Rhody Trader
Senior member
- Messages
- 2,620
- Likes
- 266
Depends on the market you're looking at. Forex day ends are generally (but not exclusively) 4 or 5 pm NY time. Markets based on local exchanges usually have the end-of-day as whenever the exchange's official close happens.
With Forex during the week, your chart will be shown as midnight close of a daily candle/bar.
Kind Regards
Jason
advfntrader
Established member
- Messages
- 739
- Likes
- 66
anyone know of any way of chaning this time so you can place trades at say 10pm in the evening instead of staying up till 12 ? ie. timeshifting charts
Forex Daily Charts
advfntrader,
Ah ha, that is the exact reason which drew me to view Klastica's post.
I trade daily charts and stay up until 12o/c to view price action. I get up early for my day job which is taking it's toll on me. Wife not to happy either!
I think I am able to alter the time zone on my IG Index charts (IT Finance).
I have nagging doubts about this though. The UK session has the next highest volume of forex trading, after the US.
So in my mind the UK trading time zone must yield price action of a greater strength than other time zones. So if I alter my closing daily candle by two hours earlier this could alter my stop level. I may place it out of sink to a lot of other people and the stop may even now be placed within a range that the price has already visited for that real time daily session.
There is a nice lady who posts here regularly from Canada and I am sure I have seen some of her posts that indicate to me she does not always see the same 4h price action that we do.
I have tried to tackle this point in a thread and the answers that seemed to come back from the more senior guys, is not to get to caught up in what other people are seeing but to trade what I see in my time. As much as I respect these guys, I feel as though I need to understand what they are saying for myself. If I am going to take the trouble to set up a trade, I want to make sure I am getting everything as right as possible.
Any one who has any thoughts on this would be welcomed.
Kind Regards
Jason
advfntrader,
Ah ha, that is the exact reason which drew me to view Klastica's post.
I trade daily charts and stay up until 12o/c to view price action. I get up early for my day job which is taking it's toll on me. Wife not to happy either!
I think I am able to alter the time zone on my IG Index charts (IT Finance).
I have nagging doubts about this though. The UK session has the next highest volume of forex trading, after the US.
So in my mind the UK trading time zone must yield price action of a greater strength than other time zones. So if I alter my closing daily candle by two hours earlier this could alter my stop level. I may place it out of sink to a lot of other people and the stop may even now be placed within a range that the price has already visited for that real time daily session.
There is a nice lady who posts here regularly from Canada and I am sure I have seen some of her posts that indicate to me she does not always see the same 4h price action that we do.
I have tried to tackle this point in a thread and the answers that seemed to come back from the more senior guys, is not to get to caught up in what other people are seeing but to trade what I see in my time. As much as I respect these guys, I feel as though I need to understand what they are saying for myself. If I am going to take the trouble to set up a trade, I want to make sure I am getting everything as right as possible.
Any one who has any thoughts on this would be welcomed.
Kind Regards
Jason
Last edited:
For UK-based FTSE traders, daily charts are based on 0800 Open to 1630 Close. However, some points I would like to make on this.
1.
I am frustrated by different data sources giving different prices, especially for the Open, for the FTSE100. Looking at intra-day charts its very hard to see where some of these sources got their Open from but all claim to get their data from FTSE. Can anyone show where I can get the definitive data myself (for free)?
2.
Be aware that some data sources show the price change intra-day based on the previous session's Close, but others show price change compared to today's Open.
3.
SB tick charts and the like are basically 24hr charts, even though the underlying market and the SB market for that instrument might not be open 24hrs. Never trust an SB tick chart for TA.
1.
I am frustrated by different data sources giving different prices, especially for the Open, for the FTSE100. Looking at intra-day charts its very hard to see where some of these sources got their Open from but all claim to get their data from FTSE. Can anyone show where I can get the definitive data myself (for free)?
2.
Be aware that some data sources show the price change intra-day based on the previous session's Close, but others show price change compared to today's Open.
3.
SB tick charts and the like are basically 24hr charts, even though the underlying market and the SB market for that instrument might not be open 24hrs. Never trust an SB tick chart for TA.
Thaumaturgus
Junior member
- Messages
- 33
- Likes
- 1
Hi, I'm new to all this. I just asked a similar question on another thread.
I just opened an account with CapitalSpreads, and their charts appear to reflect their own quoting hours for a given commodity, even though the market hours might be much longer (my example was COMEX Silver).
Does this mean that the CapitalSpreads data can't be used for trading based on EOD prices, since their EOD is earlier than the "real" EOD? This appears to be the opposite scenario to what you describe.
Hi gacguy - Yes: if your strategy depends on TA of the underlying instrument, don't depend on TA of the SB charts, its not the same thing. SB charts show the price movements of the SB market relating to the instrument - they don't show the instrument itself. And the SB prices are set by the SB firm, they are not a direct result of supply and demand. Its like trying to gauge the price of cotton by watching a chart of Marks & Spencers shirt prices.
Last edited:
Thaumaturgus
Junior member
- Messages
- 33
- Likes
- 1
Thanks. Guess I might stick to instruments where the quoting hours match the market hours for the time being - the fact that COMEX has already been trading for 8 hours by the time CS open appears to pose a distinct disadvantage to strategies relying on EOD information.
