MarkD wrote:The price bar on my daily window moves on (ie closes and starts a new bar) at 22:00 GMT, not 00:00 as might be expected.
I'm guessing 12 is somewhere in the answer, as in 22:00 GMT is 12:00 somewhere else, but where is it?
Although the forex market operates within a constant 24 hour trading wheel, the industry recognized close of the trading day is 17.00 New York (
22.00 London).
That's when most platforms execute rollover dealing costs & adjusts transaction arrangements on live trades.
It's also a period in the trading day where volumes & activity are generally at their lowest & it's considered the "doldrums" or "dead mans corridor" as far as trading execution is concerned.
I wouldn't get too concerned about it if I were you, it doesn't matter a jot.
MarkD wrote:I don't think it matters but this time difference, does it have an effect on the shape /patterns on the daily chart.
Try coming at it from another (& more pertinent) angle & begin focusing more on
where the price is reacting &
why rather than what shape or pattern the bars are making.
The price bars/candles are simply representations of trader psychology. You'll begin to get a clearer idea of what's playing out on your technical chart when you start to observe how these bars react at important levels on the chart & the impact these levels exert on the traders executing orders on & around them.
MarkD wrote:I suppose "not" if we're all looking at the same thing.
Not everyone is looking at a level or zone in quite the same way or even considering a trade at what might appear a popular juncture.
You have to appreciate there are many differing agenda's & influences at play from the various levels of retail & institutional activity.
The sector you're involved in (retail) accounts for an incredibly small percentage of daily turnover.
In fact 90% of your deals never actually hit the live market, they're simply warehoused inside your brokers netting off facility where your trade is matched against someone else's going the other way.
Forget the time differences between broker chart applications, it won't unduly impact your activity at all.