Pivot Point Clarification

[JayRemy]

Hi Guys,

Researching pivot points right now!

when calculating we use the high price, low price and closing price of the previous day right?

note: i'm using the soultrader pivot tool for tradestation.

ta jay.

[Soultrader]

Hi Jay,

Youre correct. Just make sure you use the correct high, low, and close. All instruments have different trading hours.

[traderix]

What about FOREX (24/24h) what is the opening and the close?

[Piptrader]

Traderix,

What currency do you trade?

[traderix]

EUR/USD
and
GBP/USD

[Soultrader]

Hi traderix,

Im not a currency trade but our member feb2865 in our forum is a season Forex trader. He held a chat seminar a few days back and I was informed he used the time: 6:00pm to 5:00pm next day to plot the high/low.

This applies to both the EUR/USD and the GBP/USD. Hope this helps.

Soultrader

[traderix]

Thank you!
Is there any transcription of this seminar?

By the way, I just discovered your forum today and like it very much. What a difference with other "well known" forums outthere! Very clean and professionnal!

traderix

[Soultrader]

Thank you traderix,

Here is the link to the transcript: http://www.traderslaboratory.com/for...forex-746.html

Welcome aboard as well. I hope you stay with us Look forward to your participation.

Soultrader

[Reaver]

Soul,

Hey bud what made you use the formula that you currently use for pivots?

[Soultrader]

Hi Reaver,

The formulas I use are the same as the classic pivots except for the S3 and R3 pivots. These forumulas I found from Carters book Mastering The Trade and I tested it out and it seems to work better.