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Best Time Zone for Daily & 4Hr Candle Open (Support & Resistance)?

  • Post #1
  • Quote
  • First Post: Nov 11, 2008 4:28am Nov 11, 2008 4:28am
I've heard there's no standard Daily Open or 4 hr Open.

But there's got to be some that work best.

I've heard 5pm EST (New York close) is the best for Daily Close/Open.

I suppose 4 hr would correspond with that? (5pm open, 9pm open, 1am open, 5am open, 9am open, 1pm open)??

Lets hear some ideas!

What works the best? Whats most everyone looking at?
Quoting Achilles28
I've heard there's no standard Daily Open or 4 hr Open.

But there's got to be some that work best.

I've heard 5pm EST (New York close) is the best for Daily Close/Open.

I suppose 4 hr would correspond with that? (5pm open, 9pm open, 1am open, 5am open, 9am open, 1pm open)??

Lets hear some ideas!

What works the best? Whats most everyone looking at?
Hi,

what are your preferred currencies?

regards
Enter Signature
The majors.

I see where you're going.

GBPUSD - Daily Open Candle is London Open.

USDXX - Dailyopen New York Open.

NZDUSD - Daily open, Auckland Open.

Does that work best?
Hi,

you're on the right track except that liquidity in the majors is highest during
European/UK hours of business and then shifts to the US (with slightly lower liquidity).

So, whatever platform[time] you use, it pays to trade during the hours mentioned....unless of course you take longer term positions.

regards
daytrading
Enter Signature
So assuming a pair has good liquidity across sessions (say the EURO), daily candles are recalibrated to the start of each local session.

For example, say Euro.

Tokyo open, daily EURUSD candle is recalibrated to Tokyo Open Time?

London open, daily EURUSD candle is recalibrated to London Open Time?

New York open, daily EURUSD candle is recalibrated to New York Open Time?
Quoting Achilles28
So assuming a pair has good liquidity across sessions (say the EURO), daily candles are recalibrated to the start of each local session.

For example, say Euro.

Tokyo open, daily EURUSD candle is recalibrated to Tokyo Open Time?

London open, daily EURUSD candle is recalibrated to London Open Time?

New York open, daily EURUSD candle is recalibrated to New York Open Time?
No, the candles are only half as important as you may think. Choose a platform that suits you in terms of your location - daily candles are not so different from each other. The only candles with real visible diff. are 4H candles.

The important part is to know where the liquidity is and when.

regards
daytrading
Enter Signature
I'm aware of sessional liquidity.

Daily highs and lows can vary substantially - especially in this market - depending on the close (or open).

Which is why I'm asking.

Any input is welcome
I also was looking for this info. I got some information, in this thread. ----> http://www.forexfactory.com/showthread.php?t=105003 But not all of the people who replied to it, understood my English. . Just heard from people on this forum, who said they traded professionally not like most of us, that they had gmt 00.00 in their charting sofware for the open of the day. I looked through spiler's thread, he said that he traded professionally, I think it's true. And in his charts I noticed that his daily open is 00.00 gmt. But I am still not sure what timezone is better.
Quoting vorschlag
I also was looking for this info. I got some information, in this...
Thanks for the link! That thread was helpful.

And I think your english and question was clearly understood by everyone!

So are you using GMT 00:00 now? Howz it working out in terms of pivots and technical levels?
  • Post #10
  • Quote
  • Last Post: Edited at 2:23pm Nov 11, 2008 8:33am | Edited at 2:23pm
To my mind, daily pivot points calculated using GMT, work well. But as Bundy said in the last post to the thread, daily pivots which are calculated using GMT and NY close are almost the same. Today i compared daily pivot levels with gmt and NY close, and the difference between them was only 6 pips. But as for 4h candles it will give different ohlc. So i still don't know what is better for H4 candles. As for technical levels I dont use them so I cant' say what time is better.
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