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newbie questions on daily pivot points

  • #1
  • First Post: Apr 5, 2011 12:50am Apr 5, 2011 12:50am
hi all,

I like to ask about pivot point, Daily PP, to be specific.

What is the start time do u use? I mean for the computer, what is start/end time for a "day"


do u use
- 00:00 GMT time as start of a day?
- follow broker's server time (00:00 on your chart)
- follow specific market (e.g. London open as the start of a day)


thanks in advance
  • #2
  • Apr 5, 2011 1:02am Apr 5, 2011 1:02am
Try the NY close - 5pm EST - now EDT - that's 108 5 min bars ago - IMO its the most used time and thus most helpful.

You'll find that price frequently turns around the levels that this generates.

If you need an easily settable indy, this one's good....
Attached File(s)
File Type: ex4 SDX-TzPivots.ex4   20 KB | 368 downloads
Trading Levels with WRBs
  • #3
  • Apr 5, 2011 1:19am Apr 5, 2011 1:19am
Quoting Islander
Try the NY close - 5pm EST - now EDT - that's 108 5 min bars ago - IMO its the most used time and thus most helpful.

You'll find that price frequently turns around the levels that this generates.

If you need an easily settable indy, this one's good....
Thanks.. i will set my PP on that time and test for a while

And thanks for the indicator too. Appreciate it.
  • #4
  • Apr 5, 2011 1:56am Apr 5, 2011 1:56am
Here's my 5m chart from MIG who use CET

MS1, S1 and MS2 have already been in action http://www.forexfactory.com/images/icons/icon12.gif
Attached Image (click to enlarge)
Click to Enlarge Name: apr 5 eu 5m.gif Size: 15 KB
Trading Levels with WRBs
  • #5
  • Apr 5, 2011 2:56am Apr 5, 2011 2:56am
dont worry about them, just like anything else they are just numbers/lines on YOUR chart. the price doesnt actually see them.

try using the USDX to gauge the strength of the USD that is the only thing that matters, look at the inflation index, interest rates and price of comodities, GDP and unemployement. manufacturing index

those are better indicators
AVT INVENIAM VIAM AVT FACIAM
  • #6
  • Apr 5, 2011 6:12am Apr 5, 2011 6:12am
Quoting the redlion
dont worry about them, just like anything else they are just numbers/lines on YOUR chart. the price doesnt actually see them.

To quote from your own post:...
floor traders and millions of day traders use them (pivots) to give them direction for the day. for that reason alone they are important, you see what the big boys see and your very next post: daily pivot points to give me guidelines of support resistance and potential daily lows and highs,


[color=blue]So will you now start another thread and explain exactly how you have incorporated these other (fundemental) ideas into your intra day trading strategy?


try using the USDX to gauge the strength of the USD that is the only thing that matters, look at the inflation index, interest rates and price of comodities, GDP and unemployement. manufacturing index

those are better indicators

In atticipation

Islander
Trading Levels with WRBs
  • #7
  • Apr 5, 2011 6:21am Apr 5, 2011 6:21am
Quoting Islander
Try the NY close - 5pm EST - now EDT - that's 108 5 min bars ago - IMO its the most used time and thus most helpful.

You'll find that price frequently turns around the levels that this generates.

If you need an easily settable indy, this one's good....
Thanks for sharing.

There is still black marks in PP for me.
  • #8
  • Apr 5, 2011 11:39am Apr 5, 2011 11:39am
sorry to ask this question here but i cant start a new thread as im not allowed...

i just wanted to ask about "the daily roll" ?

what is this and how do people mark it on they're charts?

ive heard people talk about midnight roll and NEWYORK roll

but i dont have a clue as to what they are talking about?!

thanks
  • #9
  • Apr 5, 2011 2:13pm Apr 5, 2011 2:13pm
Quoting daryl
sorry to ask this question here but i cant start a new thread as im not allowed...

i just wanted to ask about "the daily roll" ?

what is this and how do people mark it on they're charts?

ive heard people talk about midnight roll and NEWYORK roll

but i dont have a clue as to what they are talking about?!

thanks
LOL, that makes two of us......http://www.forexfactory.com/images/icons/icon7.gif
Trading Levels with WRBs
  • #10
  • Apr 6, 2011 12:23pm Apr 6, 2011 12:23pm
sure, traders use them around the world, i used to use them but they really tell you nothing. if it opens above central pivot they say go long if below go short. not always the case. some indicators

"work in some market conditions all the time, in some some of the time but never in all all the time, they give courage to the trader to do or die"--FTI

the way i used this is to gauge the overall feel of the market, forex markets tend to have big trends, so far the only trend in forex is the dollar weakness.

you see all currencies are related to the movement of the USD, the majors are
EURO/USD GBP/USD AUD/USD= all against the USD
USD/JPY, USD/CHF, USD/CAD = the dollar against THEM

the USDX measures the strength of the USD against these currencies giving you the net movement of the USD. that is really all you need to know in normal market conditions, the JPY due to the tsunami is out of sync right now.

comodities, gold,and oil, give you a feel for the devaluation of the USD
as all of these rise we can assume 1 the dollar is weakening and 2 commodity based currencies will strengthen

the AUD will strengthen with the price of gold as its the number two exporter of gold in the world

the CAD will strengthen with oil as is the number one exporter of oil to the US

NZD also strengthens with commodities.

interest rates give you a feel of which currencies are more attractive for investors due to their high yields.

now, you take all this information and look at your charts. look at candle stick patterns on daily, or weekly because foundamentals are slower to work on the currencies they dont go fluctuation by fluctuaion but overall CURRENCIES WILL FOLLOW these factors.

also look at the range of the candle to gauge how strong the movement is. following the trend of these factors will put you in the green my friend
AVT INVENIAM VIAM AVT FACIAM
  • #11
  • Apr 6, 2011 10:04pm Apr 6, 2011 10:04pm
Quoting the redlion
dont worry about them, just like anything else they are just numbers/lines on YOUR chart. the price doesnt actually see them.

try using the USDX to gauge the strength of the USD that is the only thing that matters, look at the inflation index, interest rates and price of comodities, GDP and unemployement. manufacturing index

those are better indicators

Hi,

And where can you find all this information gathered in one chart or website to be reliable ?

Kind regards,
Madalin
  • #12
  • Apr 7, 2011 2:57am Apr 7, 2011 2:57am
Quoting the redlion
sure, traders use them around the world, i used to use them but they really tell you nothing. if it opens above central pivot they say go long if below go short. not always the case. some indicators

"work in some market conditions all the time, in some some of the time but never in all all the time, they give courage to the trader to do or die"--FTI

the way i used this is to gauge the overall feel of the market, forex markets tend to have big trends, so far the only trend in forex is the dollar weakness.

you see all currencies are related...

Thanks for the reply, from which I deduce that you are a longer term fundemental trader, who is able to personally analyse the information that you watch and take subjective trades based on that analysis - a somewhat different approach to the technical, objective trading most common in FF - and one that for trading these major swings requires deep pockets to ride out the contra trend moves.

For the information of others reading this thread, the US $ Index is € biased, as € accounts for ~58% of the index - from Wikipedia:

It is a weighted geometric mean of the dollar's value compared only with

  1. Euro (EUR), 57.6% weight
  2. Pound sterling (GBP), 11.9% weight
  3. Canadian dollar (CAD), 9.1% weight
  4. Swedish krona (SEK), 4.2% weight and
  5. Swiss franc (CHF) 3.6% weight.
  6. Japanese Yen (JPY) 13.6% weight.

Trading Levels with WRBs
  • #13
  • Apr 7, 2011 3:00am Apr 7, 2011 3:00am
takes independent research.
here at forex factory all the news releases and important events are in the front page.

research oil and gold prices, and comodity indexes, http://www.fxstreet.com/rates-charts/usdollar-index/

great site for dollar indexes

http://www.fx360.com/Index.aspx another good site for forex news and interest rates
AVT INVENIAM VIAM AVT FACIAM
  • #14
  • Apr 7, 2011 2:47pm Apr 7, 2011 2:47pm
Quoting Islander
Thanks for the reply, from which I deduce that you are a longer term fundemental trader, who is able to personally analyse the information that you watch and take subjective trades based on that analysis - a somewhat different approach to the technical, objective trading most common in FF - and one that for trading these major swings requires deep pockets to ride out the contra trend moves.

For the information of others reading this thread, the US $ Index is € biased, as € accounts for ~58% of the index - from Wikipedia:

It is a [url="http://en.wikipedia.org/wiki/Weighted_geometric_mean"][color=#0645ad]weighted...
actually you are mistaken i rarely hold a trade longer than 3 days, i could if i want to. since the begining of the year DOLLAR WEAKNESS. is the trend in EVERY CURRENCY.

i day trade, and i swing trade, i dont have deep pockets, i have a mini account that if god is willing and if i make the right choices will soon be a good size.

all the above mentioned data and fundamentals coupled with a look at a daily chart, then a 4h chart and so on can help you trade of the 5 minute chart.

what the fundamental data stablishes is the DIRECTION. of the pair youre trading, and the technical data gives you the timing of your move.

lethal combination,
AVT INVENIAM VIAM AVT FACIAM
  • #15
  • Apr 7, 2011 2:51pm Apr 7, 2011 2:51pm
and if i get in to trouble i can have the confidence to hold my ballz and wiggle my way out of a losing trade.

knowing that you are in the right direction gives you the freedom and serenity to not panic even with a 100 pip move against you.
i use a strategy of scaling in and rescues if needed.

the goal is never to lose a single pip, DO NOT ACCEPT a loss, the whole talk about money management is misguided in my opinion. lossing 30 today and 20 tomorrow equals 50 just slower.
AVT INVENIAM VIAM AVT FACIAM
  • #16
  • Apr 8, 2011 3:09am Apr 8, 2011 3:09am
Quoting sam1741
hi all,

I like to ask about pivot point, Daily PP, to be specific.

What is the start time do u use? I mean for the computer, what is start/end time for a "day"


do u use
- 00:00 GMT time as start of a day?
- follow broker's server time (00:00 on your chart)
- follow specific market (e.g. London open as the start of a day)


thanks in advance

Sam - take a look here to see how todays pivot levels have been helpful.....
http://www.forexfactory.com/showthre...98028&page=450

90+ pips in the trades that I've posted http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #17
  • Edited Apr 9, 2011 5:18am Apr 8, 2011 11:50am | Edited Apr 9, 2011 5:18am
Quoting the redlion
takes independent research.
here at forex factory all the news releases and important events are in the front page.

research oil and gold prices, and comodity indexes, http://www.fxstreet.com/rates-charts/usdollar-index/

great site for dollar indexes

http://www.fx360.com/Index.aspx another good site for forex news and interest rates
Hi,

Thank you; I will come back for other questions.

kr,
MI

P.S. Do you know a platform that has the USD Indesx the Yen Index and the currencies all in one ? I think it's much easier if you have all in one than opening different webpages.
Thanks in advance
  • #18
  • Apr 12, 2011 10:36am Apr 12, 2011 10:36am
Quoting madalinilie
Hi,

Thank you; I will come back for other questions.

kr,
MI

P.S. Do you know a platform that has the USD Indesx the Yen Index and the currencies all in one ? I think it's much easier if you have all in one than opening different webpages.
Thanks in advance

Hi,

Can someone tell us the PS Question ?

Kr,
MI
  • #19
  • Last Post: Apr 12, 2011 12:05pm Apr 12, 2011 12:05pm
with that way of thinking success will be hard

no one can give you all the answers. research , look it up


i dont know of any. create your own.

for the Yuan for example examine the crosses and look at the direction of movement. formulate a bias, coroborate your findings look up why investors and specially central banks are taking that direction.

look at the pair youre trading. go to th 5 minute chars then open a 1 hr chart
the one hour gives you the bigger picture. just study and stare at the 5 minute and feel the rhythm and waves of price movement. which direction are they GENERALLY MOVING? thats your trend
AVT INVENIAM VIAM AVT FACIAM
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