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About Mark Hodge
Expertise
Questions related to technical analysis, strategies, risk, trading plans, trading psychology and money management. Experience in trading all markets and timeframes with expertise in futures (e-minis, currency futures, commodities, European Markets-DAX) and equity options. Unfortunately I am not allowed to offer any specific trading advice (i.e. should I go long the DAX today).
Experience
I have been involved in the industry since 1995 working for Morgan Stanley Dean Witter and American Express Financial Advisors before becoming a full time trader. As Head Education Coach with Rockwell Trading I have coached hundreds of students around the world to achieve their trading goals with simple strategies, a sound trading plan and proper money management for the leveraged markets.
Organizations
Currently serving as Rockwell Trading's Head Education Coach www.rockwelltrading.com and moderator for Rockwell's Day Trading Forum at www.rockwelltrading.com/forum
Education/Credentials
Formerly licensed as a financial advisor with Series 6, 7, and 63 licenses. B.A. in Organizational Communications with a Business Minor from California State University, Sacramento.
Past/Present Clients
I have worked with institutional traders, brokers, proprietary trading firms and private traders but respect their anonymity.
One of the few distinguished World Cup Advisors www.worldcupadvisors.com
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You are here: Experts > Money > Day Trading > Day Trading > Pivot Points
Expert: Mark Hodge
Date: 4/15/2008
Subject: Pivot Points
Question
Hello:
When pivot points are calculated, should they be calculated from the previous day or as current as possible?
I thank you for your reply and answer.
Answer
Hello Kenneth,
There are several ways to calculating pivot points, but the standard is using the previous day's high and low. I would encourage you to base your calculations on the high, low, and close of the standard trading session, instead of the overnight if you are trading a market with extended trading hours.
If calculating pivots on the E-Mini S&P, I would use 9:30-16:15 ET and the high, low and close from this period.
If calculating pivots on the Forex markets, you might consider using the 24 hour cycle starting from the close of a session. Example: $EUR-USD 4pm ET - 4pm ET.
Happy Trading!
Mark
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