I’ve searched the forum and can’t seem to make sense of time in metatrader…it should be easy, but the more I think about it the worse the problem becomes.
It is currently midnight MST in Calgary, Alberta, Canada, which is usually GMT-7. My metatrader is currently in an 8AM candlestick on a M30 chart…why 8 hours difference?
My understanding is that both Britain and Canada have shifted forward for daylight savings, so there still should only be 7 hours difference. Is there a setting in MT4 that I should be changing?
I wanted to go back and follow certain news events using Babypips Economic Calender, which is tough to do when the damn time doesn’t make any sense!!! Using the calender, I’ve been setting it as GMT-0, but I still think it doesn’t line up with the time in my MT4. Thanks for the help.
The time shown in the Market Watch window of MT4 is Central European Summer Time, CEST = GMT + 2 hours. You’re in Calgary, and your time zone is currently Mountain Daylight Time, MDT = GMT - 6 hours. Hence, the 8 hour time difference between MT4 and your local time.
Thank you so much. Everything is making sense now - I had tried GMT+1 for MT4 and GMT-6 for my time zone and it still wasn’t making sense. Now that I know MT4 is GMT[B]+2[/B], it makes perfect sense.
The big jumps on the chart are now corresponding to news data.
i hope this isn’t some big secret, but what does everyone use to get news quickest? Or does one just set pending orders above and below market and ride the spike that way?
I just use Forexfactory; hardly a pro service. Trouble is, even if you find the fastest news service ever, you will NEVER outgun the bank brokers, so don’t even try it. And retail brokers will slip your entry to ensure that even if you’re feed is superquick, you can’t arbitrage their own lagging price feed.
Setting orders above and below - straddling - works for a bit then doesn’t. It’s as old as the hills as a strategy. It’ll work for a few months, then everyone does it, so it’ll stop working, and round and round in cycles.
You’re better off not trying to trade the news itself, but if you’re still keen, trade the reaction instead.
yeah, i wasn’t actually thinking of trading the news…
the reason for my question above: I have been playing with a demo account on various M30 charts and I try to take 50 pips with a 100SL. The problem is it sometimes takes hours to days to hit my TP. Some of these news events shift the chart in the wrong direction and makes it tougher to take profit.
Do most people just close off their trades around a news event even if they are currently in a slightly losing trade?