Different H4 and H8 candlestick chart at FXCM than others

Commercial Content Broker Support
1

I noticed that the candlestick from H4 and H8 are different in Marketscope charts from FXCM than others (OANDA or http://www.myfxbook.com/)

Even if I set any time option in the FXCM I have the same problem.

FXCM EUR GBP H8:

H8 FXCM.jpg700×346 13.2 KB

Oanda EUR GBP H8:

H8 Oanda.jpg700×389 45.7 KB

Is there a way I can set H4 or H8 candlestick like the others?
Thanks!

2

Hi Cosminc,

FXCM’s Trading Station chart bars use 5pm New York time (21:00 GMT) as the start and end time for each 24-hour trading day. That means all chart bars for shorter time intervals also use 21:00 GMT as their start time. On an 8 hour chart, this would mean the bars would begin at 21:00, 05:00 and 13:00 GMT.

The other charts you are looking at might be using midnight 00:00 GMT for their cutoff time. That would mean their 8 hour chart bars start at 00:00, 08:00 and 16:00 GMT. This 3-hour shift means that candles will have a slightly different shape but should not affect your technical analysis much in the long run, since these differences will even out.

You might be interested to know that FXCM’s MT4 platform uses a midnight 00:00 GMT cutoff time. The MT4 platform does not have 8 hour charts by default, but FXCM created a custom indicator that will let you view custom time frames on MT4 charts.

You can download this custom indicator for free at FXCMapps.com

Jason

3

Thanks for a quick answer!

I can not use other platform but FXCM’s Marketscope. It suits perfect for me and everyone know how important is to feel comfortable with everything in trading.

I don’t mind the start hour at a trading day, I just want to know that if we are minority or majority? Only FXCM use 21 GMT time as the start trading day?
I am asking this because if only FXCM has this setup than the others we will get different buying-selling signals. For instance in the pictures above, the Oanda users will notice a pine candlestick, a powerful signal combine with trend lines or Support-Resistance area. A perfect signal for buying, but in FXCM platform I can not see that signal. Well, this is in case all others use 00:00 GMT as starting trading day.
If not, and the majority start their trading day at 21 GMT, then we see the real signals and what the others see is a fake-out. Because will be fewer buyers to move the price up.

Thanks a lot!

4

Hi Cosminc,

From what I’ve seen, it’s just as common for platforms to use a 5pm New York time cutoff as a midnight GMT cutoff. Even within FXCM, the Trading Station uses a 5pm New York time cutoff, while our MT4 platform uses a midnight GMT cutoff.

The MetaTrader platform does not even use the same cutoff from one broker to the next. Here’s a thread that shows examples of other brokers using a 5pm cutoff on MetaTrader: 301 Moved Permanently

Jason

5

Jason, thanks so much!
You have clarified everything I wanted to know!

6

All in a day’s work :22:

Have a great weekend!