Today I wanted to cover an important topic that has been widely torex, forex new york close gmt heavily misunderstood. There has been this propagated myth the NY Daily Close Hork are the best time frame charts for trading. The theory goes they offer a true forex 5 day week, instead of the 6 candles from the But has cose ever backed this up with statistics? Anyone offered a shred of proof that a pin baror inside bar, or and price action strategy would perform worse under the 6 day weekly charts as opposed to the 5 day weekly charts?
I recently ran the stats on one of my price action systems called the sBar, which was not built for any specific time frame — just a price action pattern I noticed that often led to an excellent trading setup. It is based on the underlying order flow behind the price action which usually suggests a likely with trend break. For — we ran the stats again being a new year, and the results were interesting when you compared the UK GMT Here are those stats below; FXCM UK 6 Daily Candle Close A test on another system showed the exact same profitability whether you were trading the NY Daily Close or FXCM UK GMT Close.
How could this be if the NY Daily Forex programs download Charts are so superior? These are just some of the natural questions you should be asking when someone promotes a NY Daily Close Chart as the only effective charting for trading price action — because the data and statistics simply do not support this.
One last point I want to mention here — is that most of the options td stock options there being suggested are for Pepperstone or Axi Trader both using MetaTrader 4. Although MT4 does have forex new york close gmt uses if you are trading algo based systems, its execution on short term, or market orders is quite inferior.
Click here to become a member. I'm Chris CapreFounder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page. I have wasted a lot of time on this and finally just gave up and stayed with my Midnight NY charts from OANDA whom I have colse great performance and an all around great experience with.
I look forward to the info on the alternate platform. I actually looked into an independent platform called MotiveWave that could be used on multiple brokers and had a lot of very nice stuff and Great charts. Still have information on it. It is a good thing to have rolling around in the back of the mind! I hope you and yours are well and you had a prosperous week and a great weekend lined up! Yes, I am somewhat saddened to hear about FXTrek closing. I have been using them since and know them inside and out.
Hard to imagine using another set of charts, but one must change with what is in front of them. And yes, because most charting is free now, unless the charting service offers something really special or unique, it would be hard to compete, as it was for this model. Make clpse to check forex new york close gmt the companion article here. Seems to me, that price will go in the direction that price will go.
If there is a daily signal on either NY daily or European daily chart, it will have a good chance of success. A more telling statistical study would only compare the daily and 4 hour time frames only, since these are actually different between NY close yogk European forwx. Including time frames that are the same in both charts would seem to cloud the real differences between the 2.
However, your comments on the 1hr chart are not entirely accurate. Because each broker on the market open does something different with their partial hour of coose action. Almost all brokers open torex 5. However, how they use that partial hour and put it on the chart is different. Some add it to the last hour of price action on friday. Some on Monday, some on the 5pm hour on sunday, while others the 6pm, so because of this, all 1hr data will be slightly different, and thus not a perfect comparison.
Same with the daily, so we already address this which you can find in the follow up article to this. I appreciate your added clarification, I was not aware of. But I guess that would make it too easy for us Although I think its a useful on one hand that traders all follow one chart, the bottom line is we have such a diverse group of traders who have their various reasons for trading, and they may see it differently then us.
Thus, I think we have to embrace it, instead of force people to all use one daily close. So forex new york close gmt option is to adapt and understand the differences. However, performance across systems can vary based on the server time. Some systems and pairs did not perform on one server time, while profitable on another. This changes per pair which makes sense when you consider how liquidity works for different pairs.
Trading on the daily charts fits best with my personal lifestyle. Are your strategies working also for the London Close? Does FXCM support London Close Charts, which are available at about 8pm local time? Maybe my questions are a little stupid, but I would know for sure that trading could fit in my personal life before studying it in depth with the PAC. For any further questions — feel free to email me via the Contact Page Thanks for the insight.
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What Is Price Action? Free Forex Trading Account Download. Advanced Price Action Course. Risk of Ruin Calculator. Daily SignalsTrade Signals. New York Daily Close Charts. Here are those stats below. Nfw UK 6 Daily Candle Rorex NY Daily Candle Close 5pm EST time. The statistics alone should be spawning several questions in your mind, such as. Buddhist, Trader and Philanthropist. Want to Learn Price Action Strategies for Trading Forex? Sign Up for our Monthly Newsletter and Get our FREE E-Book.
You Might Forez Enjoy. I always thought not enough attention has been given to the charting software. I am glad you found this article useful. This is a very interesting topic that I just recently started to analyze. But good questions indeed. But I guess that would make it too easy for us. Thank you for your thoughts and insight…. Although I think its a useful on one hand that traders all follow one chart, the bottom line is we have such a diverse group of traders who have their various reasons for trading, and they may see it differently then us.
Anyways, a good discussion indeed. Your questions are totally legitimate and good ones to ask. Forex ecn account strategies work on any of the server times above so that is not an issue. But perhaps the European open can work for you? Hopefully I have answered your questions and given you some clarity and options. For any further questions — feel free to email me via the Contact Page. Thanks for the insight. ASX — Potential Breakout Formation Mar Tesla — Price Action Favoring A Sell On Pullback Mar 1.
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June, 9th - By Chris Capre. How the Typical Pin Bar Entry Is A Retail Entry. April, 29th - Forex new york close gmt Chris Capre. The Blind Entry How It Will Leave You Trading Blind. Guy Inkogneeto "Hi Chris. Here is my 2c for a bit of Mike C "Hi Chris, I'm new to forex trading and came across Robin Pike "Still learning price action and naked charts but thought I'd Haroun Kola "Thanks for the explanation. NO FINANCIAL ADVICE - The Information on 2ndSkiesForex.
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Trade the Forex market risk free from 7 a.m. to 4 p.m. GMT. North American Session (New York) sets the close of New York exchange trading at 8 p.m. New York Daily Close you were trading the NY Daily Close or FXCM UK GMT Close. for- forex -trading/ forex -articles/why- new-york-close-charts -are. Forex trading hours: London, New York, Tokyo, GMT and EST hours for trading Forex. Forex market welcomes traders 24 hours a day. (GMT) Close (GMT).