Pivot Points Question

[Obsidian 10]

You can't ignore Asia or especially London...Generally, 23:59 (GMT) is the close and 00:00 (GMT) is the new session.

[fxtrader12 10]

You can't ignore Asia or especially London...Generally, 23:59 (GMT) is the close and 00:00 (GMT) is the new session.

 

in 24h market all sessions are important

[Iris 10]

Not humanly possible to trade all day. To see when markets overlap, have a look at the different forex trading times in each main financial center across the globe. (Times are displayed according to EST) [see graphic attached]:

 

New York and London: from 8 am to 12 am (EST)

Sydney and Tokyo: from 7 pm to 2 am

London and Tokyo markets overlap one hour, from 3 am to 4 am.

 

What does this mean? Trading EUR/USD, GBP/USD, or USD/CHF between 8 am and 12 am (EST) can lead to good results since markets for those currencies (European and American) are both active at the same time. This is when the largest volume of trades occurs, creating a greater chance of making significant profit in the forex market.

 

Another good time to trade is from 1 am to 3 am EST depending where in the world you live. At that time, European markets are opening while Asian markets are closing, offering good trade opportunities.

 

To read more about best Forex Trading Times: What Are the Best Trading Hours

[BearBullTrading 10]

Since the FX markets are open 24hrs what period should be used to determine the high low and close. For example if you were trading the New York market would you take the close of that market and then ignore what had happened in Asia or London or would you take the previous 24 hrs to select high low and close?

 

..Generally, 23:59 (GMT) is the close and 00:00 (GMT) is the new session.

 

In my experience the standard "Day" is considered to open from 17.00 est (to 16.59est)

 

Not only to determine the ohlc but also the value date of a trade.ie:

 

- Spot FX deal done at 15.00 est Tuesday = value date Thursday

- Spot FX deal done at 18.00 est Tuesday = value date Friday

 

Trade Well.....

Edited January 31, 2012 by BearBullTrading

[fxtrader12 10]

Not humanly possible to trade all day [....]

 

At least you see it as impossible. It can become a part of fx strategy. Yesterday I read "price action"article on net in which author said: "the best fx strategy is to stick to some strategy".

He was promoting mostly water without any clues what to do.