Broker hours
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Thread: Broker hours

  1. #1
    richhand is offline Junior Member
    Join Date
    Dec 2011

    Default Broker hours

    My broker is now starting the new day at GMT +1 which coincides with 1 hour after the New York close. This is now changing the daily and H4 candle positions and also Fib pivot, support/resistance levels when compared to previously which ending at the NY close.

    The last hour of NY is obviously slow but I feel that on some day this late close of day could upset the next day chart position that I choose.

    What time of day should brokers ideally close?

  2. #2
    Clint's Avatar
    Clint is offline FX-Men Honorary Member
    Join Date
    Mar 2009
    You need to be more specific. GMT+1 is a time zone, not a time of day.

    I assume you are saying that your broker is in the GMT+1 time zone. Are you also saying that your broker opens a new daily candle at midnight in the GMT+1 time zone?

    GMT+1 is the current time zone in London, because the U.K. is now on Daylight Saving Time, and their time zone, BST (British Summer Time), is GMT+1.

    GMT+1 is 5 hours ahead of New York. So, midnight GMT+1 (in London) = 7pm EDT (in New York). This is actually 2 hours after the 5pm close of the business day in New York, not 1 hour.

    For most aspects of forex trading --- for instance, applying daily pivots --- the 2-hour difference between 5pm and 7pm is negligible.

    A very successful trader on this forum, whose work I follow closely --- Michael Huddleston, a.k.a. InnerCircleTrader --- switches back and forth between midnight London and midnight New York in evaluating his daily pivots. I use 5pm New York, year-round, and never look at any other start-time for my pivots. Yet, Michael and I see very similar price action, and very similar trade set-ups.

    With MT4, it's possible to adjust daily pivots to any start-time you prefer. In my opinion, if you are now using 7pm New York for your start-time, you're fine, and there's no need to adjust. Michael would probably suggest that you also watch midnight New York. Take your choice.

  3. #3
    richhand is offline Junior Member
    Join Date
    Dec 2011
    Thanks for the info Clint. Due to the daylight savings, the time of GMT +1 shown on my MT4 platform is now only 6 hours ahead of New York. The broker waits until 00.00 (GMT +1) until changing over days which makes it 6pm in NY. Up until the daylight savings change recently the change over had occured at 5pm NY close.

    The start/end of the daily, H4 candles can now differ by 10 - 20 pips which can surely throw me off the best exit and entry points.

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