Daily Candlestick Close 5pm EST for FX?

[goodtyneguy]

Anyone aware of a spread betting company that offers charting where the daily candlestick on FX pairs closes at 5pm EST?

I'm familiar with IT Finances' advanced charts through having an IG Index account but despite this being configurable on ProRealTimes' offering (charts also by IT Finance) it's not with IG.

Cheers

 

[Alpari UK]

Anyone aware of a spread betting company that offers charting where the daily candlestick on FX pairs closes at 5pm EST?

I'm familiar with IT Finances' advanced charts through having an IG Index account but despite this being configurable on ProRealTimes' offering (charts also by IT Finance) it's not with IG.

Cheers

Hi Goodtyneguy,

Our candles are based on Eastern European Time (EET) or UK time +2. The first candle in the chart starts on Monday at 00:00:00 EET and the last candle closes on Friday at 23: 59:59 EET, which coincidentally does coincide with the NY close time of 17:00 Eastern Standard Time (EST). As long as the time difference between the UK and US is five hours this will be the case.

However, there are a couple of days in the year when this is out of sync. This is because of daylight saving time. In the United States, daylight saving time starts on the second Sunday of March and ends on the first Sunday of November. In the United Kingdom, it starts on the last Sunday in March and ends on the last Sunday in October. For 2012, the daylight saving time in the US started on Sunday, 11 March 2012 and ends on Sunday, 4 November 2012. While in the UK, the daylight saving time started on Sunday, 25 March 2012 and ends on Sunday, 28 October 2012.

If you would like to learn more about our spread-betting account, please click here.


Alex

________
Alexander Chadwick
Alpari (UK) Representative

 

[goodtyneguy]

Hi Goodtyneguy,

Our candles are based on Eastern European Time (EET) or UK time +2. The first candle in the chart starts on Monday at 00:00:00 EET and the last candle closes on Friday at 23: 59:59 EET, which coincidentally does coincide with the NY close time of 17:00 Eastern Standard Time (EST). As long as the time difference between the UK and US is five hours this will be the case.

However, there are a couple of days in the year when this is out of sync. This is because of daylight saving time. In the United States, daylight saving time starts on the second Sunday of March and ends on the first Sunday of November. In the United Kingdom, it starts on the last Sunday in March and ends on the last Sunday in October. For 2012, the daylight saving time in the US started on Sunday, 11 March 2012 and ends on Sunday, 4 November 2012. While in the UK, the daylight saving time started on Sunday, 25 March 2012 and ends on Sunday, 28 October 2012.

If you would like to learn more about our spread-betting account, please click here.


Alex

________
Alexander Chadwick
Alpari (UK) Representative

Thank you for your reply.

If your charts do not have the daily candles closing at 5pm EST then it is not possible to see what the bank and other big institutional traders are seeing at what they recognize as the close of the FX trading day. This is important from a price action trading point of view which uses candlestick formations and patterns.

Whilst a charting package should not be the first consideration when choosing a broker or spread betting company it could be the deciding factor in a prospective clients considerations over a competitors offering. I doubt whether the time of the candlestick daily close would make any difference to any other type of trading styles except perhaps those that rely on candlestick lines in their trading methodology on the daily or 240 minute time frames. I understand the 240 minute is also used by the big players.

 

[pmus2014]

Thank you for your reply.

If your charts do not have the daily candles closing at 5pm EST then it is not possible to see what the bank and other big institutional traders are seeing at what they recognize as the close of the FX trading day. This is important from a price action trading point of view which uses candlestick formations and patterns.

Whilst a charting package should not be the first consideration when choosing a broker or spread betting company it could be the deciding factor in a prospective clients considerations over a competitors offering. I doubt whether the time of the candlestick daily close would make any difference to any other type of trading styles except perhaps those that rely on candlestick lines in their trading methodology on the daily or 240 minute time frames. I understand the 240 minute is also used by the big players.

Hi goodtyneguy. Did you have any luck finding a broker that offers spread betting using the NY close charts? I too use price action and hoped to avoid UK tax by swapping to spread betting but I cannot find a broker that offers this with NY close charts. Any advice appreciated! Thnx

 

[goodtyneguy]

Hi goodtyneguy. Did you have any luck finding a broker that offers spread betting using the NY close charts? I too use price action and hoped to avoid UK tax by swapping to spread betting but I cannot find a broker that offers this with NY close charts. Any advice appreciated! Thnx

Try FXCM UK

 

[pmus2014]

Try FXCM UK

Thanks but they only allow the use of UK servers ( in UK close ) for spread betting

 

[goodtyneguy]

Thanks but they only allow the use of UK servers ( in UK close ) for spread betting

Sorry, I did n't know that. I don't do any PAT now. If you do find one please post back here, thanks.

 

[Jason Rogers]

Hi goodtyneguy. Did you have any luck finding a broker that offers spread betting using the NY close charts? I too use price action and hoped to avoid UK tax by swapping to spread betting but I cannot find a broker that offers this with NY close charts. Any advice appreciated! Thnx

Try FXCM UK

Thanks but they only allow the use of UK servers ( in UK close ) for spread betting

Sorry, I did n't know that. I don't do any PAT now. If you do find one please post back here, thanks.

Hi guys,

If you're not married to MT4, you might be interested to know that you can set up a spread betting account with New York Close charts if you choose one of the other platforms FXCM offers such as Trading Station or NinjaTrader.

Also, while you specifically mentioned that you want spread betting accounts, for those needing New York Close charts on MT4, it's worth noting that FXCM offers New York Close charts on MT4 for non-spread betting accounts.

 

[goodtyneguy]

Hi guys,

If you're not married to MT4, you might be interested to know that you can set up a spread betting account with New York Close charts if you choose one of the other platforms FXCM offers such as Trading Station or NinjaTrader.

Also, while you specifically mentioned that you want spread betting accounts, for those needing New York Close charts on MT4, it's worth noting that FXCM offers New York Close charts on MT4 for non-spread betting accounts.

It was the trading station platform I had in mind when I suggested FXCM UK for spreadbetting, thanks for the clarification Jason.