Hello
Could you please help me how I can determine the midnight candle? What is this candle? Midnight gmt? Sydney open? Thanks in advance.
Regards
Its whenever yout broker opens the next day’s bar. Probably not GMT; might be Sydney open.
My broker opens the first candle on Sunday at 21:00 by my time zone. My time zone is Berlin-rome-Budapest-Belgrade. In Sydney there is monday, 07:00 at the same time. But Sydney forex market opens at 09:00 referring to forexmarketopens.com. So what is this time then? Any clue?
This Table should answer your question — http://forums.babypips.com/newbie-island/47460-forex-trading-sessions-september-2012-april-2013-a-2.html#post420104
Your time zone in Berlin is Central European Time (CET = GMT+1). If you find the line on the Table marked GMT+1, you will find the opening times and closing times for all 7 of the principal trading sessions.
Note that these times are based on forex market hours of 8am-5pm local time, in each location.
Scroll back to post #1 and post #2 on that thread, and study the Notes. I think that all your questions will be answered there.
So Wellington opens at 20:00 for my time zone, but…
" • The opening and closing times of the New Zealand (Wellington) Trading Session will change by one hour for all forex traders EXCEPT traders in New Zealand, "
Is this why the candle opens at 21:00?
The candle opens when it opens because your broker wants to close the day at that time. Its as simple as that. Other brokers choose other times - again for their own reasons.
But there are strategies referring to daily open. Different candles give different results. So its not that simple.
I have to disagree. Either use the same broker as the mentor, devise your own or find one that uses 1H bars.
Correct. 8am (08:00) in Wellington is 8pm (20:00) in Berlin.
That statement, which you copied from a post back in September, referred to one of several time changes which occurred between September and November. All those time changes are behind us now, and are reflected in the times shown in the current Table.
Prior to September, 8am in Wellington was [B]10pm in Berlin.[/B]
Then, Wellington went onto Daylight Saving Time, and 8am in Wellington became [B]9pm in Berlin.[/B]
Finally, Berlin returned to Standard Time, and 8am in Wellington became [B]8pm in Berlin,[/B] which it is now.
The daily candle on your platform opens at 9pm, because that is your platform’s default setting. It has nothing to do with the opening time of the forex market in Wellington, or anywhere else.
The most [B]logical[/B] time for a daily candle to open is 5pm New York time, which is [B]11pm Berlin time.[/B] But, that time does not correspond to the opening time of any forex market in the world.
The opening time of daily candles, and the opening time of any particular forex market, are two different things.
Thank you for your answers. Happy trading.