TIMING IN FOREX : Questions and Answers for beginners
Hi,
Can someone please help me? I'm having trouble sorting out GMT shift/GMT shiftSun. I am using MIG trading station. I am located in New York. Thanks in Advance....
New York is GMT - 5.
GMT shift for summer daylight savings is +1. But since both Londin and NY use GMT shift of +1 hour, there is no need to perform any additional calculations. Just substract 5 any time in winter or summer.
The fact that you're located in NY doesn't mean that your trading platform from MIG will use your local time, or GMT time or any other. You have to ask you broker what time zone the platform runs on. Then calculate accordingly.
How to calculate the est timings?
EST = GMT - 5.
You should find out your local time zone. To do this either look at your PC time zone, or better go to http://www.timeanddate.com/worldclock/ and in the search field type in the country you live in.
Then calculate the correspondent EST hours for your local area.
Also the timing tool at: Forex market hours can help at some point.
I heard that one should not trade on Mondays because it has more down days. But if that is true then it would seem that one should not trade long on Mondays, but trading short (assuming the trend is down) on Mondays would be a good thing. Did I misunderstand whats wrong with Mondays for trading?
It appears that you have misunderstood the statement. When they say that Mondays have more down days, they mean that on Mondays traders have a higher rate of unsuccessful trading. On Mondays the market is often unstable, deciding on which direction to pull this week, what market levels to obey and what to disregard. Unless there is a crystal clear trend imprinted in the price, traders try to avoid trading on Mondays to lower the percentage of losing trades.
I live in UK, what time on monday or sunday would I use for the start of the week for trading. Also once the week has began what is the daily time for my calculation.
Use GMT - your local time zone. Start trading on Monday, around 6-7am GMT if the trend is obvious and trading signals are clear, otherwise it is suggested to wait till Monday shake-up occurs in the market as it looks for its trend options.
If you want to calculate Pivot points, New York time (EST) is recommended.
EST = GMT - 5.
Also majority of breakout methods are tailored to EST time. In all other cases you can confidently take GMT time - and base your calculations around 00:01am - 11:59pm GMT.
What is M15 timeframe?
M15 stands for 15 minute time frame.
Other examples:
4h - 4 hour time frame, or you can also say - 4 hour chart.
1d - daily time frame, 1 day chart.
5m - 5 minute chart.
Dear Sir,
Im abit confused about the openning time for london forex market. Is it at 5:00am or 8:00am ? And how about the timing of the platform of those Meta4 trader, are they GMT ? Are they all auto adjusted to day light saving ? ( what is the duration of day light saving ) Please enlighten me. Thank you.
London market opens at 8am GMT.
Different Forex brokers have different default timing settings for the Metatrader Platform offered. Those settings cannot be changed. You should ask your broker what timing their trading platform uses. All platforms are auto adjusted to daylight savings.
Here is additional information on the calendar and duration of daylight saving periods in the world.
http://www.timeanddate.com/worldclock/city.html?n=136
If I traded before daylight savings time fall 2007 and up to end of feb 2008 at 5:00 pm mountain time, which is 0:00 GMT time. Would I still trade the same time or do I need to adjust my strategy back 1 hour as we moved our clocks forward 1 hour? I noticed today that 0:00 is now at 6pm mountain time?
Yes, as we switch to daylight saving time and back you adjust your strategy time accordingly.
Please i need your help about the timing because am in Nigeria and we are an hour ahead of GMT (GMT+1).
Kindly help with the best time for me to calculate my pivots for both London and America market on 15 minutes chart.
Ok, let's use the time from 00:00 Eastern time to 00:00 next day Eastern time to calculate Pivot points.
Let's not just do it one time, but learn how to do it each time when we require to perform similar time matching tasks.
1. Go to http://www.forexmarkethours.com/
2. Choose your local time zone in the window application. Press "Go!". Note the time in the green box next to it.
3. Now choose "GMT - 5 Eastern Time (USD, Canada)" in the same application. Press "Go!". Note the time in the green box again.
4. Find the difference in hours.
Using the rules above, for you time zone currently we have 5 hours difference (its daylight saving time in US).
Therefore, since we want to Calculate pivots from 00:00 to 00:00 EST, in your local Nigeria time it will be from 5:00 am to 5:00 am EST.
Same way we find the difference for London hours. Because of daylight savings your Local time now is the same as in London. No additional calculations required.
hello, am very new to in forex trading and will want to get myself fortified before activating my live act.
the issue now is I will to know how daylight savings affect different forex market opening hours
thank you
During the 2 weeks period when daylight savings is activated in different countries across the globe, it does confuses traders as to what hours to use. We suggest monitoring the time with Eastern Time time zone (New York time). Some traders may find useful switching their PC local time to Eastern Time to monitor hours effectively.
Also http://www.forexmarkethours.com/ will always tell you what markets are currently open regarding your local time zone and according to daylight savings adjustments.
 
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WHAT IS THE SIGNIFICANCE OF CHANGING TIMEFRAMES?
By switching from a smaller time frame to a larger one traders look to identify the major large trend.
That's the main purpose of looking back at monthly, weekly and daily time frames.
When traders switch to a smaller time frame, they are looking for the best market entry points.
Let's take an example:
If I choose to trade 1 hour time frame, means my main signlas to enter and exit are based on observations of hourly charts.
I need to know the main trend. To find it out I switch to daily charts. If I can't see the trend on daily charts, I go higher to weekly charts and so on.
Now, I've got a signal from my 1 hour chart that it is time to enter a trade. Now, instead of jumping right in blindly, I can try to find the better price for my trading order. To do so, I go to 15 min or even 5 min charts and check the setup there. Often momentum indicators are used to get into the best deal.
That's the purpose of switching between the charts - you look at the market from wider angle and when it is time to act, you can get a better price.
With one time frame you've got less information and thus less flexibility.
Hello,
Can anyone help me locate a website that offers 20 years worth of Forex historical data on the major pairs?
I've found websites that give data for the UK 00:00 gmt to 00:00 gmt open/close and the NY 17:00 est to 17:00 est open/close.
What I'm looking for is site that has historical data that has a NY 00:00 est to 00:00 est open close.
Any help with this would be greatly appreciated.
Why do you use 00:00 EST to establish open/close and not 00:00 GMT?
This Forex broker search can help to find EST and GMT based platforms.
What time does market open on mondays? thanks,
TUNDE.
On Monday markets are already open.
Forex market opens on Sunday at 5pm.
Hello everyone, i am from India. Can anyone tell me what time does market open on mondays and closes on fridays?
hello, i'm a complete novice trader who is determined to succeed at this business. I reside in nigeria and trade only crude oil. i want to know if a news released can go in the opposite direction predicted cos that seems to be what has caused my loss. what does it mean when they say the opposite tends to be true concerning a news item for some currency pairs as bad data has been triggering the purchase of US bonds and how does it affect the price of crude oil? thanks
Hello everyone, i am from India. Can anyone tell me what time does market open on Mondays and closes on Fridays? and at what time should we enter or exit for different currency pairs according to settlement time?please help me
MARKET HOURS- In New York time, the markets open on Sunday at 5pm and ends Friday at 5pm. However, most brokers end the trading session on Friday at 4pm instead of 5pm. Again, this is NY Time.
Remember, the session starts with ASIA->EUROPE->LONDON->USA
Also, remember that sessions do over lap. For example, near the end of the london close, the USA session opens so in other words both markets are open-----Cheers---Virgil w/ FastBrokers.com
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