daily cutoff time

[winstonrazek]

Hi Guys,
I am new to currency trading .

For day traders what is the most commonly used daily cutoff time to be used for candlestick charts ?

thanks

 

[Rhody Trader]

It depends on your data source. Most frequently it's 4:00 or 5:00PM NY, but there is no strict rule and some base it on GMT or other settings.

 

[shadowninja]

Alpari UK end each daily candle at 11pm GMT (or midnight CET). That's the "problem" as any other daily chart may be different if midnight GMT is used.

 

[tderrick]

Would someone explain a little more about cut-off times? I'm a little confused...

I've been confused a lot lately... Every since I've been studying Day Trading!! ha!!

 

[plamar]

Daily Cut-Off is the particular point in time specified by a forex dealer to stand as the end of the current trading day and the beginning of a new trading day. This is done for primarily administrative and logistical reasons, because although the forex market trades 24 hours a day, the market and its intermediaries require a specified beginning and end to each trading day in order to record trade dates and define settlement periods.