Ok thanks but help me out with this please.since the New York session closes by 9pm GMT,does that mean that it’s it’s price I see on the chart by that time I will make use of as the close for that day?or how will i b able to know the close price?
@Lexzykool317
Ok, let me explain this for you step by step with screenshots, so there is no confusion
this is actually pretty easy to answer
but in another way, IT CAN’T BE ANSWERED
let me explain (Because i think there is some level of communication breakdown here) so i’ll make a few assumptions to try and asnwer the question.
no problem
this cannot be answered UNLESS YOU SPECIFY THE INSTRUMENT YOU ARE LOOKING AT
so let me make an Assumption
LET’S ASSUME YOU ARE TRADING WITH EURUSD ok
so that then means the question would be
Martin If i’m trading EURUSD in the NEW YORK SESSION and the session closes at 2100hrs
how do i determine the close price of the EURUSD at the close time of the NEW YORK SESSION
well… this leads me to believe that you don’t know how to use THE CROSSHAIR CORRECTLY
so let me show you how i would do it
(Note: I’m in Sydney AEDT Timezone GMT + 10:00)
so here we go
Let’s look at this H4 Chart of EUR USD
Blue candles are Bulls
White Candles are Bears
and i have included period separators
Now
- Note the current time and date in sydney 21:05hrs 7th December 2017
Now. let’s look at the chart
Now let’s zoom in to the bottom of the chart on the Vertical Crosshair line, see the black rectangle
let’s look at what it says
so current time and date in sydney and SERVER TIME is
hence the chart is running off Server time
(Please allow for change in time as i’m typing this… ok)
ITS IMPORTANT TO UNDERSTAND THIS FIRST
now THE SERVER TIME IS BASED ON
so now let’s go to FOREX MARKET HOURS
i have set the timezone on the site to Cairo and we can confirm that it’s correct based on the time on the right
OK SO NOW ACCORDING THIS CHART THAT IS SYNC’d with the broker’s SERVER TIME
let’s now look at NEW YORK SESSION
According to this new york starts at 1500hrs - 00:00hrs
OK, SO YOUR QUESTION NOW IS
HOW DO WE OBTAIN THE CLOSE PRICE OF THE FINAL EURUSD CANDLE AT THE CLOSE OF THE NEW YORK SESSION
STEP 1. if we know that the session CLOSES at 00:00hrs
STEP 2. We know that the chart is based on Server time
STEP 3. we find 00:00hrs on the chart as follows
the green line at the front is WHERE NEW YORK WILL CLOSE TODAY
and the green line behind it is where NEW CLOSED LAST TIME
now
STEP 4. to obtain the CLOSE PRICE we use our crosshair
now since we can’t get the first green line price, because it hasn’t happened
LET’S OBTAIN THE PRICE OF THE LAST CLOSE
this will be our reference price
so… this is REALLY REALLY ZOOMED IN
Look at the blue candle that is aligned with the Left most GREEN VERTICAL line
the Black Horizontal Line is the HIGH
the Blue Horizontal Line is the LOW
the Red Horizontal Line is the OPEN
and
the ORANGE HORIZONTAL LINE IS THE CLOSE (THIS IS WHAT WE WANT TO FIND THE PRICE OF)
STEP 5 : you put your crosshair on the orange line and take the measurment
now, we can see here the PRICES ARE ALREADY STATED
hence the orange is
CLOSE PRICE = 1.1798 or 1.17981 if you really want to be accurate
that is how we obtain our reference price for the previous period
DOES THAT HELP
Hello Lexzykool317,
MT4 mobile is not a broker specific app. Within the MT4 mobile app, you can add accounts by selecting the server/broker of your account. FXCM offers MT4, but we do not currently offer MT5. I will make an announcement when we do. All the best with your trading.
Jason
Am confused.first,with the mt4 am using for learning,I didn’t see any where i can change d time setting.it’s only d server time that is showing on the chart.second,why did you are the time to Cairo time since you say your in Sydney?
Third from d chart showing the time for the 4 trading sessions,you said the NY time closes by 0:00hrs but what is showing on the image there is 23:00hours.can you explain please?
Thanks a lot for the explanation.
i know.
the time settings that i showed (The 2 Clocks) were taken from WINDOWS 7. they are not within MT-4.
if you are not sure on how to do that
use these instructions (they are for Windows 10, but the concept translates to all windows versions)
Since i’m in Sydney i keep Sydney Local Time (AEDT GMT+10:00)
Try to ignore the name CAIRO… ok
the point is
I ADDED A SECONDARY CLOCK
the purpose of the clock is to monitor SERVER TIME
SERVER TIME = GMT +02:00
NOW when you add an additional clock YOU CAN IGNORE THE NAME
the main this is to focus on the GMT offsett
Now here is the list in windows of available names
MY FIRST CHOICE WOULD BE TO LOOK FOR “LONDON”
but since LONDON is not in the list
you can choose ANY OF THE OTHER ONES that have UTC : +02:00
oh. FYI
GMT +02:00 AND
UTC +02:00
(as far as you are concerned) IT MEANS EXACTLY THE SAME THING
so basically pick anyone that has +02:00 offsett
that way you can monitor CHART SERVER TIME and YOUR LOCAL TIME at the same time
you mean this chart… right
this is called FOREX MARKET HOURS
you can visit the URL here
http://www.forexmarkethours.com/
here is the chart that i used
Step 1 . when you go in set your local timezone so the chart shows you trading hours correctly RELATIVE TO YOUR LOCAL TIME
Now. to show you what you needed to see
I SET IT TO SERVER TIME +02:00
as you can see…
Now , I TOTALLY UNDERSTAND YOUR QUESTION
when i started trading i made this mistake as well
first of all, stop saying “New York closes BY 00:00hrs” it doesn’t close BY a certain time, it closes PRECISELY ON a certain time
so the question is…
YOU BELIEVE the graph is showing that New York closes precisely at 23:00hrs
THIS IS INCORRECT
HERE IS HOW YOU HAVE TO READ THE CHART
HERE IS 1 BOX (IMAGINE THAT IT IS 1 SQUARE ON THE CHART
----------------------------------------
| |
----------------------------------------
Start----------------------------Duration---------------------Finish
START = The Beginning of the Hour (The First Second)
DURATION = From the 2nd Second to the 2nd Last Second
Finish = The Last Second that marks the CLOSE of the session
so can you now understand that if we look at SYDNEY SESSION
it closes at 0900hrs
because ALL OF THE 0800 IS FILLED WITH BLUE… UNTIL THE START OF 0900
BUT IT DOES NOT CONTINUE INTO THE NEXT HOUR
DOES THAT MAKE SENSE
THAT IS WHY NEW YORK IS STILL TRADING
FROM 2200HRS - 2300HRS
BUT IT CONTINUES TO TRADE FOR THE ENTIRE TIME BETWEEN 2301HRS - 00:00HRS
DOES THAT MAKE SENSE
HENCE IT CLOSES AT 00:00
UNDERSTAND IT NOW 
Don’t feel bad, Standard Beginner Mistake
be cool
does that answer all your questions
Thanks for really trying to take your time to explain.i have to go through it very well to understand the whole concept.but how do i set d time if i am using say an android phone to do the forex trade,and not a laptop?
Secondly,since I know that the time difference of my country from GMT is GMT-1,and the time that shows on MT4 is GMT time,can’t i just make use of that do take note of the times to trade?
if you have android (as i do)
you can either use the built in WORLD CLOCK app
or you can download a Clock App if you like
if you are using the built in one
TO ADD A A NEW WORLD CLOCK
Find the CLOCK App
Open in
Select WORLD CLOCK
Press + to Add Cities
you can either move the world around and tap on the city
or
Search from the Search bar
and then add it
this way you can add SERVER TIME to your phone
of course you can
so if your time is GMT -1
then you could add that to your phone
and go to FOREX MARKET HOURS and find this…
SO. in your case New York Session would start 08:00 and finish 17:00hrs but would not continue past 17:01hrs
does that make sense
the Sydney Session starts at 17:00hrs and continues past 17:01 and goes to the next day to 02:00hrs
MAKE SENSE ?
Yes it makes a lot of sense.thanks a lot.I really appreciate.
Another question on Elliot wave theory please.can I use a 4-hour time frame to trade the Elliot waves and get it correctly or is it a longer time frame that is needed for correct reading of the waves?
This question tells me that you don’t understand elliott Wave theory Correctly.
- for the sake of respect to Ralph Nelson Elliott let’s get his name correct (Two L’s , Two T’s). we don’t quote Einstien and say Einstyne. Just saying.
now that aside
Elliott wave theory applies to all time frames.
to oversimplify it, it says that Markets have Cycles or Waves and Waves have min Waves and mini Waves have micro Waves and so on and so forth
therefore you can interpret the higher level waves that take longer to complete as higher timeframes and the sub sub sub sub waves as lower timeframes all the way to tick data if you wish
so…
YES, YOU CAN
but it would first be better to understand which waves you are going to focus on
i would suggest reading up more on Elliott Wave theory
oh. another thing
Most people trade Elliott Wave theory, but are not aware of it,
so, you don’t need to call it Elliott Wave theory in order to trade it
MY ADVICE TO YOU WOULD BE
Stop focusing on the fact that it’s Elliott Wave Theory and how to Trade Elliott Wave theory correctly.
hey mate, I WANT TO SAY SOMETHING AT THIS POINT BECAUSE IT OCCURS TO ME
PLEASE READ THIS SLOWLY
Even though at times i forget how i perhaps come across, aka… sometimes i might say something like
"Dont’ be lazy" or “Newbies need to put effort in” etc
I want to say
- I’m doing this on purpose
- I’M NOT DOING IT TO BE RUDE
- I’m doing it to push you to do better… ok
Please understand my intentions correctly
i do realize that you might be taking me the wrong way at time… PLEASE DON’T.
now that being said
let me be blunt ok
HERE ARE SOME FACTS
the forex industry is full of so much BS it’s not funny
There are so many names for so many things and most of it is designed to either sound or look cool.
IGNORE THE BS and the "Cool Terminology"
INSTEAD DO THIS… Simplify things, because this is the only way you are going to make sense of it all
let me give you an example
a Newbie might say "What indicator should i use"
and an expert (that wants to sound cool,) might say something like “yeah. throw on a 50SMA and then thrown on a 5EMA and then a 200SMA”
and the newbie is like…WTF hehe
but the newbie doesn’t say anything because they’ll look stupid
well. STUFF THAT
here is the simplified explanation of a 50SMA
an SMA is a MOVING AVERAGE indicator, Meaning, it averaged japanese candlesticks as it MOVES.
in the case of the 50SMA, it averages the values of 50 past Jap Candles to form 1 Plot point (or Sample Point)
simple as that
we don’t need to use big words to sound cool
forex is not about sounding cool
it’s about making money
so back to Elliott Wave theory
JUST FOCUS ON NOTICING RECURRING PATTERNS… Simple as that
you can call it what you like, as long you know how to trade of it and make money hehe
Be Cool Mate
1 Like
Please can you help me out?I downloaded the mt4 app on my laptop and I am trying to practice with it but I am having issues.if I want to say trade with EUR/USD and I click the ’ New Order’ Icon,what i see is this:
Meaning that on the options to say show symbol,volume and also type of order,I can’t put in any option.if I click on any of them,it doesn’t display any option.
I also noticed that though i opened the demo account with a deposit of 5000usd,it’s reading on the screen as in the place showing me my balance that I have 0.00.
How do i correct the settings so as to make me view my trade balance or how do i make a deposit that will reflect in the demo account and also be able to place an order if i click on the ’ New order’ Icon please?
I"m happy to help you, but YOU HAVE NOT ATTACHED ANYTHING
try to edit the post and press the upload button so that the attachment appears
it sounds to me like YOU HAVE NOT CONNECTED THE ACCOUNT CORRECTLY
TAKE THESE TROUBLESHOOTING STEPS
(i’ll use a Demo account to show you what to check… ok)
I’m working on the theory that
a) You have not logged into your account correctly
b) MT-4 has lost the connection to the trading server
Step 1. Look at the bottom right corner of MT-4
see where it says on mine 314/2kb this means IT’S CONNECTED
if it says 0/0kb it’s disconnected from the trading server
Step 2. look in the TOP LEFT CORNER
IF THE ACCOUNT IS LOGGED IN CORRECTLY you will see an account number
in my case it’s 854164
and i can see that the server is Demo 01
Now… if the connection status is disconnected, this will not be here
Now. if the connection status is connected
and the account number appears
then… the balance shouuld appear in the TRADE Tab of the Terminal
if there is no balance or now account number
CHECK YOUR INTERNET CONNECTION
if your internet connection works then it is a problem with MT-4 (you may need to re-install it) or… before that,
Confirm your login details
Account Number
Password
Trading Server Name
get these details from your broker if you don’t know
STEP 3. LOGGING IN
at the top menu
Select FILE
then LOG INTO TRADING ACCOUNT
Then this appears
Type your account number of the account YOU WISH TO LOGIN TO
put your password in
be sure to select the correct server
if your servername is not in the list, you can enter it manually, BUT CHECK WITH THE BROKER OF HOW TO CORRECTLY ENTER THE NAME IN (this is important)
then just click LOGIN
you should then hear a sound like a bell (going DING)
and the numbers in the connection status should start moving
and then you will get you account number show up in the top right corner
and the BALANCE OF THE ACCOUNT WILL APPEAR IN THE TERMINAL
it can’t be any other way
IF MT-4 IS SYNCHRONIZED TO THE SERVER , IT IMPORTS THE DETAILS OF ACCOUNT BALANCE, ACCOUNT NUMBER ETC
if it doesn’t have it
IT’S NOT CONNECTED TO THE ACCOUNT OR SERVER
Another thing you can do to test your internet connection is this
go to cmd.exe
AND TYPE
www.google.com.au -t (leave a space between au and -t)
press enter
this will show you if you have no connection or if you have a connection or if there are lots of drop outs
let me know if this helps
Now… HOW TO ADD A CHART AND PLACE AN ORDER
Lets say you just logged in for the first time and you want to open EURUSD
and place an order
STEP 1.
up the top click on the MARKET WATCH icon
something like this will happen
if you don’t see all this
right click on something and select SHOW ALL
STEP 2. 
When you right click on the INSTRUMENT you wish to use you will see the options
NEW ORDER or Pressing F9 (this will allow you to place an order)
CHART WINDOW - This opens your chart
other ways you can place an order are
CLICK ON THE CHART to select it
then in the white part of the Terminal, RIGHT CLICK and select NEW ORDER
does that help
All the images you attached,I can see all of them when I log in.internet connection is not the problem and I am correctly logged in to my account because it shows the account number and If i Want to log in,I use the password and d server name I was instructed to use and I can also view my account balance at the bottom of the page same place u showed in the diagram u attached.my balance reads as 0.00usd.
This is the image I referred to
I see no option to choose symbol ,volume or type of order I want to place when I click the ’ New order’option.network was bad that is why it didn’t attach yesterday
Ok
so we are making progress
Your internet connection is confirmed to be working and stable
You have logged into your account through MT-4 hence the profile is set up and hence your account number shows up
you have said that the balance shows up… BUT AS $0.00 (this means, if it’s a Live Account YOU HAVE NOT FUNDED THE ACCOUNT YET, You need to put money into it)
if it’s a demo, that’s weird because you should have chosen an amount to begin with, but still you can call the broker and ask them to put funds into it
Now DO THIS
Step 1. ADD A CHART to MT-4
STEP 2. where is says SYMBOL Select the INSTRUMENT/CURRENCY PAIR you want to trade on.
(it should come up by default if you have a chart on, but you can select it here either way)
click on the field and you’ll get a drop down box
STEP 3. where is says TYPE, click on that
you’ll have 2 Options
MARKET EXECUTION - this is what you want, it means, TRADE NOW AT THE CURRENT MARKET PRICE
PENDING ORDER - THIS MEANS… it’s an order that you place NOW. but will execute in the future.
there are 4 types of pending order
BUY LIMIT
SELL LIMIT
BUY STOP
SELL STOP
google them
but for now, select MARKET EXECUTION
the reason why you can’t place a trade is because
- You have no funds to trade with
- You have not told MT-4 which pair you want to trade on (Even if you did have funds)
- You have not told MT-4 what type of ORDER you want to use
TRY THAT , LET ME KNOW HOW YOU GO
Thanks a lot.why I had issues was because I mistakenly opened a live account instead of a demo account but I have been able to view all what you talked about now by logging in with the details of the demo account I was using on my phone before.thanks
hehe… THERE YOU GO, That makes sense now
so, the problem was, ACCOUNT WAS NOT FUNDED.
cool. well, Learn from it and move forward .
Glad you found the solution mate.
1 Like
back to this please. can you give me the link you used in downloading this forex markert hours monitor so i can install it and work with it?
What Monitor ?
When i spoke about Forex Market hours i referred to 2 Websites
they were
(Forex Market Hours)
http://www.forexmarkethours.com/
and
(TIME ZONE CONVERTER)
http://forex.timezoneconverter.com/
BUT, you don’t install them , you go the site
then i spoke about ADDING AN ADDITIONAL CLOCK TO WINDOWS
you don’t need to install that either, it’s already there in windows
then i spoke about Adding clocks to Android
that’s just a CLOCK APP
so… which one of these are you referring to ?
Ok.I didn’t get you well