I’m currently watching NY close charts. I’m just wondering when a NY close candle is considered finished. There are many times that I enter in a market, and the candle changes the appearance, changing completely the looking of the trend. Therefore, I must know when does the candle is considered as past so that I can take it as something that has already occured and can ocnsequently decide what action I must put.
By the way, if I am trading daily charts, I should absolutely wait till a candle is finished right?
The candle is going to close depending on the timeframe and time stamp determined by your broker. It is usually a good idea to know what time zone your charts are in before you start trading.
If you are trading only daily charts, I would recommend waiting until the candle is finished. However, you could always move to lower timeframes to get better entry signals once you have determined your trade on the daily charts. This will allow you to get better entry signals and can be applied to exiting trades as well.
Candlestick chart patterns are not considered valid unless they have closed for the day. Most daily traders that I have ran into do chart analysis sometime between 5 and 7 pm eastern after NY closes but before the overseas session really gets going. If your broker doesn’t close after NY there are free forex charts available of varying closes available on the internet.
Yes, It is better if you can wait for a candle close to get a better decision. Candles may turn into different forms during the last few minutes. So it is important to wait for the call before jumping in.
I don’t know about your trading system. But recommend you to check below daily candles such as 4Hr and 1Hr to identify the current market patterns. For an example, long time frames depict you are in an up trend. But when you switched to small time frames you can see a reversal pattern.So please keep these things in your mind.