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Best session for floor pivots?
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Best session for floor pivots?

  #1 (permalink)
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Best session for floor pivots?

Which session do you use for floor pivots, the 24 hour Globex session or the day session?

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I use the cash session, but I've very often seen the globex 24h pivots held as well. I don't think there is anything magical about pivots, it's just that enough people use them they become a self-fulfilling prophecy, and that can also explain why both RTH and Globex pivots work about equally well, or equally poorly, in my experience.

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Thanks Mike,

I just wanted a few different opinions, to see what is used, maybe I should have tried a poll..... Below some examples, the blue lines are Globex pivots, the orange line RTH pivots, just selected some days where they fell different.


Big Mike View Post
I use the cash session, but I've very often seen the globex 24h pivots held as well. I don't think there is anything magical about pivots, it's just that enough people use them they become a self-fulfilling prophecy, and that can also explain why both RTH and Globex pivots work about equally well, or equally poorly, in my experience.

Mike


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Best session for floor pivots?-es-06-10-15-min-07_04_2010.jpg   Best session for floor pivots?-es-06-10-15-min-13_04_2010.jpg   Best session for floor pivots?-es-06-10-15-min-16_04_2010.jpg  
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Answer
This post has been selected as an answer to the original posters question Answer

I would probably use Globex-only if I could find a way to have a RTH chart (for gap) but Globex pivots The indicator would have to be written to use data2, and data1 is your RTH chart while data2 is a 24 hour session. Hmmm.

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i dont know if this help but you can look at pivot farm

http://www.pivotfarm.com/daily-trader-notes.html

here is example how it looks

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To achieve this you would need daily data from the Globex session and set the SessionPivots indicator to DailyBars. If you do not have daily Globex data, you can create it with NT7. Set session template to Globex (US index futures ETH) in instrument settings, reload historical intraday data and export the data via Historical Data Manager, then reimport it as daily data. Afterwards reset session template in instrument or chart settings to the cash session (US index futures RTH) to display gaps.

Another solution would be to edit daily data manually each morning, and enter the OHCL from the CMEGROUP website directly. This will also allow you to get the settlement price instead of the close.


Big Mike View Post
I would probably use Globex-only if I could find a way to have a RTH chart (for gap) but Globex pivots The indicator would have to be written to use data2, and data1 is your RTH chart while data2 is a 24 hour session. Hmmm.

Mike


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  #8 (permalink)
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As of my experience with CL and 6E I very much like floor pivot points. Daily, weekly and mothly all are important.
OHLC have to be obtained from 18:00 to 17:15 next day.
So, for example for today, as of CL 06-10 (on NT7):

PivotsMonthlyFloor PERIOD from: 01/03/2010 0:15:00 to 31/03/2010 17:15:00 H=84,27 L=78,06 C=83,61 so PP=81,98
PivotsWeeklyFloor PERIOD from: 11/04/2010 18:05:00 to 16/04/2010 17:00:00 H=87,26 L=83,75 C=84,48 so PP=85,16
PivotsDailyFloor PERIOD from: 15/04/2010 18:01:00 to 16/04/2010 17:00:00 H=86,67 L=83,91 C=84,48 so PP=85,02

What I wonder is what this session pivots would be called? Are these the Globex session or day session?
Anyway these are the best and unique for TheNext10Ticks!
Surely not to be traded as a standalone method without more real time price auction knowledge.

David


Last edited by davidfa; April 19th, 2010 at 06:03 AM.
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Hi benbrooke,

I know pivotfarm and mypivots, I use them to compare the values calculated by the SessionPivots indicator. Usually should be the same.


benbrooke View Post
i dont know if this help but you can look at pivot farm

http://www.pivotfarm.com/daily-trader-notes.html

here is example how it looks


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  #10 (permalink)
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Hi David,

Globex is the electronic trading platform of CME, so Globex pivots are ETH (electronic trading hours) pivots for futures that can be traded via CME.

Your CL pivots are NYMEX ETH pivots. Crude oil and FOREX are traded around the clock, the center of FOREX trading is London, London also has a highly liquid crude contract (Brent Crude) on its IPE exchange. So for these instruments it is obvious that you take a 24 hours session with the New York close, as New York comes last.

My question referred to US equity index futures, because many traders still prefer to ignore the night session to show the gap.

davidfa View Post
What I wonder is what this session pivots would be called? Are these the Globex session or day session?
David


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