Chart time and announcements

edwardBe · #1 12-09-2008, 08:27 PM

According to Alan, below, the MT4 programmers and their server are in Cyprus so chart time is GMT + 2. I suspect it is the same for everyone, since FAPS is the same program. If so, then there is no need to compare your local time to chart time; your local time is irrelevant. GMT +2 is seven hours ahead of EST, so chart time is also seven hours ahead of EST.

If the next ECB announcement for instance is once again at 0830 EST, then chart time is seven hours ahead or 1530.

The only change in this is that the currency markets open according to Daylight Saving Time when it is in effect, so on Sunday the markets open at 1700 EDT during DST. Announcements, on the other hand, will specify EST or EDT. The reason the annoucements occur at this time is that it is 30 minutes before Wall Street officially begins trading. (Gives everyone time to take alka-seltzer, I guess.)

I don't know if they observe DST in Cyprus, but if they do, chart time will remain seven hours ahead of Eastern Time. If not, it will be only six.

I hope this will help in timing trade entries during the next ECB or NFP.

Edward

edwardBe · #2 12-09-2008, 11:08 PM

Content removed.

alan · #3 12-10-2008, 02:47 AM

Quote:

Originally Posted by edwardBe

Well, I was wrong. I just downloaded a demo MT4 from FXDD, and after installing it, the time is 2000 PST on my computer and 0600 on the chart, a difference of 10 hours. So the chart time is set to GMT + 2 for some reason. Maybe the MT4 people live in Jerusalem...

Anyway, most of what I said up above still stands, but is now even more confusing. If everyone's chart time is the same, we can still go by that and give precise times for setting up for ECB and NFP.

Edward

Nah, the MT4 people live in Cyprus (HQ of MetaQuotes Software)...

When trading news events such as NFP you must keep in mind that they get released in the EST time zone. Thus you have to program the GMT equivalent when (on your brokers charts) that particular news event takes place.

mystikdragon7 · #4 12-10-2008, 06:41 PM

Quote:

Originally Posted by alan

Nah, the MT4 people live in Cyprus (HQ of MetaQuotes Software)...

When trading news events such as NFP you must keep in mind that they get released in the EST time zone. Thus you have to program the GMT equivalent when (on your brokers charts) that particular news event takes place.

That's one thing I always got confused on. When to set the time for the NFP to start to make trades.

zinder · #5 12-10-2008, 08:53 PM

Quote:

Originally Posted by mystikdragon7

That's one thing I always got confused on. When to set the time for the NFP to start to make trades.

I find this to be an easy way to know. I use forex factory calander. On there website you can adjust the time so it will be equal to your brokers time. Then you see in the calender what time (brokers) the news is released then your settings would be five minutes before that.

mystikdragon7 · #6 12-10-2008, 09:36 PM

Quote:

Originally Posted by zinder

I find this to be an easy way to know. I use forex factory calander. On there website you can adjust the time so it will be equal to your brokers time. Then you see in the calender what time (brokers) the news is released then your settings would be five minutes before that.

Gotcha thank you!

alan · #7 12-11-2008, 02:09 AM

Indeed..I love the forex factory calendar..

mystikdragon7 · #8 12-12-2008, 01:49 PM

Anyone want to take a guess at the the unemployment rate will rise to this month?

alan · #9 12-12-2008, 07:40 PM

no need to guess on that one..it's a foregone conclusion...

mystikdragon7 · #10 12-12-2008, 11:04 PM

Hey Alan or Earl, how is the Canadian economy fairing compared to the US?