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I cannot figure out timezones. Help!

  • Post #1
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  • First Post: Feb 3, 2010 3:04pm Feb 3, 2010 3:04pm
  •  TyErwin
  • | Joined Sep 2009 | Status: Member | 20 Posts
This is going to seem like an intensely retarded question, and believe me, I'm embarrassed to be asking it.

I've been trying to demo test the Big Dog USD Breakout trading method and I cant seem to plot the correct breakout box. I'm confused because in the thread he states the box is drawn from 14:00-16:00 (9am-11am New York time) but than in red letters he states its between 7am-9am?

So basically my question is, are the trades placed at 11am or 9am New York time?



PS

The reason I started my own thread instead of posting in the other was because I'm having problems with figuring out timezones in general. I convert times using a timezone converter and then I was using antGUBreakout to draw the box and the boxes were never lining up, so I couldnt figure out if it was a problem with the indicator, Metatrader or what.

Please help!
  • Post #2
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  • Feb 3, 2010 3:27pm Feb 3, 2010 3:27pm
  •  Temps
  • | Joined Aug 2009 | Status: Member | 294 Posts
If its an indicator for timezones try a search theres loads of them on here
 
 
  • Post #3
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  • Edited 5:21am Feb 4, 2010 5:18am | Edited 5:21am
  •  Shabs19
  • Joined Aug 2006 | Status: Member | 4,616 Posts | Online Now
You want to be trading the action at the start of the market open, but be careful of news, usually around 8.30 am EST.

Just make sure you understand what timeframe your MT4 platform is in relation to your own time. Best is to draw a vertical line at the EST open candle on your chart.

Now define your box range from that marker, people use a variety of start & end times. My own preference, you can use your own, mark the range of candles highest high to lowest low between 1 hour before & 15 min in. (7.00 am - 8.15 am). The opening price of 7.00 am candle to the closing price of the 8.15 am. MT4 charts candle uses open price as the start time of the candle.

You can draw the box manually using the rectangle tool.
The Only Limit, is the One that you Set Yourself - Felix Baumgartner
 
 
  • Post #4
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  • Feb 4, 2010 2:43pm Feb 4, 2010 2:43pm
  •  poundforex
  • | Joined Jan 2010 | Status: Member | 36 Posts
Might this help? http://fxtrade.oanda.com/resources/fxmarkethours/
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  • Post #5
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  • Last Post: Feb 4, 2010 4:04pm Feb 4, 2010 4:04pm
  •  ScalpMachine
  • | Commercial Member | Joined Feb 2010 | 5 Posts
Greenwich Mean Time (GMT) is a term originally referring to mean solar time at the Royal Observatory in Greenwich, London. It is commonly used in practice to refer to Coordinated Universal Time (UTC).



What does this mean in the forex market?
GMT provides a standard of time for the world when trading the forex market. GMT time does not change for daylight savings time. However, it is important to note that when clocks are pushed forward an hour in the spring, the market opening times change in terms of GMT.


For instance, the New York market opens at 8am Eastern Time (EST) year round. However, throughout the winter months, the New York market opens at 13:00 GMT time. When daylight savings time occurs in the spring, the New York market open changes to 12:00 GMT. (Note: GMT always stays the same. It is the market opening hours that are changing due to daylight savings.)


The following chart shows the forex market hours in eastern time (EST) and GMT.


Forex Market Hours
Time Zone............................EST....................GMT
Tokyo Open...........................7PM...................0:00
Tokyo Close...........................4AM...................9:00
London Open..........................3AM...................8:00
London Close..........................12PM...................17:00
U.S. Open (New York)...............8AM...................13:00
U.S. Close (New York)...............5PM...................22:00
 
 
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