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…