Disliked{quote} Lots of brokers use GMT+3 as the daily open and weekly open: this equates with the close of New York, which is also the open of Sydney. I can't really speak to what "big boys" do, or if they even care at all, but basing opens/closes off of a larger financial hub like New York or London makes more sense to me; and the fact that it generally lines up with the open of the Asian session makes it an easy transition. Regardless, it truly is not important; the idea is to place a line on your chart during the quiet hours and then when the market...Ignored
The Tokyo Channel is very important for the following trading day (during London and NY).
It defines support/resistance level which usually are respected.
You can google that if you like.
But as I said, you are free to put the line where ever you like. It will then simply have no meaning or at least not a strong one.
With the daily open line starting from Wellington, the GJ trade at london open from today would have been a winner, because it was a sell trade.
Just my two cents.
Cheers.