Hey guys.
Any of you out there using monthly pivot points? If so, what do you use as the switch point? I am just starting to incorperate them into my strategy and I am using the end of New York trading on the last day of the calander month, which seems to be the logical choice. But I just want to know if this is what most traders use (especially the big dogs), or is it something like every 4 weeks from the 1st of January.
I want to know this because I have found that the exact value of a pivot point (to the pip or two) will strongly influence price action for at least a little while, just like a good trend line or s/r will. I guess this is because of the massive amount of trader activity that goes on around these levels. At these levels, traders are the dominant force in the market, so I want to know what they are looking at.
Cheers
Any of you out there using monthly pivot points? If so, what do you use as the switch point? I am just starting to incorperate them into my strategy and I am using the end of New York trading on the last day of the calander month, which seems to be the logical choice. But I just want to know if this is what most traders use (especially the big dogs), or is it something like every 4 weeks from the 1st of January.
I want to know this because I have found that the exact value of a pivot point (to the pip or two) will strongly influence price action for at least a little while, just like a good trend line or s/r will. I guess this is because of the massive amount of trader activity that goes on around these levels. At these levels, traders are the dominant force in the market, so I want to know what they are looking at.
Cheers