Traders that trade daily charts, how does that affect you?
12am EST is 12pm over here in Singapore, a tough time to trade as I have to work, normally I will look at the charts at 6am which is 6pm EST.
Considering the fact that most other brokerages’ daily candles close at 5pm EST, is it okay to just imagine the candle has already closed at 6am?
Chart on a different platform. And trade on Oanda.
For me, I look at the charts around 6pm my time. And then jot down a few pairs that catch my eye. Then a little after 11pm my time the new bars are up and I look back at those pairs to see if there is a viable trade.
For some reason, I was looking at this the other day on Oanda, curiosity more than anything I think, it seemed that the open and close is dependent on the timezone you choose!
I don’t think that’s true of daily candles. I was goofing with it as well last night and saw it adjust for the smaller time frames, but could not adjust it for the daily.
I thought of using MT4 for charting purposes, but I noticed discrepancies between the prices on MT4 and the java chart. Not sure how much it’d affect my charting, but I thought it’s safer to stick to what the platform had to offer because ultimately my p&l will be based on the price I get.
I was just wondering if my idea can work, consider the fact that the Asian range is pretty tight, so unless something big happen, it won’t really move the rates much.
Anyway, thanks for your contributions guys.
i think there’s no diff. but then i hate trading in java chart and then back to the mt4