Pivot Point Clarification

[JayRemy 10]

Hi Guys,

 

Researching pivot points right now!

 

when calculating we use the high price, low price and closing price of the previous day right?

 

note: i'm using the soultrader pivot tool for tradestation.

 

ta jay.

[Soultrader 12]

Hi Jay,

 

Youre correct. Just make sure you use the correct high, low, and close. All instruments have different trading hours.

[traderix 10]

What about FOREX (24/24h) what is the opening and the close?

[Piptrader 10]

Traderix,

 

What currency do you trade?

[traderix 10]

EUR/USD

and

GBP/USD

[Soultrader 12]

Hi traderix,

 

Im not a currency trade but our member feb2865 in our forum is a season Forex trader. He held a chat seminar a few days back and I was informed he used the time: 6:00pm to 5:00pm next day to plot the high/low.

 

This applies to both the EUR/USD and the GBP/USD. Hope this helps.

 

Soultrader

[traderix 10]

Thank you!

Is there any transcription of this seminar?

 

By the way, I just discovered your forum today and like it very much. What a difference with other "well known" forums outthere! Very clean and professionnal!

 

traderix

[Soultrader 12]

Thank you traderix,

 

Here is the link to the transcript: http://www.traderslaboratory.com/forums/f55/chat-script-nov-7-2006-forex-746.html

 

Welcome aboard as well. I hope you stay with us Look forward to your participation.

 

Soultrader

[Reaver 10]

Soul,

 

Hey bud what made you use the formula that you currently use for pivots?

[Soultrader 12]

Hi Reaver,

 

The formulas I use are the same as the classic pivots except for the S3 and R3 pivots. These forumulas I found from Carters book Mastering The Trade and I tested it out and it seems to work better.

[Reaver 10]

Awesome James. I like what Carter has to say. That makes perfect sense. Thanks for clarifying.