Could someone explain to me something I find a tad confusing please,when is the days open /close/high of day etc?.Fred forex who lives in Oz will have a different days open time to me in the UK and another guy in the US so whos time is right, different times different prices.or do we all use a standard time,say London time.Perhaps it dosent matter and we just work off our own time?Im sure a lot of newish traders find this confusing,so help from wiser folk would sure be a big help:33:
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It becomes important when you are using tools that rely on open and close, eg pivot calculations.
Some say you should use New York’s open and close, others say you should use GMT, and in both cases you need to know what your broker’s time is in relation to GMT.
Also if you are using candlestick patterns you should be aware that not all time frames will give you a reliable reading.
The most consistent will be the one hour, since everybody’s start and end time of an hour is the same, no matter what your time zone is.
A 4 hour candle will have a different formation in two different time zones. One may see long wicks and the other may not.
That’s all that comes to mind right now.
As long as you stick with one time zone and not swap around you should be ok. If for any reason your broker and your MT4 account are different time zones then always remember to check the difference in price levels before opening and closing a trade.
It’s a good question which I have to be honest threw me when I first started. Search babypips for more threads but in brief it depends who your broker is, what server time they use and where you are based. So, I’m based in UK - London opens at 8am and closes 4pm GMT.
Clint - a babypips guru has a few threads on this or check out this site: Forex Market Hours
Over the years, I have found that personally I prefer to work with NY open and close at 5pm EST which is 10pm GMT. I also take out sundays as they play havoc on my daily charts.
If you want to avoid any confusion, just look at 1 hour charts and your broker chart will have a vertical line showing a new day.
Morale: just play around with different brokers, platforms etc and see what suits you
I use NY close as my close for the forex day. Reason is when the week ends it ends with NY (I know the week does not really end so spare me the flaming). It is the only session that does not over lap any other sessions and is the time where the markets in the far west end and markets in the far east begin. So I have a lot of reason as to why I use NY but I have seen many others that use GMT (ICT comes to mind) with success. I dont see anything wrong with either but I use NY. Also make sure your daily charts either have 7 candles meaning the market never closes or 5 candles. The market never truly closes so 7 is optimal. Hoever if the plattform closese for the weekend there is not 6 days in a week theres 5. Sunday should not be on your chart. If you know how to read a chart then sunday really dont matter but will mess with any indicators you are using on the daily