Which time zone for pivot point calculation?

[GDB]

Hi all,

I'm sorry if this has been posted/asked before (I did a search, didn't find any though).

Which time zone do you use to calculate pivot points? Since it involves "previous day's high/low" etc. the definition of "previous day" (i.e. the time zone) needs to be determined first.

Do you use 0000GMT as start of session, or midnight Eastern Time, or ______?

Any comments would be appreciated, thank you very much!

[4xfool]

Try this :
New York time 2:00 AM thru 2:00 PM
This seems to catch the "real" traders moves for the most part. Volume usually drops off dramatically outside of those hours...for the most part. Not a hard fast rule...but pretty safe.

For example: Currently for the GBP, I would BUY over 1.9087 when I got a BUY signal, which I just did, but its a little early yet. Only 9:20 PM in NY but the ranges are already established. Sell below 1.9087 IF you get your SELL signal. There are some other pivot rules I have noticed also but we'll save those for another time. Hope this helped.

[mishak]

Really doesn't matter because forex market is trading 24H and you may choose any point for the beginning of your 24H cycle.

The closing of North American market is usually considered to end of the "global" day. It happens at 21 (22) GMT = 16 (17) EST.

The simpliest way is to use the time when your broker closes the daily candle on his chart.

[elmagd2000]

I suggest to recalculate pivots at start of each session. Bacuase I trade both Euro and Usd sessions, I recalcualte at 3 am est and at 8 am est.
Hope this helps.

[mart_hart]

I use 5 am gmt as it covers any big overnight moves.

If you use Metatrader 3 or 4 we have adjustable pivot/cam indicators. Just adjust the time shift in the properties window.

You will find them in the download section at,

http://www.spreadtrade2win.com/forum/

Martin

[4xfool]

I still think there is a better way to find the "real" and "true" range. I dont think you guys addressed this issue. There are definitely times of the day when there is much more volume. The big traders and banks do not necessarily trade 24 hours a day. I know they dont. The market "moves" 24 hours a day but I dont believe this is the "true" range.