I’m completely new at FX and have opened up a demo account. I’m looking to start trading off daily bars and was wondering whether someone could help me with a question.
If I’m looking at a daily bar chart, at what time of the day does the bar change to the next day? My demo account is with Oanda and I also have loaded up MT4.
Is it 00.00 GMT?
Regards
Sean
It varies from broker to broker.
Why is that, is because the position of each broker. I mean why would they be placed somewhere different.
in the USA, a new day starts at 5pm, est !
if using a “foreign” broker, you must calculate the GMT
mp
That�s confusing, but I was checking different platforms and mastergunner is right, it varies
But I don�t know how this information could be useful in trading
If you ask it is because you know it
I’ve had a harder look today and it seems like MT4 changes over at midnight EST, Oanda changes according to whatever timezone you are looged in from, and IG Markets is 00.00 GMT.
Hi, MT4 is just a trading platform, it varies from broker to broker as well. MT4 on Alpari UK has a daily new of GMT 0.
This may also be confusing for people who trade 4-hour bars, as the start of the 4 hour bar also depends on what timezone the broker is in.
Why this happens is simply because different brokers are in different areas. A Japan broker wouldnt work in the US timezone, it just messes things up (like daily reports, etc).
I am not too sure about the significance in trading, but I dont think this is an issue if you’re trading daily (because you’d probably be more of a fundamental trader than a technical?)