When does the forex day begin and end?
I'm not talking about market hours. I've been looking at historical daily highs and lows. How are the daily highs and lows are set for a day? What's a "forex day"? Is it GMT - GMT?
1700 hrs NY time is the close & open of the daily candle.
Originally Posted by sandpiper7
Thanks for that I'd been trying to work that one out.
Depends on the broker. Most are GMT to GMT-3. You cannot say 1700H NY time for instance because during Daylight Savings period it will be an hour different and if you look at another broker, it may be 2 hours different.
hate to tell you codemeister but your wrong. The daily candle will always end with NY session close. That is how the market operates period. It does not matter where you broker or where you are in the world is the only thing that will effect is the time stamp on the candle witch most brokers let you adjust that. So ny session is an always will be 1700 est. Daylight savings time will not effect ny session close ever. I live on NY time trust me. We change our clocks on sunday morning at mid night long before. Since it is a 24 hr market the daily candle will always open and cloe at 1700 est. If your chart does not then your chart is wrong and you need to find another broker. Also since we are touching on this subject Isee with alot of USA brokers they will have a sunday candle on there daily charts. If you have a sunday candle on your daily chart you daily chart is wrong. The market does not open on sunday regardless of the fact if you are like in in est timezone it is sunday afternoon when the market opens. Reason is it is Monday morning for the Asian session. So there is no market open on sunday so charts can not reflect sunday as a trading day.
Last edited by bobmaninc; 10-07-2011 at 07:12 PM.
I will have to add the market will open a little later than usual since assian session has day light savings time is sooner over there than here. The only other times it will effect you is if you trade any sessions open/close as there open and close time will get screwy if you are not up to date on this matter. There is a thread by I think clint on here who posts all sessions DL times schedule. I recomend you all check it out has good info on it
That is the first time and I mean the very first time anybody has made that claim. I suppose living in NY gives you a different perspective on things. I spend most of time on FF and have seen this subject discussed several times. I think this is the first for me on BP and that might explain things.
I happen to like the way my broker (FXDD) handles the daily open/close. They start at 0:00 Monday AM and end at 24:00 on Fri. Right now that corresponds to 17:00 EDT, but in several weeks that will change to 18:00 (at least that happened last year). I have used other brokers' charts and didn't like getting the extra bars on Sunday.
Last edited by CodeMeister; 10-07-2011 at 08:05 PM.
Well if it happened last year it will happen again. I still think your wrong regardless what was put on Forex factory. Look at it like this if what you said were true then if I looked at my daily chart from 0000 to 2400 est would some one in Tokyo be looking at the same chart on there time? No. Also that would mean according to my chart market open and close would be in the middle of Asian session. How is that possible? Further more the person in Tokyo his chart would say open and close for the day would be right around London open (give or take a little I am not look at time zone difference). So now who is correct him or I? Lastly if what you say were true why does the market close on Friday with NY close and open Monday morning with Aussie open? What about your weekly chart now when does it open and close? I would assume with the open and close of the market for the week. Would it not make sense to match your daily chart with your weekly chart open close?
In regards to you comment of seeing extra bars for Sunday. That only really matters on a daily chart. Hourly candle will do that depending on what time zone you chart is based off of. I use est mainly because I live in this time zone but the candles are the same all over the world an hour is and hour dont matter if that hour is 0300 here and 2300 somewhere else it open and closes at the beginning and end of that hour. So It shoud not be that way but it wont affect the out come of the candle. 4 hr charts are fine to but by setting the daily based on what you state it will effect the outcome of that bar to (I think)
Codemeister... although i would say another alternative answer is "it depends...but GMT midnight isn't a bad guess"... Bob, IMO has it correct. I say this because at 17:00 EST, neither asia, nor new york, nor london are open. Also, the entire futures markets (including but not limited to forex futures) close down at 17:00 EST. All trading ceases... not a single transaction can take place until it opens back up at 18:00 EST.
I think bob is saying that daylight savings time or no daylight savings time...new york has a 5 PM every day of the year..and whenever new yorks 5 pm is....new york banks close, and new york bankers go home at night.
No other market is open at that time, save perhaps the smallest market in australia. And worldwide... the forex futures markets are closed at 5pm new york time.
Also, i've found that of all pivot point websites out there... this is the best one in terms of providing pivot points that I find the market reacts around consistently. Their website is here:
Forex Pivot Points, Support, Resistance, Hourly, 4 Hours, Daily, Weekly, Monthly, Intraday, Short Term, Medium Term, Long Term, US Dollar, Euro, Japanese Yen, British Pound Sterling, Swiss Franc, Canadian Dollar, Australian Dollar, New Zealand Dollar
And if you read down to the notes...they calculate daily pivots at 5:00 pm EST, which they currently say is 21:00 GMT.
I think we can all argue this around over and over and over, because frankly you can trade it 24 hours, and its' always morning somewhere. But... for most considerations, a 17:00 EST time to end the day is probably going to give you the best outcome to figuring pivots, daily closes...whatever you need.
Last edited by eremarket; 10-08-2011 at 01:19 AM.
I think this discussion has gotten off track. I am not disputing that the NY market closes every day at 17:00 and opens again at 8:00 every morning. Sames goes for London and Tokyo. But the original poster is not interested in that. He wants to know what the daily bar on a chart includes. That depends on the broker and is not dependent on market opening / closing times.
My broker (FXDD - Malta) is on a different schedule of Daylight Savings Time than in Canada / USA so for half of the year, the new daily bar opens at 17:00 NY time and for the other half it opens at 18:00. Same with the London and Tokyo closings.
On FF, there have been several discussions on this topic and it always seemed clear to me. Here is a link to the latest one.
New daily candle, when should it be drawn? @ Forex Factory
Last edited by CodeMeister; 10-08-2011 at 01:52 AM.
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