Why iuse-new york close-forex charts

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Why iuse-new york close-forex chartsWhy I use New York close forex charts

To follow on from a previous post of mine on choosing a forex broker for your forex trading I would like to explain what broker I personally use for my forex trading and why it works well with the strategies I use. You can find my previous post here .

The broker I personally use is Axitrader. This broker utilises the MT4 platform which I find very user friendly and easy to navigate as most of you probably already no.

The second reason I use axitrader, and most important in my books, is the fact that they utilise New York close charts.

What does New York Close mean?

New York close charts means that a trading day ends at 4:59:59 PM eastern time, where the daily candle finishes, and a new day begins at 5:00 PM eastern time, where a new candle begins.

There will only be 5 candles per week on a daily chart since the markets in New York dont open until Monday. Since I use Price Action in my trading this is exactly what I want my charts to show.

If there are 6 daily candles per week on your daily charts you know immediately that your charts are not based on the New York open and close. We dont want the 6th candle on our charts as this candle represents Sunday which is not a full trading day. To add to this Sunday has a very low volume of trading and therefore does not present an accurate representation of the market sentiment in my opinion. When there are only 5 candles on the daily chart per week the Sunday and Monday candles combine to make one daily candle.

Why trade New York close charts?

First and foremost the New York close charts are considered more reliable to trade with. I use them with my Price Action analysis as they offer a more true representation of the market sentiment.

Most traders use the New York close charts so if you do not use these yourself you may be seeing something different to what everyone else is seeing. This could obviously lead to confusion, especially if you are just learning how to trade price action.

There is a high chance of missing out on a high probability trading opportunity. There could be a nice looking pin bar at an area of confluence and important level on the 5 day chart but this may not be a pin bar on the 6 day chart. Another possibility is entering a trade that isnt high probability due to the 6 day chart showing a pin bar where in fact on the more reliable 5 day chart this may not show a pin bar or other reversal candle pattern.

How do I get New York close charts?

Many brokers do not have New York close charts, so be very careful when you open an account with a broker. Most brokers have charts that are in line with Greenwich Mean Time (GMT) and have 6 daily candles per week which includes Sunday which is a low volume trading day and is not a full day as i mentioned earlier. I use Axitrader for my trading as they have excellent customer service, they utilise the MT4 platform, have very good spreads, and obviously have charts based on the New York close. I have not used any other broker so cannot give any other recommendations in terms of what broker you go with. Take a trial with a few brokers though to give you some piece of mind is my advice.

Thanks for reading. If you have any questions at all please do not hesitate to ask.