Time Zone for Candlestick Trading (daily candles)

Hi All,

I've been practising candlestick trading on Forex with daily candles and noticed that you get different results if you use a US based broker’s MT4 like FXCM-US to a European based broker like Alpari-UK.

The time difference between these two brokers’ MT4 servers is 7 hours. So, for day candles [open-high-low-close] figures vary which result giving different signals for candlestick trading based on daily candles.

I was going to ask which time zone is the best for the open and close for a trading day but on the other side I’m thinking for different pairs that will change as well (like EUR/USD - western and AUD/JPY - eastern), any thoughts??

cheers,
mem

I consider that all pairs start trading when Sydney opens and close when New York closes which, according to the Sessions information at the bottom right of the ForexFactory.com home page, is 22:00 hours GMT.

My personal preference is to use brokers (for example Alpari.co.uk and FxPro.com) which offer Metatrader charts that, by being 2 hours ahead of GMT, have a midnight cut off that equates to 22:00 hours GMT. This timing also creates a five day week, which I find much tidier than those brokers who create a six day week by counting Sunday as a separate day.

yep makes total sense, I guess I'll stick to my European broker..

cheers..

high and low of the day should be your focus, they represent the significant price levels of the day... I dont think there will be much variance there