Quick question:
Why does everything I read tell me that the market is open for 5 days a week? I’m reading an average pip chart by day of week and it includes Sunday-Friday. What am I missing?
Let say for example your broker’s chart beginning of monday start at gmt 0000hr ends on friday 2100hr. There will be 5 daily candlestick. But on sunday gmt2100hr market opens. Hence 6 daily candlestick. However this daily candlestick is but a mere 3hr daily candlestick.
For broker with gmt-3 and daily candlestick opens at 2100hr. Their daily candlestick will not have this error.
No its wrong. In every chart you can see there is a jump from Friday night to Monday morning (Sunday for some regions). You should be missing something, as banks don’t work on the weekends.
Thats wrong wrong wrong and you know it. Alpha has it right, it all depends on your brokers server time (as a rule) to whether your chart recommences on Sunday or Monday. I also understand some custom charting software will allow you to set this time.
Yes, banks do work weekends, brokers just don’t offer CFD’s over this period.
Blimy, and your a verified analyst. More like certified!!!
The Forex market is opened from Sunday 22h pm till Friday 22h pm GMT (London) if I am not mistaken as it is a bit confusing with summer and winter time. So based on the broker’s server time both 5 days and 6 days daily candlestick are possible.
There is an article that might be useful: Forex Hours
Becuase the market [I]is[/I] open for 5 days a week.
It opens on Monday morning and closes on Friday afternoon.
(There’s also some weekend trading available between some [I]market-makers[/I] and their own customers, but with horrendous spreads, and you should ignore it for normal trading purposes.)
[B]The effect of time zones.[/B]
“The East” (New Zealand/Japan) opens first when it’s early on Monday morning in their time-zones; “The West” closes last when it’s late on Friday afternoon in their time-zones.
If you draw charts for your own time-zone, there might be some anomalies. I live in the UK, so “the week” starts late on Sunday night, where I am. So you could say there’s “Sunday trading”, but that’s missing the point of the effect of time-zones, because it isn’t Sunday night [I]where the market’s open[/I].
Daily charts that show 6 bars are going to be horribly misleading. All the indicators based on them are going to be horribly misleading, too. You need to adjust your chart-settings to allow for this. Some technical knowledge is required, either from the manual or the help-desk of whatever software you’re using. 
This might help, too: [B]Forex Market Hours[/B]