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Day Trading GC with Pivots.


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Day Trading GC with Pivots.

  #11 (permalink)
Market Wizard
Berlin, Europe
 
Experience: Advanced
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Beljevina View Post
Yes, you're of course right Harry; I was too generic in my answer, and wasn't thinking of all the 'other instruments' which you listed with their unique trading hours. I would never ever recommend trading them in MT4, they are difficult to find, plus they are CFDs - as is gold - which often results in different price levels (from the proper CME contract) when it comes to quick spike moves. I do like the ability to easily check and receive realtime charts & prices if I am mobile on Android or IOS, with a perpetually lasting MT4 demo account; GCI's MT4 is one that has most of the contracts you listed, and prices are usually within 2 ticks or so of the proper CME contract.

I think the FxPro gold CFD closes at 5pm EST as opposed to the formal CME 5:15pm close. And if new lows/highs are made in that period (as tends to happen sometimes, ie., Fridays), the price of course won't reflect it. But, if @eric73 is looking for pivot accuracy, they should be accurate and equal to the GC CME contract close to 99% of the time.

For gold futures both the CME floor pivots and Globex pivots should be calculated by using the settlement price, which is the volume weighted average price established by CME between 1:29 PM and 1:30 PM EST.

https://www.cmegroup.com/market-data/settlements/settlements-details.html

How would you catch that settlement price with MetaTrader? Even if your high and low is accurate 99% of the time, your close will be always false, as you cannot use the candle close at 5:00 PM to approximate the correct settlement price, which was the gold price about three and a half hours earlier.

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  #12 (permalink)
Toronto, Canada
 
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Fat Tails View Post
How would you catch that settlement price with MetaTrader? Even if your high and low is accurate 99% of the time, your close will be always false, as you cannot use the candle close at 5:00 PM to approximate the correct settlement price, which was the gold price about three and a half hours earlier.

I have seen MT4 indicators that allow one to specify open and close times to use in various calculations and I don't see why it can't be programmed.

I don't use MT4 for anything other than spot forex any longer, and the odd gold or other commidity trade I take is based off of NT7 provided levels and indicators.

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  #13 (permalink)
Market Wizard
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Beljevina View Post
I have seen MT4 indicators that allow one to specify open and close times to use in various calculations and I don't see why it can't be programmed.

I don't use MT4 for anything other than spot forex any longer, and the odd gold or other commidity trade I take is based off of NT7 provided levels and indicators.

I do not know how the settlement price is exactly calculated. In my opinion it is important to take the exact price published by the exchange. This in turn requires a data feed that comes with the settlement price (the close for daily data), and I do not know how to connect such an external data feed to MetaTrader.

If you want to calculate the settlement price from 1-tick data, there may be a different result, as some of the hidden volume may not be taken into account. Furthermore, you cannot access 1-tick data from CME with MetaTrader, so it will be impossible to calculate an accurate settlement price for at least two reasons.

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  #14 (permalink)
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Hi Fat Tails,

I've read through past posts where you discuss pivot points and how crucial the settlement price is to properly calculating them. Most of the posts are a couple years old however.
Do you know if Ninja will display proper pivots at this point, or if the workaround is still to connect with kinetic end of day data?

Thanks,
BlackSwan

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  #15 (permalink)
Market Wizard
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BlackSwan04 View Post
Hi Fat Tails,

I've read through past posts where you discuss pivot points and how crucial the settlement price is to properly calculating them. Most of the posts are a couple years old however.
Do you know if Ninja will display proper pivots at this point, or if the workaround is still to connect with kinetic end of day data?

Thanks,
BlackSwan


If you want to use the settlement price, you need a datafeed that supplies it. NinjaTrader is just the software, and you can connect it to many different datafeeds. If you trade futures, the best solution is to subscribe to a decent datafeed such as DTN/IQ or Kinetick and you are done.

If your primary datafeed is something else, such as Zenfire, CQG or Interactive Brokers, then NinjaTrader offers you to first-connect to the free Kinetick EOD feed (for daily data, including settlement) and then second-connect to your default datafeed.

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  #16 (permalink)
Boise Idaho/US
 
 
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Fat Tails View Post
If you want to use the settlement price, you need a datafeed that supplies it. NinjaTrader is just the software, and you can connect it to many different datafeeds. If you trade futures, the best solution is to subscribe to a decent datafeed such as DTN/IQ or Kinetick and you are done.

If your primary datafeed is something else, such as Zenfire, CQG or Interactive Brokers, then NinjaTrader offers you to first-connect to the free Kinetick EOD feed (for daily data, including settlement) and then second-connect to your default datafeed.

Ok great. Thanks for your help.
What got me started on this search is I noticed TF and NQ were real receptive to Ninja's default Pivots (based on daily bars), but YM was hardly responding at all. I thought it was weird because while TF is on ICE, I thought NQ and YM were both on CME. (at least that's my understanding)
I'll see if I can get kinetic EOD to backfill for historical.
Thanks again!

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  #17 (permalink)
Kingsport, TN
 
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Posts: 79 since Feb 2013
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Forex futures....that's interesting.

Hi FT,
I hadn't realized this about the Forex Futures.


Fat Tails
The 5 PM EST candle is relevant for FOREX cash, FOREX futures and interest rate futures.

Trading the FOREX cash market is where most of my experience lies. I do have a friend that trades FOREX spot using the Ninja trader volume footprint, on the 6E Euro Fx futures contract. That's not exactly what I was thinking of trying. But it's nice to know that the 5PM EST candle has some relevance for FOREX cash and FOREX futures.

Thank you,

Eric.

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  #18 (permalink)
Kingsport, TN
 
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Forex Cash on FxPro...with the 5 PM candle.

I have had a FxPro MT4 account for some time. But I wasn't aware of the close relevance that FOREX cash had with the FOREX futures market that FT was talking about.

Here is a FxPro EUR/USD FOREX cash chart on 1 hr with one of my pivot indicators.

Thanks for all of the comments that this thread generated. Any more comments are welcome. I will start a new Journal thread based on 6E, and 6B.

Best,

Eric.

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