EOD trading 24 hour market

This is a discussion on EOD trading 24 hour market within the First Steps forums, part of the Reception category; I'm interested in "end of day" trading the Fx which runs 24 hours a day. What I'm trying to work ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Jan 7, 2010, 2:47am   #1
Joined Dec 2009
EOD trading 24 hour market

I'm interested in "end of day" trading the Fx which runs 24 hours a day.

What I'm trying to work out is where should I mark the end of my day and how to set up the time zones on trading software. Is it best to mark it at:

a. midnight in my time zone (gmt +11 hours)
b. when the market closes in my country
c. when some major market closes
d. at a fixed time where the market generally quietens down
e. never - you shouldn't EOD trade the FX

I expect it is c or d but this may be one of those things every one knows except me, couldn't find any info in the search.
Bill Carson is offline   Reply With Quote
Old Jan 7, 2010, 12:59pm   #2
Joined Dec 2004
Re: EOD trading 24 hour market

The traditional EOD for forex is the conclusion of the NYC session, which will generally be considered either 4:00PM or 5:00PM US Eastern time, dependinng on the broker or data source. You can, of course, set your own EOD. That might make sense in terms of trade executions for some, though in your specific case the NYC close is basically your open. The issue with not using the NYC close as EOD is that you have an uneven week.
__________________
John Forman
Author - Trading FAQs, The Essentials of Trading
Rhody Trader is offline Training literature vendor (e.g courses / spreadbetting guides / eBooks)   Reply With Quote
Old Jan 7, 2010, 1:51pm   #3
Joined Jan 2009
Re: EOD trading 24 hour market

It depends on the currency pair. For example, NZD/USD becomes "new value" (i.e. it's value date moves forward by one day) at 1PM EST. Most of the majors move to new value at 5PM EST. If you use midnight UK time, you should be ok, it won't make a big difference in the long run. HOWEVER if you plan to deal at "end of day", you might want to pick a time that's more convenient.
meanreversion is offline   Reply With Quote
Old Jan 9, 2010, 2:57am   #4
Joined Dec 2009
Re: EOD trading 24 hour market

Bill Carson started this thread Thanks guys for 2 very helpful answers. I haven't decided which way to go yet but now I know what to look at.
Bill Carson is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Manny Backus's First Hour Trading weblife4u Forex 64 Sep 1, 2012 6:58am
Why does the trading in the last 1/2 hour turn to crap? traderkay Indices 11 Jun 24, 2010 9:19pm
Join the 6-hour fun trading competition Strategy Runner General Trading Chat 4 Jul 30, 2009 9:33am
Historical Dow Intraday (hour/minute) Trading? beast2 Indices 11 Apr 4, 2009 4:59pm
FTSE EOD data for cash market FTSEBOY Stocks 1 Dec 2, 2003 3:06pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)