Daily Candle close time...Does IT Matter???

OK, I've got three MT4 platforms open (yes i've got lots of monitors, and no, i don't trade this way!)...

I'm looking at feeds that have daily candle close times of 5pm ET, 6pm ET, and 7pm ET. These seem to be the three most redily available feeds from MT4 brokers.

My question is, looking at the Automated Pivots on all three charts, they are whithin say a dozen pips of each other on all lines and Cam-lines...

So does it really matter?

Does anyone have info on what the "Big Boys" at the international banks might be using as a feed? (Maybe GMT - which is the 7pm ET daily close feed). . . if so? . . . then might it be best to be aware of what pivots they were looking at as a heads up to possible consolidation or reversal areas??

Thanks in advance for any replies!
Thom

When your server time difference is only 1 or 2 hours then it really doesn't make that much of a difference. Few pips this way or that way makes no difference to the "big boys" who look at the big picture and usually do not scalp. Quick in and out scalpers would be the only group affected by server time differences to whom each and every pip counts.

Important indicators like the MAs on the daily chart would be different, though it would just be off by only a few pips.

Candlestick patterns would slightly differ on the daily chart.

The high and low for the day might change.


So the supports/resistance points dependent on them would be slightly off. If suppose you base your strategy on them then there are possibilties of wrong entry signals, missed targets, triggered stop loss and false break outs.

I think 17:00 EST cutoff is the most widely followed time.

Have a nice 100 pips day.

PM

Sorry for reviving this thread, but I wanted to see if anyone has any more info now.

I've been trading certain candle stick patterns on the daily chart. I've got a GMT and a NEW YORK charting package open and it happens sometimes that I get completely conflicting signals. And it drives me nuts because then I end up not taking a trade at all. Yesterday I gave away 500 pips because of that.

So what are the majority of traders in the UK looking at? Are they actually looking at GMT charts or do many have an account with Bloomberg or Tradestation? And if so, do Bloomberg and Tradestation possibly offer different charts for the UK?

Thanks guys!
Chris

Get rid of one of the packages. Your just causing confusion on yourself. If you have not learned the art of 'blending' candles, then stick to a single chart time.
I'm a former candle junky - and I can tell you that the open close makes no difference, its the high/low that matters.

good luck

OK, thanks!

It is very important to follow what the Big Guns of the market are doing and what charts they looking at. If you trade on daily then it becomes very important.

I know as a fact that 5PM EST is the time when we should be looking at trading daily charts. This is only time I place all my trades. The MT4 brokers that have candles at that time is FXDD and SIGTrader. I use FXDD for my charting and Dukascopy for live trading. I do not endorse or recommend FXDD for live trading.

Hope this helps.

Regards
FirePips

Im living in Italy which is gmt+1.

I want to do my trading analysis based on the New York close because I want to be analysing the same info as the US traders(self fulling prophesy on the pin bar trades ...etc)

If i am sitting in new York looking at my watch at it says 17:00 pm does the daily bar for that day close in front of my eyes and at 17:01 EST the new daily bar begin for the following day?

I am confused over the daily bar closes and i wish to make sure my prorealtime package is set correctly.

Shane