Pivot Point Day Shift 11?

gainer
07 Mar 2016, 14:44

Hello, yes you are right (but keep present that there are also other theories)

I use Pivot shifted to New York Closed Time

I solved in this way

1. Put the indicator shift to ZERO
2. In the very little "Current Time" option in the right bottom angle of cTrader, set UTC + 2
3. In this way you are synchronized with the NYCT

gainer
07 Mar 2016, 18:57

Hello, yes you are right (but keep present that there are also other theories)

I use Pivot shifted to New York Closed Time

I solved in this way

1. Put the indicator shift to ZERO
2. In the very little "Current Time" option in the right bottom angle of cTrader, set UTC + 
3. In this way you are synchronized with the NYCT

...I add a bit of explanation... It isn't a my idea, I simply trust my broker

In fact I'm with Pepperstone that is a New York Close Time Broker

When I used their metatrader, the charts time was blocked at GMT + 2 for 10 months a year, and at GMT + 1 the two month of Daylight Saving Time transition

So when I passed to infinitely superior cTrader/cAlgo, I set the same UTC + 2 to keep the broker NYCT

I hope this may be useful!

gainer
08 Mar 2016, 03:25

Hello, yes you are right (but keep present that there are also other theories)

I use Pivot shifted to New York Closed Time

I solved in this way

1. Put the indicator shift to ZERO
2. In the very little "Current Time" option in the right bottom angle of cTrader, set UTC + 2
3. In this way you are synchronized with the NYCT

---

...I add a bit of explanation... It isn't a my idea, I simply trust my broker

In fact I'm with Pepperstone that is a New York Close Time Broker

When I used their metatrader, the charts time was blocked at GMT + 2 for 10 months a year, and at GMT + 1 the two month of Daylight Saving Time transition

So when I passed to infinitely superior cTrader/cAlgo, I set the same UTC + 2 to keep the broker NYCT

I hope this may be useful!

I remind now a simply test you can do

Trading in NYCT means that it doesn't matter in which corner of world you live, but the midnight of your chart MUST MATCH the Wall Street/New York session closing

In practice they are not your indicators that must shift, but they are your charts that must be synchronized with the Wall Street session

So open the cTrader and set to UTC + 2 in the very little "current time" option in the bottom right corner, and you'll see that the midnight of your charts will match the Wall Street closing

Furthermore in this way you have only to set the shift of your daily indicators to ZERO, launch them on the UTC + 2 chart, and they are already in NYCT

Excuse the long speech, but I use automatically the NYCT since a long time charts and I was a bit rusty on the subject!

burton.g
08 Mar 2016, 11:02

Pivot Points

Pivot point levels were developed by Floor traders and used to give the current trading day's price "context" against yesterdays price range.
The formula is readily available in most platforms.

The pivot formula takes the range of a session from open to close.

Your pivot point settings should reflect the individual open and close times of each instrument you use them on. So the current sessions pivot levels are derived from the previous session.

GB

gainer
08 Mar 2016, 11:58

RE: Pivot Points

burton.g said:

Pivot point levels were developed by Floor traders and used to give the current trading day's price "context" against yesterdays price range.
The formula is readily available in most platforms.

The pivot formula takes the range of a session from open to close.

Your pivot point settings should reflect the individual open and close times of each instrument you use them on. So the current sessions pivot levels are derived from the previous session.

GB

You are right. Since forex is 24/24 the closing of New York is an optimum reference point

3183 Capital
08 Mar 2016, 12:09

Thanks for your responses and suggestions. 

GB I understand the theory but the question is what time constitutes Open and Close in forex?

I have read on BabyPips that Wall Street / New York close time should be used. 

Which if understand correctly is UTC-5 currently and from 13 March 2016 moves to UTC-4. (http://time.is/New_York)

So if that's the case I'm not sure why Gainer is suggesting UTC +2? 

When I set cTrader to UTC-5 I have to Shift Pivot Point to line up with the close of UTC-5 at 16:00 [ https://en.wikipedia.org/wiki/List_of_stock_exchange_opening_times ] but the pivot points don't seem to stretch for a whole/entire 24 hours.

Now to complicate things further when you change the chart time frame 1m, 5m, 30m the Pivot Points shift. I'm really confused shouldn't they be the same levels?

With this confusion I thought I would search some more and found this: http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:pivot_points

And there they say:

Pivot Points for 1, 5, 10 and 15 minute charts use the prior day's high, low and close. In other words, Pivot Points for today's intraday charts would be based solely on yesterday's high, low and close. Once Pivot Points are set, they do not change and remain in play throughout the day.

Pivot Points for 30 and 60 minute charts use the prior week's high, low and close. These calculations are based on calendar weeks. Once the week starts, the Pivot Points for 30 and 60 minute charts remain fixed for the entire week. They do not change until the week ends and new Pivots can be calculated.

gainer
08 Mar 2016, 17:47

I understand your doubts, indeed in my first post I told there are many different theories

You can take a look at this

http://www.forexcfdsignals.com/#!new-york-close-forex-brokers/c24ie

I'm with Pepperstone, that is OFFICIALLY DECLARED NYCT, and it uses only UTC + 2 Charts

In this way the midnight of the chart must match the Wall Street closing!

You can easily check it yourself:

• in cTrader set the little bottom "current time" option to UTC + 2 and when in your chart it's midnight, you'll see on the bottom left that the New York session disappears

3183 Capital
09 Mar 2016, 06:09

Gainer if it works for you then great. I guess it might make sense but I haven't done the calculation.

Let's try the calculation.

NY is UTC-5 and your saying UTC+2 which means 7 hours difference. So if the New York market close is 16:00 + 7 hours it = 23:00. If the market close is 17:00 + 7 hours it = 24:00/00:00. Then that's how you would get midnight. 

I've also noticed that Pivot Point is available on Web cTrader but no available on Desktop cTrader although you can download 3rd party code for Pivot Point but again the results are slightly different. 

Search for Pivot Point: /algos/indicators 

Oh well, even more ambiguity. 

gainer
10 Mar 2016, 09:23

To be honest, I'm a bit rusty because it was many years ago, so now I simply trust my broker

Years ago, as all of us, I studied around, I joined forum, video courses, webminars and so on, then I decided that my broker had to respect two points

1. ECN
2. NYCT

Then I looked around, I made all my comparisons and I decided for Pepperstone, and I am still very happy of my choose

NYCT isn't a simple calculation but it's the broker that declare it's ECN + NYCT and then it's regularly checked and certified by different institution, and Pepperstone is certified ECN + NYCT

For many years I worked with Pepperstone metatrader, before discovering the much more professional and undoubtedly superior cTrader + cAlgo

Well, the Pepperstone metatrder is automatically set to UTC + 2 for 10 months a years, and to UTC + 1 in the 2 months of transition to the daylight saving time, when Europe changes it 1 month before USA, and you can't change it

Besides Pepperstone send us a mail to advise to change the setting of our charts to UTC + 2 and UTC + 1 when it's the time, if we use different platforms than it's metatrader

So no doubt: NYCT = UTC + 2 (and UTC + 1 in the 2 months of transition to daylight saving time) !

gainer
10 Mar 2016, 09:53

To be honest, I'm a bit rusty because it was many years ago, so now I simply trust my broker

Years ago, as all of us, I studied around, I joined forum, video courses, webminars and so on, then I decided that my broker had to respect two points

1. ECN
2. NYCT

Then I looked around, I made all my comparisons and I decided for Pepperstone, and I am still very happy of my choose

NYCT isn't a simple calculation but it's the broker that declare it's ECN + NYCT and then it's regularly checked and certified by different institution, and Pepperstone is certified ECN + NYCT

For many years I worked with Pepperstone metatrader, before discovering the much more professional and undoubtedly superior cTrader + cAlgo

Well, the Pepperstone metatrder is automatically set to UTC + 2 for 10 months a years, and to UTC + 1 in the 2 months of transition to the daylight saving time, when Europe changes it 1 month before USA, and you can't change it

Besides Pepperstone send us a mail to advise to change the setting of our charts to UTC + 2 and UTC + 1 when it's the time, if we use different platforms than it's metatrader

So no doubt: NYCT = UTC + 2 (and UTC + 1 in the 2 months of transition to daylight saving time) !

I dusted a bit my mind, and here you'll find all you need!

• http://www.learntotradethemarket.com
• http://www.learntotradethemarket.com/meta-trader-demo-account-sign-up-new-york-close-charts

gainer
16 Mar 2016, 23:14

We were advised by Pepperstone that USD has just changed the Daylight Saving Time... so now (...very unusual...) NYCT = UTC + 3

So, to work in NYCT charts, you must change the tiny "current time" in the left bottom corner of your cTrader to UTC + 3
 

gainer
17 Mar 2016, 11:12

We were advised by Pepperstone that USD has just changed the Daylight Saving Time... so now (...very unusual...) NYCT = UTC + 3

So, to work in NYCT charts, you must change the tiny "current time" in the left bottom corner of your cTrader to UTC + 3

This night i made the check and I confirm, now to work in NYCT you must set the tiny "current time" in the right bottom of your cTrader to UTC + 3

The check it's the simplest you can imagine: if your Broker is NYCT now the midnight of your charts must be at UTC + 3