Hi all, just to clarify new york close candles on the daily would be est right?
So i have came across somewhere that EST candles on the daily are more reliable than GMT? Is there any truth to that? Eg: the pin bars and reversals candle.
Or its just another hype?
Hope it doesn’t silly, cheers!
Time zones are not the same thing as the closing of daily candles on a particular trading platform.
[B]Regarding time zones:[/B] You are correct that New York is in the eastern U.S. time zone.
That is, New York time is EDT (eastern daylight time) in the summer, and EST (eastern standard time) in the winter. Currently, New York is on EDT. EDT is GMT-4. EST IS GMT-5.
[B]Regarding the closing of daily candles:[/B] Depending on who your broker is, your trading platform may close each daily candle at 17:00 EDT (New York time), at Midnight BST (London time), at Midnight CEST (Zurich time), or conceivably at any other time selected by the particular broker.
As an example, FXCM uses 17:00 New York time (currently EDT) as the start and end of each “day”. If you use the Pivot Point indicator built into their MarketScope charts, you will get pivot points calculated as of the CLOSE at 17:00 New York time.
This particular time is used as the end of the “forex day”, because the hour between 17:00 and 18:00 (New York time) is the lowest volume hour of the 24-hour forex trading day. During the summer, only New Zealand is open between 17:00 and 18:00 (New York time). During the winter, only New Zealand and Australia are open during this one-hour period.
Some traders are successful using daily pivots based on a Midnight EDT (New York) close, and some traders do well with daily pivots based on Midnight GMT (which is 20:00 EDT in New York). I prefer the 17:00 EDT close for the reason given above.
Hi clint! Thanks for your detailed explanation once again.
My broker is interbank fx and i think they’re using gmt as their closing.
So in other words, the candle i see on my daily charts would slightly be different from yours i suppose?
Okay i just dled fxcm mt4 demo account, the candles are slightly different from GMT.
Thanks for sharing!
I might make the switch if more people actually uses eastern time.
It make sense right, i hope.
Correct. I’ll post a daily chart from FXCM in a couple of hours, and you can compare it to your daily chart.
London opens in 8 minutes, so I gotta go.
I don’t use the MT4 platform. I don’t know when that platform opens and closes daily candles.
I use FXCM’s Trading Station with MarketScope charts. Here’s a daily chart of the past month, or so, of the GBP/USD. I’ve marked the O, H, L, and C for three dates where the candles have small real bodies, surrounded by taller candles. These are likely to be quite different from the daily candles on your IBFX chart, and may be quite different from the daily candles on your FXCM MT4 chart, as well. Make the comparison, and see what you find.
Wow clint! Thanks for you detailed graphical comparison.
I compared with mine, gmt has slightly longer wicks compared to yours.
I’d probably play around with both times and see which suits me best! 
Hey, Thanks for the information since I am a newbie here, this will help a lot!
GMT or EST, it really doesn’t matter to be honest.
