Forex Previous Hi and Lows....

[Mik]

Hi!

Newbie help appreciated.....

With the forex (gbp-usd), when does a 'day' start and finish? And where (geographically)?

Is there a source of past 'hi' and 'lo' data available, preferably free or low cost?

Thanks

Mik

 

[Rhody Trader]

There are a variety of data sources. You can do a search on these boards to find recommendations.

As for the forex trading day, that can vary from data provider to data provider. The more common end of day is usually the close of US trading - around 4:00 or 5:00 pm US Eastern time.

 

[zupcon]

If you’re looking for a free charting package and data for FX you could try Metatrader which can be downloaded from the following site:

http://www.metaquotes.net

It’s not the best package in the world, and the data feeds a bit unreliable, but you can’t really complain as its free of charge.

If you take a look over some previous charts for cable you’ll see the action generally occurs in the european and US sessions

Hope this helps

Regards
zup

 

[Mik]

Thank you

Thanks very much

 

[JULIEROSE]

Most moves happen when London opens and when the States opens. If I'm awake around 2:30am-5am for London and then 7-30-10.30am EST for the US market. The US market day closes at 5:30pm, so you see I never sleep.

 

[Mik]

I perhaps was not very clear.

My understanding is that Forex is always trading.

Yet charting packages and services e.g. http://www.forex-markets.com/webcharts.htm (press the 'information' choice) all have 'Open Price' and 'Close Price'

My interest is GBP/USD

When would they decide is opening/closing times.

Thanks

Mik

Most moves happen when London opens and when the States opens. If I'm awake around 2:30am-5am for London and then 7-30-10.30am EST for the US market. The US market day closes at 5:30pm, so you see I never sleep.

 

[JULIEROSE]

Your broker has the highs and lows of the day on your workstation . Have you even tried to open a paper trading account yet? Don't waste your money on expensive packages. Try forex.com or any other brokerage most offer free practice accounts for 30 days and also free webinairs on the basics of trading.

On any workstation you will see that at 5:30pm EST the trading day officially ends and the new day begins, this is when the rollover of positions occurs. I am well aware forex operates 24hrs a day as I trade every day over 12 hours a day and have done so for the past year. My post told you that the major moves in the market happen when London opens and when the US opens.

 

[Rhody Trader]

On any workstation you will see that at 5:30pm EST the trading day officially ends and the new day begins, this is when the rollover of positions occurs.

Actually, you are incorrect. Brokers are not all the same in that regard. Oanda, for example, does interest rollover at 4pm Eastern. Their charts, however, do not use that as the end of the trading day. I'm not exactly sure what time they use.

 

[Mik]

Thanks