New York end of day candle sticks

• 04/15/2018 at 10:05 PM #68423
  rhuw

  Hi Everyone.

  I don’t know if you can help me.

  I am trying to set up my forex charts which open and close in true alignment with the New York trading session close. i.e. close at4:59:59 pm NY time and open at 5pm NY time.

  I have watched their tutorial videos etc but I dont want a new bar to form at 12 midnight, I need it to form at 5pm EST.

  Thanks,

  Rob

  

  rhuw

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  04/15/2018 at 11:32 PM #68427
  robertogozzi

  I wanted that too, a couple of years ago when I subscribed to PRT and later IG-PRT, but it’s not possible, every broker sets its own “day”, no matter if roll over is always due at 5pm EST. Brokers based in USA will start a new daily bar at 5pm EST (23:00 CET, or UTC+2), as well as 2-hour and 4-hour bars, some start a new daily bar at 22 CET (4pm EST), some, like IG and PRT start a new daily bar at 01:00 CET (7pm EST).

  There’s no rule, so I happen to display the same 4-hour chart on the same instrument and each candle is different from another broker’s 4-hour chart.

  As you can see from the two attached screenshot, one chart shows a pretty clear engulfing pattern, while the other one does not, so in one graph you will need two candlesticks to have a confirmation of a bearish temp reverse. But both traders would be likely to enter almost at the same price and the overall trend is not much affected.

  Of course TFs less than 2 hours are the same in all cases and Daily TF is slightly affected. The 2-hour TF is probably the most affected one, but, in my opinion, trading should not be affected that much.

   

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  GraHal

  

  robertogozzi

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  04/16/2018 at 11:24 AM #68468
  rhuw

  Thanks for your reply Roberto.

  So is there no way round this?

  I have also tried to contact PRT but haven’t had a reply. Also contacted IG and they have told me to contact PRT. So frustrating!

  

  rhuw

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  04/17/2018 at 8:03 PM #68627
  rhuw

  I’ve figured it out.

  A play on time.

  I’m based in the UK and so at GMT. New York time EST is -5 hours. As I cant get the bars to form at 5pm est as I require. They will form at 12 midnight est which is useless to me. All I need to do is simply find a country which is midnight at 5pm est.

  So most of Eastersn Europe is +2 hours GMT which is +7 hours from EST, 5 hours +2 hours = 7 hours.

  It seems to be working 🙂

  

  rhuw

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  04/17/2018 at 8:14 PM #68631
  robertogozzi

  Now a candle is being built and, no matter whether you live in London, Paris, New York or Sydney, everybody in the world SEES that same candle.

  Any time you may set is just a tag, the candle will not be affected.

  

  robertogozzi

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