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Daily Candle Open/Close
00:00 GMT or 5.00 pm New York?
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Pepe le Pip
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January 27, 2014 - 05:15
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Hello Theo,

I understand that not all forex brokers use the same time for the daily candle open and close. Some use midnight GMT and others use 5.00 pm Eastern (New York).  I guess if you wanted to follow along with another's chart, then ensuring your charts match theirs would be useful. But if you not following another trader/educator's chart, does it matter at what time the daily candle opens and closes?

 

Pepe. 

Without you (price action), I am not worth a [s]cent.

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Theo Patsios
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January 27, 2014 - 08:52
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Hi Pepe,

Once you learn how to read price action you will find that it doesn't matter what type of chart or timeframe you use.
There will be a preference for each person and some of our preferences will be the same, some not.
What is important that you are reading and implementing Location, Trigger, Management correctly.
Location based on historical price gives you proof that an area of order flow existed,
understanding how you arrived there tells you what type of trade you are attempting (trend, counter-trend, range),
Using an entry trigger gives you proof that you are not alone and it also gives you your SL, 
judging your expected target based on all of the above give you your risk:reward,
and if you have a trailing stop plan and plan for when you will move your stop loss to +1,
the you have a complete trading plan that makes the time frame or chart type all down to preference.

Sorry I went a bit further than you question but based on all of the above I can say that no it does not matter.

Theo

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