need help in candlestick chart time zone

[kureja]

i follow the candlestick charts , i am little bit confused that at what time the daily candle should open? i mean that should the candle be open according to the new york time or london time or some else time zone so that i can see the exact candle formation. and can follow the exact trend .
thank you

regards,
kureja

 

[NicholasM]

i follow the candlestick charts , i am little bit confused that at what time the daily candle should open? i mean that should the candle be open according to the new york time or london time or some else time zone so that i can see the exact candle formation. and can follow the exact trend .
thank you

regards,
kureja

Hello Kureja, I think that ideally the time zones are supposed to reflect your trading location (or the location you filled when opening the account). However, some brokers have remodeled their systems to allow time zone configurations such that if your want your candlestick charts to reflect New York time, then you can easily do that.

 

[bigdolly]

Hello Kureja, I think that ideally the time zones are supposed to reflect your trading location (or the location you filled when opening the account). However, some brokers have remodeled their systems to allow time zone configurations such that if your want your candlestick charts to reflect New York time, then you can easily do that.

Forex market runs 24 5 without breaks as trading sessions overlap each other forming continual quotes (providing that there is sufficient liquidity). Most of brokers form new daily candle on midnight, according trading server time. Note that Open price of new daily candle may have some slippage with previous Close price candle, as this time is commonly known as rollover time where daily interest rates (swaps) are recalculated.



As you can see from the screenshot above (its from HF), stable server usually gives very low slippage during new daily candle transition, in our case it's 2 pips.

Nevertheless, trading practice shows that it's reasonable to avoid trading during rollover times (I mean trying open or close trades), some good brokers even notify their traders about that.

Good luck in your trading!

 

[stephane]

i follow the candlestick charts , i am little bit confused that at what time the daily candle should open? i mean that should the candle be open according to the new york time or london time or some else time zone so that i can see the exact candle formation. and can follow the exact trend .
thank you

regards,
kureja

Hi Kureja,

there are some indicators that will show you when does the candle end. Input them on your chart and you will know for sure.

 

[iMusingKiMi]

i follow the candlestick charts , i am little bit confused that at what time the daily candle should open? i mean that should the candle be open according to the new york time or london time or some else time zone so that i can see the exact candle formation. and can follow the exact trend .
thank you

regards,
kureja

Just point your cursor to daily candles and you can see what server time the candle open. Then according to server time, calculate your time zone.

 

[Pharaoh]

Candlesticks and anything else that relies on OHLC are not interchangeable amongst all brokers. Hourly and below should be the same. Weekly should be the same. 4 hour and daily depend on broker server time, and there is no officially accepted standard for this in a 24 hour market.