wouldn't bother but, that's just personal preference.

 

[Brakkar]

That was precisely my point to lean which calculation is most *widely* used among forex traders, one of the largest market in the world....

 

[alan5616]

That was precisely my point to lean which calculation is most *widely* used among forex traders, one of the largest market in the world....

The reason it's the largest market in the world is because it is a completely global 24 hour market. Hence, my previous reference to time zones.

My data feed is transmitted from the USA. Therefore my chart is linked to their working hours. The new day starts @ 17.00 GMT. A trading buddy uses Metatrader, which is linked to CET. His new day starts @ 23.00 GMT. If we were using pivot points as part of our trading methodology, based on our respective charts, they will not be the same!

London is the forex capital of the world, accounting for 30% of all the world's daily transactions. If I had my mind completely set on using pivot points, then I would be calculating the 24 hour day according to GMT. That. of course, means that I would have to set my PPs @ no later than 1 min past midnight GMT.

Here's the problem. Overnight, those selfish traders in Tokyo decide that they are going to get stuck into the EUR/USD. By the time that I get to my trading desk @ 07.00 GMT, the pivot point and either all the S or all the R levels could be history. What do I do now? My strategy, based on PPs, is completely f***ed.

 

[Brakkar]

Of course, but the daily chart doesn't have to start at each one's local timezone.... or does it ?
I would expect most people trading a 24 / hours market use GMT time zone for their daily chart OHLC values... isn't it the case ?

 

[alan5616]

Of course, but the daily chart doesn't have to start at each one's local timezone.... or does it ?
I would expect most people trading a 24 / hours market use GMT time zone for their daily chart OHLC values... isn't it the case ?

Brakkar,

I do really think that it is a question of local time zones and, perhaps, individual choice. I suppose you could use GMT as a standard. From a personal point of view, I take my trading signals from charts where the new day starts @ 17.00 EST. However, that is how my software is set up. If I were to transpose those signals to a 24 hour GMT template, they wouldn't be nearly as effective.

It's a question of trying it out. You may well find that once you've calculated the PPs, they may work well with some currency pairs yet, will be disastrous on others. I know that using them on a high volatility pair, such as GBP/JPY, would seriously damage your trading account

 

[rsj100]

get them from Experiences of a Forex Trader

 

[Hoggman]

And another thing

One of the challenges, with trying to establish pivot points on the 24 hour Forex markets, is that there is no standard market open and close, not until the weekend anyway.

For example, if your data source is from the UK, the day might start at midnight + 1 sec. Some Euro data feeds work off CET and US data feeds will quite often close the day @ 16.00 or 17.00 EST. Which time zone do you choose for the previous day's High, Low, Close? For this reason, pivot points become less reliable than they might be on markets, such as the Dax, Ftse, Dow, S&P etc., which have fixed trading hours.

Killphil08 has provided good links if you wish to incorporate PPs into your trading strategy. Imho, I wouldn't bother but, that's just personal preference.

I ran into a situation the other day where the quote between two different brokers was more then 200 PIPs different. Can you do arbitrage in forex? Arbitrage aside, if you are going to do PP, stick to one broker.