As I am learning Forex, I am finding my preference of trading is with Pivot Points and 2 simple MAE's. I like the KISS principle and have been using the 'Classic' way to calculate a Pivot Point. That is H+L+C/3.
However, I do see some interest in learning other ways to calculate a Pivot Point, naming Woodie's Pivot Point to be exact.
However, that formula as far as I know calculates a PP using H+L+O+O/4, where O = Open
Now my question, how do you determine the Open price? Is it the same value as the close?
say I use a period of 16:00pm edt as my close, and determine the High and Low from the previous day. Would the Open price be the same as the close price at 16:00pm edt?
Hopefully that did not sound too confusing, but thank you if you can help.
Caesu
However, I do see some interest in learning other ways to calculate a Pivot Point, naming Woodie's Pivot Point to be exact.
However, that formula as far as I know calculates a PP using H+L+O+O/4, where O = Open
Now my question, how do you determine the Open price? Is it the same value as the close?
say I use a period of 16:00pm edt as my close, and determine the High and Low from the previous day. Would the Open price be the same as the close price at 16:00pm edt?
Hopefully that did not sound too confusing, but thank you if you can help.
Caesu