Hi all,
My apologies if this has been asked and answered before.
I was wondering what your opinions are about the differences in profitability based on broker time zones.
A pinbar with one broker might look more like a relatively more bullish bar with another, depending on the times a broker's clocks are set to - on daily bars as an example. Personally, my broker is set to GMT+3 - which I prefer because it eliminates sunday bars, but often times bars look very different than other brokers who are set to GMT +0.
Naturally this won't make a difference on H1, M30, M15, M5 or M1 bars, but anything from H4 and upwards will be effected.
This is especially true when it comes to what time is considered the 'start of the day'. London opens at 6 GMT, but because of daylight savings time (an archaic useless adage in my opinion) London open is actually GMT +1 (or BST). A broker that is set to GMT+0 has daily bars opening at 00:00 GMT+0, which if one considers London to be the official open, results in different looking daily candles. In that case, a broker that is set to GMT+6 would result in a daily bar starting at 6:00 GMT+0 and would result in a true daily open (if one considers London to be the open).
Of course one could simply draw a line manually or with whatever indicator to signify the 'true' open of whichever time zone you consider to be the start of the day, but in MT4 that would not change the 'true' OHLC of the Daily bars. Some time ago I found a chart with statistics showing that London open at 6 GMT+0 results in the most accurate bars as measured against profitability and accuracy of the 'big money' but annoyingly it's lost somewhere in the many hundreds of links in my trading links folder. I really should find a better way to organise them!
Of course forex is a 24 hour traded cycle, but as well know open and crossover times of sessions impacts momentum greatly intraday.
I realise this doesn't lie completely within the scope of this thread, however this is what I consider to be 'our default community and home' at FF and would be very interested to hear your opinions.
My apologies if the above is confusing or phrased incorrectly, but it does get rather befuddling - especially with DST calculated into the mix.
Looking forward to your responses and please feel free to ask me to clarify my ramblings if necessary.
Greg
My apologies if this has been asked and answered before.
I was wondering what your opinions are about the differences in profitability based on broker time zones.
A pinbar with one broker might look more like a relatively more bullish bar with another, depending on the times a broker's clocks are set to - on daily bars as an example. Personally, my broker is set to GMT+3 - which I prefer because it eliminates sunday bars, but often times bars look very different than other brokers who are set to GMT +0.
Naturally this won't make a difference on H1, M30, M15, M5 or M1 bars, but anything from H4 and upwards will be effected.
This is especially true when it comes to what time is considered the 'start of the day'. London opens at 6 GMT, but because of daylight savings time (an archaic useless adage in my opinion) London open is actually GMT +1 (or BST). A broker that is set to GMT+0 has daily bars opening at 00:00 GMT+0, which if one considers London to be the official open, results in different looking daily candles. In that case, a broker that is set to GMT+6 would result in a daily bar starting at 6:00 GMT+0 and would result in a true daily open (if one considers London to be the open).
Of course one could simply draw a line manually or with whatever indicator to signify the 'true' open of whichever time zone you consider to be the start of the day, but in MT4 that would not change the 'true' OHLC of the Daily bars. Some time ago I found a chart with statistics showing that London open at 6 GMT+0 results in the most accurate bars as measured against profitability and accuracy of the 'big money' but annoyingly it's lost somewhere in the many hundreds of links in my trading links folder. I really should find a better way to organise them!
Of course forex is a 24 hour traded cycle, but as well know open and crossover times of sessions impacts momentum greatly intraday.
I realise this doesn't lie completely within the scope of this thread, however this is what I consider to be 'our default community and home' at FF and would be very interested to hear your opinions.
My apologies if the above is confusing or phrased incorrectly, but it does get rather befuddling - especially with DST calculated into the mix.
Looking forward to your responses and please feel free to ask me to clarify my ramblings if necessary.
Greg
that bulish close would av been the clue ....easy to see in hind sight like.
