Candle Basics and importance - When do daily candles begin to form?

Beginner Questions
#1

Ok this is a rediculously basic question but I guess we were all ignorant at one point or the other.
I’m guessing that when you look at a particular time frame say hourly, then the candles begin or “open” at the begining of each hour. say the 3pm hourly open at exactly 3pm. Likewise for the 30min , 15 min and 5 min time frames.
But using US eastern time, my question is at what time do the daily candles open? is it at 8am US eastern time? and will that be same for all pairs?

also how important are candle patterns in analysis?

I’ve looked at the babypips school on candles but the only patterns i can see clearly in real charts are dojis and engulfing candles…do these really matter in anyones analysis or do you just look at your charts? thanks for any input and if possible show some pics of REAL (not ideal) candle patterns and how to recognize them when they are about to form.

EDIT: i started learning (and loosing) with forex.com but now i’m demo with oanda

#2

To Floridaexchange :

These questions are now becoming more common on this forum. I will, therefore, give you a number of pointers.

Firstly, I think the daily candles open at GMT time. But if you have a good charting program the opening times of each candle is given underneath.

Candlestick trading is a whole world of its own. There are a growing number of posters on this forun who are switching to candlestick trading from indicator trading.

The reason given is that candlestick trading is far superior.

I am finding that I am repeating myself over and over again. To fully enlighten you, and to spare my repetition, I point you to the following hyperlink to understand candle patterns properly :

Japanese Candlestick Charting Explained

…and to the following threads to get a real feel and understanding of the awesome and sheer power of candlestick trading.

  1. FOREXTOWN…“Indicators for scalping - Please post here” by Iinzall.

  2. FREE FOREX TRADING SYSTEMS …“Can anyone help me with a Forex system?” by MasterPlan.

#3

I apologise straight away for this answer but here goes.

On Oanda the daily candle opens @ midnight New York time is that eastern
standard time ? (EDT)??? (I only know it’s 0500 GMT+ 1)(0400 GMT in the winter)

But the time the daily candle opens on other platforms depends upon
where the website is hosted.

All you can do is choose a broker (or 10 lmao) & see what time their daily candle opens.

(I feel it should open at 1700 EDT when the New York exchange ends but…
that’s IMO)

More important, I will repeat a lot more important than that is candlestick analysis, the candles show price action now, not yesterday, 10 hrs ago, 5 hrs ago etc., but now.

Here are a couple of websites to be going on with, I am sure others will
supply some more :-

Japanese Candlestick Charting Explained

Introduction to Candlesticks - StockCharts.com

Also take a look at

http://forums.babypips.com/forextown/5699-indicators-scalping-please-post-here.html

a thread on this forum.

:wishes: