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PIVOT MYSTERY SOLVED!

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pennies2007   Friday, 10/09/09 09:29:54 PM
Re: javalin post# 40233
Post # of 140143 
PIVOT MYSTERY SOLVED!

Eureka! Ok guys, here we go. If you're not watching the hourly rollover for GMT, don't worry about this. You can just look at the daily candle that forms from the day before for that. But, if you want to be able to update your pivot values as soon as GMT rolls over, you need this method.

Ok first, make sure your platform is set for GMT + 0 on the Locale. I think everyone already has that in mind but make sure just the same.

Next pull up any hourly chart of the pair you need the new pivot values for. MAKE SURE YOU ARE USING CANDLESTICKS OR OHLC BARS...NO HEIKEN ASHI CANDLES.

For our example, I'm using the date today of Oct. 9th. To get our pivot values, we need the high, low, and close of the candle on Oct. 8th. Keep that in mind as we go along.

Next put a vertical trend line on the 04:00 candle from the day before. For example, today is Oct 9th. So, I need to back up to the candle at 04:00 on the 8th and place a vertical trendline there. That marks the first candle counted on the 8th. THE OPEN VALUE ON THIS CANDLE IS THE OPEN FOR THE DAY.

Next put a vertical trend line on the 03:00 candle from the current day which in this case is the 9th. This marks the last candle counted for the 8th. THE CLOSE VALUE ON THIS CANDLE IS THE CLOSE FOR THE DAY.

NOTE: IF YOU WANT TO MAKE SURE YOU'VE DRAWN THE VERTICAL TREND LINES ON THE RIGHT CANDLES, JUST GO BACK TO THE DAILY CHART WITH THE TREND LINES DRAWN IN. YOU SHOULD SEE THE DAILY CANDLE WITH THE TWO VERTICAL TREND LINES SNUGLY FITTING AGAINST THE DAILY CANDLE.

After that the rest is easy. Just find the lowest value of all the candles within the two trend bars, INCLUDING THE CANDLES WITH THE VERTICAL TREND LINES DRAWN THROUGH THEM. The low could very well be contained within one of those two candles.

Lastly, find the highest value of all the candles within the two vertical trend lines INCLUDING THE CANDLES WITH THE VERTICAL TREND LINES DRAWN THROUGH THEM. The high could very well be contained within one of those two candles, as is the case with the NZD/JPY chart below. The last candle counted for the 8th contains the high of the day.

That's it. Just use the pivot calculator now to figure your pivots and draw them in using the high, low, and close from the candles within the vertical trend lines.

Merry Christmas! smile








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