5/23/ · There is actually a big difference in the price feeds that forex brokers are using, with two main charts which we will discuss below: the GMT chart, and the New York Close chart. The FOREX Market and New York Charts. Let me explain. The forex 8/31/ · It is a great platform for just analysis but to execute trades, you need your trading platform. Tradingview makes use of New York close chart and their charts are known to be universal. I hope you enjoyed this lesson and learned something beneficial to your trading knowledge. Comments and questions are very welcome in the comment box below 8/8/ · Since you then said who will accept US clients, FXCM and Oanda would be your best options or a few offshore bucket shops if you look around. Yes all brokers that have +3 currently offer NY close charts how could they not be if that is the time zone. Post
Why New York Close Charts Matter to Forex Traders
The kind of charts you use to trade matters a lot, especially when you trade raw price action with candlesticks. Even though charts from different brokers may look similar, a keen observation would show you that not all the charts are the same. The topic on discussion today is the type of chart offered by your broker. There are only two types of brokers according to charts; New York close brokers and GMT close brokers.
Join My Telegram Channel To Never Miss An Update. A little bit of research would render those claims as false but unfortunately many traders do not arm themselves with the complete knowledge before, they go live. I have been there before myself; we are quick to blame the broker on things we have little or no idea on. The only difference between these two categories of brokers is fully evident on the charts they provide. You only need to see the candlestick chart of your broker on the daily timeframe to see the kind of charts they offer.
There is also another simpler way to see the difference and I will go into detail below. Brokers do not necessarily have to be in the States to have access to New York close charts. When you pull up the chart for your favorite currency pair, go to the daily timeframe. Locate some candlesticks for Mondays, start counting from Mondays to Fridays.
If you get five candlesticks to represent each trading day of the week, then your broker offers NY close charts. This is a New York close chart of EURUSD which has five trading days to represent Mondays to Fridays. Most of the brokers who offer GMT close charts are based in forex trading platform with new york close charts United Kingdom.
When you pull up a daily chart of a GMT close broker and start counting from Mondays to Fridays, you would get five trading days alright.
The headache comes when you see very small candlesticks in between every five trading days. For this type of broker, six candles make a week. Those small candlesticks you get to see on GMT close charts represents Sundays. An EURUSD chart from a GMT close broker which has 6 trading days to represent Sundays to Fridays. The Sunday candlesticks have been marked in blue rectangles. On the one-hour timeframe the period separator divides the charts into days using vertical dotted lines.
With NY close charts, all the period separators would be created equally. The separator of a New York close chart has equal margins between them to represent the 24 hours of each trading day. Forex trading platform with new york close charts GMT close charts close brokers, there would be slim vertical margins after every Monday to Friday. Those slim vertical margins represent the trading that went on for the little part of Sunday, forex trading platform with new york close charts.
The slim margins representing Sundays are marked in red boxes. In my little opinion, it really does matter especially when you trade with price action from the daily timeframe. I even trade from the daily and 4-hour timeframes; and it matters even more to me.
When analyzing on the daily timeframe, those little Sunday candlesticks can be a slight hindrance in finding the exact market swing points to plot horizontal support and resistance levels. The Sunday candlesticks are useless and might create a little bit of confusion. When you time 4-hour candlestick breakouts of levels like I do, forex trading platform with new york close charts, you dare not forex trading platform with new york close charts that with a GMT close broker.
Because you will be at a risk of entering many false break outs. Because of the different closing times between New York close brokers and GMT close brokers, some of the 4-hour candlesticks form differently.
But hey! Evidenced from what I have said so far, I recommend NY close charts over GMT close charts. Another reason I prefer NY close over GMT close is that New York is considered as the financial capital of the world. It houses the famous Wall Street where a lot of trading money exchanges hands.
Regardless of that fact, London is also considered as a financial capital but New York leads. If you trade with a good GMT close broker and are very okay with their trading conditions but have a problem with the charts they offer, it is not a problem at all. You can use the tradingview platform as a filter. It is a great platform for just analysis but to execute trades, you need your trading platform. Tradingview makes use of New York close chart and their charts are known to be universal.
I hope you enjoyed this lesson and learned something beneficial to your trading knowledge. Comments and questions are very welcome in the comment box below. This helped me alot. Thankyou so much for sharing. Spot on with things that need to be right from the start. Skip to content. Share this: Click to share on Facebook Opens in new window Click to share on Twitter Opens in new window Click to share on WhatsApp Opens in new window Click to share on Telegram Opens in new window Click to share on LinkedIn Opens in new window Click to email this to a friend Opens in new window.
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My Secret Price Action Trade Entry Trick - The 50% Pin Bar Retrace Entry Method by Nial Fuller
, time: 4:40New York Close Charts [GMT+3]
Forex Market Hours. Use the below Forex Market Clock to check where your current time is in relation to the 4 major forex trading sessions (Sydney, Tokyo, London and New York). You can also select the GMT option to check current GMT time in relation to the sessions. Use GMT Time. Created with Highcharts What we really need are the five-day New York Close charts; these represent what is reallyhappening in the markets and only with these can we properly see the same charts that the agents of the Fed are watching. Here is an example of two different Forex brokers with different server times. This first broker is a six-day non-New York Close 5/23/ · There is actually a big difference in the price feeds that forex brokers are using, with two main charts which we will discuss below: the GMT chart, and the New York Close chart. The FOREX Market and New York Charts. Let me explain. The forex
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