It didn't really bother me that daily pivots didn't seem to work at all in Forex as I never really used them for anything anyway... The odd thing that was a head scratcher was that I had a memory of daily pivots actually having a market reaction in ThinkOrSwim years ago...
Tonight I was messing around and switching time zones on my charting program and realized... Everything everyone is doing in US equities runs off EST! But, what time zone is the center of global financial activity in Forex?
First I thought... Hmm... Most Forex volume is traded in European session... Maybe London... Kinda matched up, not perfect though... I noticed the daily candle open/closes in my FXCM feed were not matching up perfectly to London time... One hour off...
Then I realized... It is BRUSSELS!!! Viola!!! Perfect... Daily pivots are working as resistance areas consistently again!!!
I forget exactly why Brussels is the center of of the world when it comes to banking... It rings a bell though.
Doh... The lesson learned is... Switch your charting program to the proper time zone for the instrument your trading. Stupidly I had SierraChart set to EST for my Forex charts when it should have been set to Brussels. It was definitely a bit of a head scratcher to me why weekly/monthly pivots were very strong for the EUR/USD and daily didn't have any reaction.
Tonight I was messing around and switching time zones on my charting program and realized... Everything everyone is doing in US equities runs off EST! But, what time zone is the center of global financial activity in Forex?
First I thought... Hmm... Most Forex volume is traded in European session... Maybe London... Kinda matched up, not perfect though... I noticed the daily candle open/closes in my FXCM feed were not matching up perfectly to London time... One hour off...
Then I realized... It is BRUSSELS!!! Viola!!! Perfect... Daily pivots are working as resistance areas consistently again!!!
I forget exactly why Brussels is the center of of the world when it comes to banking... It rings a bell though.
Doh... The lesson learned is... Switch your charting program to the proper time zone for the instrument your trading. Stupidly I had SierraChart set to EST for my Forex charts when it should have been set to Brussels. It was definitely a bit of a head scratcher to me why weekly/monthly pivots were very strong for the EUR/USD and daily didn't have any reaction.