I was wondering if anyone knows, which type of candles are most commonly used for analysis? Some data feeds start a new daily candle at midnight U.S. eastern time, while others start a new daily candle at New York close, 5pm eastern time I'm assuming. Does one hold more importance than the other? I've noticed that you will get signals on one but not the other, for example, the recent bullish action on EUR/USD was preceded by a hammer on the daily chart, depending on which data feed you're using. It also affects the 4 hour charts since the first 4 hour candle of the day will start at a different hour, and subsequently affect the rest of the 4 hour candles. See below daily charts of EUR/USD.
Oanda's data feed, new daily candle forms at midnight U.S. eastern time.
http://i71.photobucket.com/albums/i1...DailyOanda.png
FxPro's data feed, new daily candle forms at New York close.
http://i71.photobucket.com/albums/i1...EUDailyMT4.png
Standard MetaTrader (the one you get off the MetaTrader website)
http://i71.photobucket.com/albums/i1...DailyFxPro.png
So, thoughts? Opinions? Wisdom?
Much appreciated.
Oanda's data feed, new daily candle forms at midnight U.S. eastern time.
http://i71.photobucket.com/albums/i1...DailyOanda.png
FxPro's data feed, new daily candle forms at New York close.
http://i71.photobucket.com/albums/i1...EUDailyMT4.png
Standard MetaTrader (the one you get off the MetaTrader website)
http://i71.photobucket.com/albums/i1...DailyFxPro.png
So, thoughts? Opinions? Wisdom?
Much appreciated.
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