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Which daily candle is more accurate: 5pm EST vs. 00:00 GMT?

radicaltour

Moderator
VIP Member
i've read a lot of things about forex, but there's one concept that i would like to discuss here.
When we're trading on H4 and D1, it's important that we see the same candle formations that banks and institutions see. For example, if we see a doji or a hammer, we hope the "big boys" will see it too, because we want to ride with them when they buy or sell.

Now, the thing most people don't realized is that the candles look different (on H4 and D1) from broker to broker! One broker may have their candle close at 00:00 GMT and another may do so at 5pm EST.
So the big question is, which one is better? Which of the candle closing time would have the MOST impact (watched by institutions)?

Does anyone have an idea?
 

stovedude

Active member
I'm not sure if there is an easy answer. The highs/lows will always remain the same whether on one candle or the next, and dojis and hammers will appear slightly different, while the H1 charts will be identical. Perhaps this non-standardized time format adds to the chaos. I know that GMT is the standard world-wide in regards to time. Maybe this is the key.
 

MJ2008

Platinum Member
VIP Member
I think GMT is the true Time , but I well never like to trade with big boy , hope that alwayes I well be away from them .
 

Knez

Member
I think that most accurate charts are one that runs on GMT+3, as market open at 2100 GMT on Sunday, and on those charts first candle is starting at midnight which is first candle of the week. That first candle is Monday morning candle which is true, as there is no market that open on Sunday local time, therefore, we shouldn't have Sunday candle. Also, on those charts you will have all 4h candle last for 4 hours, when on chart that runs on GMT time or other time, you will have their first 4h candle of the week ending at Sunday midnight (those candle will be 3 hours long or else because that first candle will be Sunday candle, and has to end at midnight), and then all other 4 hour candles will not look as same as one that started at Monday morning, but different as first candle was shorter than it should be.
Also, there is another issue: because we have different 4 hours candle formations due to different brokers charts, we cannot claim 4h chart to be most accurate when talking about candle formation when different broker has different 4h chart showing.

Regards,
Knez.


i've read a lot of things about forex, but there's one concept that i would like to discuss here.
When we're trading on H4 and D1, it's important that we see the same candle formations that banks and institutions see. For example, if we see a doji or a hammer, we hope the "big boys" will see it too, because we want to ride with them when they buy or sell.

Now, the thing most people don't realized is that the candles look different (on H4 and D1) from broker to broker! One broker may have their candle close at 00:00 GMT and another may do so at 5pm EST.
So the big question is, which one is better? Which of the candle closing time would have the MOST impact (watched by institutions)?

Does anyone have an idea?
 
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