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Dr Who

Calculating daily pivots for spot

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For daily pivot calculations with SPOT what time zones are used for it and what time is used? 24 hour market when does the market officially end?

 

I have read that it is 4pm New York time for calculating the pivots so just would like clarificaiton on it.

Thanks

Dr.

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I am also having problems achieving the same levels as Texas. Could somebody please verify exactly which High, Low and Close prices are used to calculate the pivots?

I know that the close is taken from the US close at 22:00 GMT but what high/low price is used?

I seem to be getting different levels, and not just by a few pips either.

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Steve......

 

Anna-Maria calc'd today's pivots from the H-L-C of y'days session....

 

ie: High = 9787...Low = 9717...Close = 9754......

 

main piv = 9752...

 

R1 = 9788

R2 = 9822

R3 = 9858

 

S1 = 9718

S2 = 9682

S3 = 9648

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I am also having problems achieving the same levels as Texas.

 

I know that the close is taken from the US close at 22:00 GMT but what high/low price is used?

 

aaah, just a thought!......you're not, by any chance, referring to her 35 & 50% range/from closing price markers are you (from another thread)??

 

if so, then they're not calc'd along the conventional pivot H-L-C formula.....

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Thanks Buk.

Yes, i was referring to those. I always have up my pivots and asian range so i am aware of these but have never encountered the others before.

To be honest, i suppose i have enough markers there to worry about!

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no problem!......yeah, she only uses those % s&r markers within the confines of a specific strat........usually after big days or as price is either basing/consolidating after a run up or down........

 

price tends to obey the 35/50 (level to level) markers a little more accurately than the conventional pivots on those occasions..........

 

but, as you say - unless yo have a specific strat or method which encompasses a particular set of parameters, it's often best to stay with "what you know" etc..........

 

nice to see you here btw, how you doin?? :)

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Yeah not bad thanks Buk, you?

Still cracking away at it. Things are getting slightly better but still not happy enough yet. Fortunately, thanks to your guidance i am on the right side of things now, looking for the right opps in line with the 240 trend.

I came across this board by accident and happen to notice the old guys were still lurking about, you, Anna, Cowpip and PipMonster. Great to see some life again so here i am!

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Yeah not bad thanks Buk, you?

Still cracking away at it.

 

looking for the right opps in line with the 240 trend.

 

oooh, I'm fine.....doing just enough to keep me out of the flop house :D

 

yeah, stay on those +hourly charts Steve....don't go mixing it with the sharks on the sub 15mins, they'll have your pants off you quick as a flash!!

 

I like this place a lot.....a very good mix of instruments & styles etc....some very savvy folks posting on here, you'll enjoy it!!

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I am also having problems achieving the same levels as Texas. Could somebody please verify exactly which High, Low and Close prices are used to calculate the pivots?

I know that the close is taken from the US close at 22:00 GMT but what high/low price is used?

I seem to be getting different levels, and not just by a few pips either.

 

 

I must admit that I am not aware of Texas and his/her levels. However there may be a forex broker issue to consider.

 

Prices will vary plus or minus a few pips from broker to broker. Of course this is mainly due to the difference in spreads each broker charges. Hence, if you are not using the same broker, your high, low, and close will vary slightly from someone on another platform with a different broker.

 

This brings up another important point: pivot levels should not be seen as specific price levels where price will find support/resistance so much as specific price zones or areas. If price move 5 pips above you pivot level and then reverses, would you say the pivot level did not hold? Or what if it only comes with 3 pip on the downside before reversing and heading higher? To be sure, we all like to see those "to the pip" hits on the pivot lines, but in reality how price acts around the level is as important as how it acts exactly at that level. That the whole idea behind cluster zones.

 

Plus we are really only talking about a few pips either way I would think. If yours vary more than that, maybe Texas is doing something completely different.

 

BTW I use 1700 as my day, as that is what my broker uses. Mark Fisher uses 1500-1500 as a day in spot. I believe the close is used to coincide with the close of the CME currency futures pit. I like 1700 also because this is about the time that interests are updated by most brokers. Thus it is a natural time for short term traders to get out. If they haven't already when the natural slow period begins at 1300.

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This brings up another important point: pivot levels should not be seen as specific price levels where price will find support/resistance so much as specific price zones or areas.

 

To be sure, we all like to see those "to the pip" hits on the pivot lines, but in reality how price acts around the level is as important as how it acts exactly at that level. That the whole idea behind cluster zones.

 

BTW I use 1700 as my day, as that is what my broker uses.

 

I like 1700 also because this is about the time that interests are updated by most brokers. Thus it is a natural time for short term traders to get out.

 

totally agree, good points!

 

they're merely area's of potential activity, which is why we prefer to action & manage positions around them in confluence with other confirming information wherever possible............

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Just to make sure I understand how Texxas gets her 35/50% PP:

 

We use yesterday's close price at 17:00 EST. Mine is 1.9682

 

Using the 82, we calculate the 35/50% to the + and -

 

This is:

 

R1: 1.9711

R2: 1.9723

 

S1: 1.9653

S2: 1.9641

 

I'd appreciate if someone could confirm that.

 

Thanks,

 

Hokshila

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Anna-Maria (Texxas) is busy this week hokshila, so I doubt she'll be around on here till maybe the w/end........

 

however: those % s&r levels she utilizes are within specific range boundaries & not used on a common or consistant basis........

 

she tends to observe them after the Cable and/or Euro have printed a big day, outside they're normal intraday range extremes.......the theory behind them being, prices are contained within their "normal" range based criteria calculated on a rolling basis (exel spreadsheet figures) excluding 'outside days'.........

 

she then averages out the inside periods & draws a % high-low reading using the 2 main averages......at the moment they're close to 35 & 50 high to low guides.......but they do occasionally get altered as the ranges either widen out or contract..........

 

the levels based on your closing price reading would be:

 

R1 = 9715

R2 = 9730

 

S1 = 9648

S2 = 9633

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I don't plot them on the charts Steve....we have them up on a board above the workstations.....I don't really like too much clutter on the charts to be honest........

 

but on that subject: the Franc is butting the weekly R1 (1.2544) at current levels, just below the 78.6% of the 2768-1878 shunt.......

 

Yen has been huffing & puffing underneath the weekly R1 (121.85) too this week, which hits on the 61.8% of the long range 135.0-101.55 levels......

 

Euro is finding support at the monthly S2 (1.2891), just above the weeks lows leading into todays shift, also a 50% fibo zone from the 2483-3360 leg.....

 

9613 is the weekly S1 on Cable - another axis zone into todays activity.......

 

they're handy markers to be aware of....specially if they hit on a confluence level of interest ;)

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