Most systems will tell you to use GMT time but is it correct to use GMT time all the time. With daylight saving being observed by some countries and not others it makes using GMT time confusing.
For example a system that calls for GMT time and refers to trading a US pair at the US open or close for example would be wrong during daylight savings. GMT time for New York time or Eastern Standard Time (EST) is -5 GMT , but is -4 During Day light Savings so 5pm EST is not always 10pm GMT, sometimes 10PM GMT is actually 6PM EST.
I have read several threads that don't explain this and then are frustrated with all the questions about GMT.
My point with is that if you take the time to explain your system and the TIME is an important factor then please make it clear if daylight savings matters or not.
For example a system that calls for GMT time and refers to trading a US pair at the US open or close for example would be wrong during daylight savings. GMT time for New York time or Eastern Standard Time (EST) is -5 GMT , but is -4 During Day light Savings so 5pm EST is not always 10pm GMT, sometimes 10PM GMT is actually 6PM EST.
I have read several threads that don't explain this and then are frustrated with all the questions about GMT.
My point with is that if you take the time to explain your system and the TIME is an important factor then please make it clear if daylight savings matters or not.