I’m not talking about market hours. I’ve been looking at historical daily highs and lows. How are the daily highs and lows are set for a day? What’s a “forex day”? Is it GMT - GMT?
1700 hrs NY time is the close & open of the daily candle.
Thanks for that I’d been trying to work that one out.
Depends on the broker. Most are GMT to GMT-3. You cannot say 1700H NY time for instance because during Daylight Savings period it will be an hour different and if you look at another broker, it may be 2 hours different.
hate to tell you codemeister but your wrong. The daily candle will always end with NY session close. That is how the market operates period. It does not matter where you broker or where you are in the world is the only thing that will effect is the time stamp on the candle witch most brokers let you adjust that. So ny session is an always will be 1700 est. Daylight savings time will not effect ny session close ever. I live on NY time trust me. We change our clocks on sunday morning at mid night long before. Since it is a 24 hr market the daily candle will always open and cloe at 1700 est. If your chart does not then your chart is wrong and you need to find another broker. Also since we are touching on this subject Isee with alot of USA brokers they will have a sunday candle on there daily charts. If you have a sunday candle on your daily chart you daily chart is wrong. The market does not open on sunday regardless of the fact if you are like in in est timezone it is sunday afternoon when the market opens. Reason is it is Monday morning for the Asian session. So there is no market open on sunday so charts can not reflect sunday as a trading day.
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I will have to add the market will open a little later than usual since assian session has day light savings time is sooner over there than here. The only other times it will effect you is if you trade any sessions open/close as there open and close time will get screwy if you are not up to date on this matter. There is a thread by I think clint on here who posts all sessions DL times schedule. I recomend you all check it out has good info on it
That is the first time and I mean the very first time anybody has made that claim. I suppose living in NY gives you a different perspective on things. I spend most of time on FF and have seen this subject discussed several times. I think this is the first for me on BP and that might explain things.
I happen to like the way my broker (FXDD) handles the daily open/close. They start at 0:00 Monday AM and end at 24:00 on Fri. Right now that corresponds to 17:00 EDT, but in several weeks that will change to 18:00 (at least that happened last year). I have used other brokers’ charts and didn’t like getting the extra bars on Sunday.
Well if it happened last year it will happen again. I still think your wrong regardless what was put on Forex factory. Look at it like this if what you said were true then if I looked at my daily chart from 0000 to 2400 est would some one in Tokyo be looking at the same chart on there time? No. Also that would mean according to my chart market open and close would be in the middle of Asian session. How is that possible? Further more the person in Tokyo his chart would say open and close for the day would be right around London open (give or take a little I am not look at time zone difference). So now who is correct him or I? Lastly if what you say were true why does the market close on Friday with NY close and open Monday morning with Aussie open? What about your weekly chart now when does it open and close? I would assume with the open and close of the market for the week. Would it not make sense to match your daily chart with your weekly chart open close?
In regards to you comment of seeing extra bars for Sunday. That only really matters on a daily chart. Hourly candle will do that depending on what time zone you chart is based off of. I use est mainly because I live in this time zone but the candles are the same all over the world an hour is and hour dont matter if that hour is 0300 here and 2300 somewhere else it open and closes at the beginning and end of that hour. So It shoud not be that way but it wont affect the out come of the candle. 4 hr charts are fine to but by setting the daily based on what you state it will effect the outcome of that bar to (I think)
Codemeister… although i would say another alternative answer is “it depends…but GMT midnight isn’t a bad guess”… Bob, IMO has it correct. I say this because at 17:00 EST, neither asia, nor new york, nor london are open. Also, the entire futures markets (including but not limited to forex futures) close down at 17:00 EST. All trading ceases… not a single transaction can take place until it opens back up at 18:00 EST.
I think bob is saying that daylight savings time or no daylight savings time…new york has a 5 PM every day of the year…and whenever new yorks 5 pm is…new york banks close, and new york bankers go home at night.
No other market is open at that time, save perhaps the smallest market in australia. And worldwide… the forex futures markets are closed at 5pm new york time.
Also, i’ve found that of all pivot point websites out there… this is the best one in terms of providing pivot points that I find the market reacts around consistently. Their website is here:
And if you read down to the notes…they calculate daily pivots at 5:00 pm EST, which they currently say is 21:00 GMT.
I think we can all argue this around over and over and over, because frankly you can trade it 24 hours, and its’ always morning somewhere. But… for most considerations, a 17:00 EST time to end the day is probably going to give you the best outcome to figuring pivots, daily closes…whatever you need.
Jay
I think this discussion has gotten off track. I am not disputing that the NY market closes every day at 17:00 and opens again at 8:00 every morning. Sames goes for London and Tokyo. But the original poster is not interested in that. He wants to know what the daily bar on a chart includes. That depends on the broker and is not dependent on market opening / closing times.
My broker (FXDD - Malta) is on a different schedule of Daylight Savings Time than in Canada / USA so for half of the year, the new daily bar opens at 17:00 NY time and for the other half it opens at 18:00. Same with the London and Tokyo closings.
On FF, there have been several discussions on this topic and it always seemed clear to me. Here is a link to the latest one.
New daily candle, when should it be drawn? @ Forex Factory
[B]CodeMeiste[/B]r and [B]bobmaninc[/B] are both correct.
CodeMeister is correct that different brokers open their DAILY candles at different times of day. This can cause a lot of confusion when their customers try to talk to each other — on a forum such as this one, for instance. If your broker opens DAILY candles at midnight GMT, and my broker opens DAILY candles at 5pm New York time, you and I are going to have a hard time comparing DAILY charts.
Bobmaninc is correct about 5pm New York time being the “natural” beginning/end of the forex trading day, based on volume. Worldwide trading volume (actual dollar-volume, not tick-volume) typically reaches a minimum each day between 5pm and 6pm New York time, and this minimum occurs year-round, regardless of daylight saving time. The reason for this typical minimum in daily volume is simply that the normal business day has ended in Zurich, in London, and in New York; the normal business day has not yet begun in Tokyo, or in Singapore; and only Wellington and Sydney are “open” for business. Wellington and Sydney are the smallest of the 7 principal trading sessions.
So, the answer to the OP’s question is: The forex trading day begins and ends at the stroke of midnight at Castle Dracula in Transylvania. This is true regardless of whether Transylvania is on daylight saving time.
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then moves to Japan 8am, then London 8am then New York 8am. The forex market will start closing Friday at 5pm Australia then moves right back to 5pm in New York. These are all local times in the various cities. The start of a new daily candle depends on which time-zone your broker platform is set to. If its GMT it will start at 10pm and end at 7am GMT every day.
Hi folks,
just wanted to get your opinions on this thought and if I’m overcomplicating things. If we want to have our daily candles close at 5pm NY time, then we need to work with two different broker platforms. The reason for this is that broker platforms are not set to NY5pm time etc. but they are set to a GMT time. If we choose a broker with GMT+3, then most of the year this will match NY5pm, but the other part of the year when NY has daylight savings we need to use a different broker with GMT+2. This matter gets even more complicated when you also have daylight savings at your own home address which may start and end at different times of the year than New York.
Two brokers that have great data feeds are FxPro (GMT+3) and GoMarkets (GMT+2) (FXPro demo data feed is great with lots of historical data, GoMarkets live data feed has more historical data than demo feed for some currency pairs), neither of these brokers have the Sunday bars in their system.
Now, as I live in Melbourne, Australia, I did some maths and that what I came up with in regards to when to use which broker… (keep in mind that Daylight savings happens on a different day each year, so this calculation would have to be updated year by year)
starting 2nd October 2011 (AUS daylight savings starts)
FX Pro 8am AEST 5pm NY
starting 6th November 2011 (NY change to EST)
Go 9am AEST 5pm NY
starting 11th March 2012 (NY change to EDT)
FXPro 8am AEST 5pm NY
starting 1st April 2012 (AUS daylight savings ends)
FXPro 7am AEST 5pm NY
Ok folks, that’s it but it’s really complex and a bit of a pain to keep switching charts throughout the year . Especially also as after switching charts the previous data bars are off again compared to the current up to date bar.
So… what to do? Just go with FXPro and not worry about 1 hour offset for part of the year or keep switching?
Looking forward to your replies…
I am not sure where you are from but the banks close at 5 pm est (well most of them) but bankers dont go home. Its 5 oclock we are at the bar
Cheers
Well depending where you live and your timezone and your broker even, it can start at different points Sunday or Monday and end on a Friday or Saturday (again depending on where you live. I would assume people call a day many things, for instance, they might say the time on their brokers platform is a day etc.
New York Market trade times: 8am - 4pm EST