What time is a daily bar supposed to start and end? | Forex Factory

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What time is a daily bar supposed to start and end?

  • #1
  • First Post: Jul 6, 2006 4:34pm Jul 6, 2006 4:34pm
Hello,

I trade equities on Tradestation and have been looking at their forex charts. The days always start and end at 5 pm eastern. That makes since because Forex closes on Friday at that time and open back up Sunday at that time.

I downloaded Oanda because it seems people here like it. After not being able to figure out why their daily chart candelsticks don't look like the ones on Tradestation, it appears their days run from 12 pm to 12 pm Eastern. I guess that makes sense too because that's when another day really starts.

Is their an industry standard here or does every forex charting package start their day when they feel like it?

It wouldn't matter except I swing trade off daily charts and I'm looking for some consistency here.

Thanks!
  • #2
  • Jul 6, 2006 5:33pm Jul 6, 2006 5:33pm
Quoting jmbtx
Hello,

I trade equities on Tradestation and have been looking at their forex charts. The days always start and end at 5 pm eastern. That makes since because Forex closes on Friday at that time and open back up Sunday at that time.

I downloaded Oanda because it seems people here like it. After not being able to figure out why their daily chart candelsticks don't look like the ones on Tradestation, it appears their days run from 12 pm to 12 pm Eastern. I guess that makes sense too because that's when another day really starts.

Is their an industry standard here or does every forex charting package start their day when they feel like it?

It wouldn't matter except I swing trade off daily charts and I'm looking for some consistency here.

Thanks!
More importantly, When does a Trading Week start.

Ans.
It Starts at whatever time "Your Broker" decides to open his doors on Sunday in the Western Hemishere. 10 AM Monday Austrailia.

The attached Link might help.

http://www.worldmarkethours.com/Fore...a.htm?12,0,1,1
  • #3
  • Jul 6, 2006 5:45pm Jul 6, 2006 5:45pm
After checking around a little bit, it seems that Oanda is messed up using Midnight to Midnight as the time frame for a daily chart.
  • #4
  • Jul 6, 2006 7:55pm Jul 6, 2006 7:55pm
Oanda is a great place to trade. But their charting is a bit weak....I think wht most traders who use Oanda do is for thir charting and studies they use meta trader or VT trader and place their orders with oanda.

Thats what I do anyway...
Same Whore .... Different Dress
  • #5
  • Jul 7, 2006 6:48am Jul 7, 2006 6:48am
It differs from a broker to another....Some brokers close the day candle at 2:00 PM EST, some at 3:00 PM EST, some do at 5:00 PM EST & some do at 6:00 PM EST....It's the same for the opening of the week...So actually there is no industry standard...This is the main reason I don't use daily charts at all while analyzing charts, I either use 4 hours or weekly...


Thanks,

Nader
  • #6
  • Last Post: Jul 13, 2015 10:13pm Jul 13, 2015 10:13pm
Quoting narafa
It differs from a broker to another....Some brokers close the day candle at 2:00 PM EST, some at 3:00 PM EST, some do at 5:00 PM EST & some do at 6:00 PM EST....It's the same for the opening of the week...So actually there is no industry standard...This is the main reason I don't use daily charts at all while analyzing charts, I either use 4 hours or weekly... Thanks, Nader
Yeah but a half a daily bar is worth three 4h bars that's a great place to start with trend checking.
~5StarForexSystems~
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