Great thread here guys, been an excellent read…
What do we think of this set-up on the AUD/USD - 4HR CHART
I like it ,at key level,with the trend, gut feeling tells me go for it.
It doesn’t matter if a pair is choppy as long as you know your trade plan before hand and trade it with the levels in mind, with the FSA or FRA etc,
Joffie
What charts are you using mate? I cant see the pinbar on my charts. Do I need to do something to my charts after the clocks change in US?
It was just my analysis On the chart attacted by pips4you
A trade for me… Swing point PA
No I think he is using the wrong charts not NY close as I don’t see it on my charts and I use correct charts.
guys (especially those who have been trading this method for a long time) i have a very simple yet confusing question
do you use the default GMT timezone or the usual GMT+2 timezone?
I think most MT4 brokers use GMT+2 timezone while some bigger brokers like FXCM and IBFX use GMT+0 timezone. Because of the timezone differences, they have different price action especially on H4. I used to trade in GMT+2 but after I tested my chart in Forex Tester software, apparently GMT+0 gives better consistency in the long run. What are your thoughts guys?
Answer= use the correct charts.
It was GMT+2 until the weekend but now it is GMT+3 due to US changing their timezone. This thread uses GMT+3 as that is what Jon states(NY 5pm Close). It makes sense because this is when the market will become quiet as it is the asian session and US has just finished so therefore the daily chandlestick has just closed. If you post charts on this thread that are not the NY close charts then they will be different from everyone elses and know one will be on the same page as you when analysising charts on this thread. Other traders(Nigel Fuller) who trade and promote trading from the daily charts I have seen also say to use NY close charts.
You could always open a demo with a GMT+3 broker and just use for charting. Pepperstone, Axitrader, Hotforex, Tradersway, FXpro, FXdd and FXCM Traders Station 2 all use this time zone.
You need to use the New York open charts try pepperstone mt4
Joffie
ok i get it. Well i always used to trade with GMT+2/GMT+3 timezone as im also with FXPro but doubts arise when I backtested for the past 3 years using GMT+0 timezone. Both timezones are profitable but i found the default GMT one is more profitable. But again, i could be wrong because who knows in 5 years it’s the GMT+2/+3 that’s more profitable?
Anyway i will just stick to the method. IF you guys use the usual GMT+2/+3, i will just stick to it.
Hello all,
this week the NY close time changed as it does a couple of times per year. most switched on brokers change with this and the charts move the time required to stay inline with NY close however some are slacker than others.
The NY close time can stil be found on Pepper, Go markets etc I have noticed a few like Fxpro and hotForex have not changed as yet. They will but as I said some are slack and take time.
If you download the free charts from pepper you will always have the correct charts as they switch to stay inline.
Johnathon
PS: Here is a notice from Pepper which they send out just before each change. This explains all the time zones etc
Dear Trader,
On Sunday the 10th of March 2013, the Pepperstone MT4 Server time will move one hour forward to GMT +3 hours.
Pepperstone bases MT4 Server time on “5pm New York”, the internationally recognised end-of-day in the forex markets. The US will be changing to Daylight Saving Time on the 10th of March 2013. With the US turning clocks one hour forward the Pepperstone MT4 Server Time will also move one hour forward.
How does this affect me?
The only noticeable change that you will experience is that the Market Watch time in MT4 will now be set at GMT+3. This might not affect your trading at all - however, depending on your timezone, this may cause the market to open one hour earlier on Monday. The MT4 server time will still open at 0:00 on the charts, this may just be an hour earlier for your time-zone.
GMT Offset
If you are using an EA with a GMT offset time, then you must change the GMT offset to +3 just prior to the 10th of March.
OLD SERVER TIME
Server Time GMT +2 Hours
GMT Offset +2
NEW SERVER TIME - 10th March
Server Time GMT +3 Hours
GMT Offset +3
If you have any questions or need assistance we are here to help you.
Kind regards,
The Pepperstone Team
Yea that,s very interesting level and it also provides a value area to get short with the strong downtrend.Watch it closely.
Hi,
I went short on this pin,but since been taken out as SL.I believe it was an A+ setup that just dint work out.Big large pin bar at key level with the trend.
Or it it a case of trading the pair (aud/usd) during Asian session and when London and new york wake up thing just changed?
Let me have your feedback to help me learn more and more.
cheers
Giddy
Hey mate,
I also took this trade on the AUDUSD 4hr. I liked it and it is one of my fav setups with the false break pin through the key level, but as we all know losses are a part of doing business and they are going to happen. That’s reason we use MM and never risk too much so no matter what happens we can live and trade another day, so don’t beat yourself up as it happens and for as long as you trade it will happen!
Johnathon
Very well said…
1.0350-1.0375 maybe another area to sell AU.
Right said mate this was a very good setup and it has all ingredients of an A+ cake.I was feeling a lil bad because i missed it but now i am feeling much better lol)) But those who took it should not curse themselves as no matter what loosing is part of the field in which we operate.Cheers)
Thanks Joffie. Switching to pepperstone now. Was using alpari. Their charts were correct until this week. They must be one on the ones that havent updated.
Hi traderbish,
Our candles are based on Eastern European Time (EET) or UK time +2. The first candle in the chart starts on Monday at 00:00:00 EET and the last candle closes on Friday at 23: 59:59 EET, which coincidentally does coincide with the NY close time of 17:00 Eastern Standard Time (EST). As long as the time difference between the UK and US is five hours this will be the case.
However, there are a couple of weeks in the year when this is out of sync. This is because of daylight saving time. In the United States, daylight saving time starts on the second Sunday of March and ends on the first Sunday of November. In the United Kingdom, it starts on the last Sunday in March and ends on the last Sunday in October. For 2013, the daylight saving time in the US will start on Sunday, 10 March 2013 and end on Sunday, 3 November 2013. While in the UK, the daylight saving time will start on Sunday, 31 March 2013 and end on Sunday, 27 October 2013.
We’re here to help, so if you have any further questions, please feel free to post in the Broker Aid section.
Alex
Alexander Chadwick
Alpari (UK) Representative