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newbie here need some help

Discussion in 'Beginners Bootcamp' started by graham197830, Nov 3, 2008.

  1. graham197830

    graham197830 Recruit

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    Hi and good day to everyone at FPA i am new to forex and i am using a demo account at the moment i am intrested in using pivot points and i understand you use the previous day high low close etc but i am living in the Uk and i am practice trading from 5pm gmt to 10pm can anyone tell me where i should take the previous days high low etc ? do i take it from this time period 5pm to 10pm previous day ?
    and where can i find out what the previous day high and lows etc are for these time frames

    any help would be appreciated

    Thanks
    Graham
     
  2. Pharaoh

    Pharaoh Colonel

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    The concept of Daily Pivots is a lot easier on markets that have only 1 session per day. For forex, some people use the London close, others use the New York close. I'm sure there are some traders using other times. The problem is that not everyone is using the same definition of "day" for setting Daily Pivots in Forex.

    The good news is that weekly pivots are simpler to deal with.
     
  3. rpaco

    rpaco Sergeant

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    You can work them out yourself if you wish but it's much easier to cheat and look at Jeff Wild's daily levels here Day Trading And Swing Trading Strategies For Future Market Wizards | Learn To Day Trade & Swing Trade At Ask Jeff Wilde.Com however if you are using Pivot, support and resistance lines you also need to stick the Fibos on your chart and see if any coincide, if so you can use them with greater confidence.
    There is a simple stand alone app (and of course you can use a spreadsheet or a calculator) to calculate the levels, but I am sorry to say that I lost track of it when I dumped all windows/microsoft o/s and software and switched to Linux and free GNU software. I am sure it'seasy enough to find though. I will post here if I trip over it.
     
  4. martin01

    martin01 Banned

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    Hello FPA Members,

    Calculating Pivot point is easy. As you can take the previous High,low, and close from any broker site. This will be displayed in the front page.
     
  5. rpaco

    rpaco Sergeant

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    #5 rpaco, Nov 4, 2008
    Last edited: Nov 4, 2008
  6. Pharaoh

    Pharaoh Colonel

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    The question wasn't how to calculate the pivot. The question was when to use as the open and close time in a 24 hour market. Different brokers use different times, so just picking a random broker page may not be very helpful.

    To some extent, pivot levels can act as natural support and resistance, just like fib levels. However, the amount of support and resistance these offer goes up tremendously if traders are aware of these levels and help to turn them into self-fulfilling prophecies. The potential drawback of Daily pivots is that quite a few traders will disagree about where to draw the lines, thus making them a bit less effective in forex than in markets where everyone agrees on the open and close time (and thus, the open and close price).

    Rpaco, do you know what time Jeff Wilde uses for market open/close?
     
  7. rpaco

    rpaco Sergeant

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    Found it

    Graham I found a copy of the calculator, its a windows app, will email it to you if you wish. Send me a private meaasge with your email or email me direct.
    cheers
    PS To the guy entombed in a pyramid: I think Jeff Wild is US based so probably uses NewYork session timings for his "days."
     
    #7 rpaco, Nov 17, 2008
    Last edited: Nov 17, 2008
  8. Pharaoh

    Pharaoh Colonel

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    Woohoo - I was wondering why Martin got so quiet and just noticed his new rank.
    ;)
     
  9. rpaco

    rpaco Sergeant

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    Rank outsider

    Ah yes I joined a band once, it was the G7 band. I found they weren't playing properly according to their own rules, they didn't like it and said I had joined their banned.
     

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