Jump to content

Daily Candle Close


Recommended Posts

I am always using the daily candle charts for trading and recently started using some indicator tools on Tradingview. Strangely, their daily charts close at 11pm GMT, unlike IG's which is midnight. This gives a different perspective as I tend to attach a lot of significance to the the daily closing price. I would be interested to know what the community thinks of the importance of the daily close price and if so, would they prefer midnight or 11pm GMT.

I would appreciate all feedback. Many thanks.

Link to comment
3 hours ago, Nelsy-Boy said:

I am always using the daily candle charts for trading and recently started using some indicator tools on Tradingview. Strangely, their daily charts close at 11pm GMT, unlike IG's which is midnight. This gives a different perspective as I tend to attach a lot of significance to the the daily closing price. I would be interested to know what the community thinks of the importance of the daily close price and if so, would they prefer midnight or 11pm GMT.

I would appreciate all feedback. Many thanks.

Hi, on third party platforms (tradingview, prorealtime) you can change the time zone and thereby the candle close to any you want but a broker's has a fixed time zone and candle close which is based on the hours their markets are open.

  • Like 1
Link to comment
12 hours ago, Nelsy-Boy said:

Thanks @Caseynotes. Do you think the time of the daily close bears any significance. When viewing the hourly charts, the volume and movements seem to be higher in GMT "working hours" and then slow down overnight. Therefore, are other countries trading on GMT I wonder?

Lesser significance on the lower time frames. Plenty of traders trading predominantly US markets prefer to use the US time zone to look for candle patterns on the daily charts (pin and engulfing candles for example).

IG's vol is derived more from IG's own data and UK and Euro exchange data. Overnight vol is predominantly from the Asian market which typically lower than the London or the US session. 

  • Like 1
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • The cat and dog memes have really come a long way, and lots of people relate to this project. $CATE caught my eye when I saw its listing on Bitget, and so far, the price trend is good currently looking for a entry
    • Is very obvious that dogs and cats are the best friend to human considering these are the most prominent meme communities in the crypto space. Well toad, rabbit, ****, bull etc all tried but Cats and Dogs meme remain top community. The love for this two can be traced to the pioneering pet of Atsuko Sato (Cat and Dog), the dogs inspired Shiba inu and doge.   Now, the Cats meme communities are pushing for the exposure of “Cate” known as the Kabosu Mama. They believe that CATE isn’t just any cat but a legendary meme feline that has been the best friend to the famous $DOGE and now extends a paw of friendship to $NEIRO.   Currently, $CATE is trending after many top exchanges listed the meme.  I wonder if this might be the next doge or shiba but considering its tokenomic and total supply I think is worthy to add to watchlist. Also considering this is related to the Sato family will it become the top cat community meme?        
    • Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, remained steady around the $58,000 mark over the weekend. This stability comes as a contrast to other popular altcoins like Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), which all experienced declines. The Market Fear & Greed Index reflected this sentiment, standing at 39 out of 100, indicating a state of "Fear" in the market. Among the altcoins, Nervos Network (CKB) emerged as the biggest gainer with a 5% increase over the past 24 hours. On the other hand, Bittensor (TAO) saw the steepest decline, with a 9% drop in the same period. What to Expect from the September Fed Meeting Fed Meeting Overview The US Federal Reserve’s meeting on September 17-18 is expected to announce an interest rate cut on September 18. The market predicts a higher chance of a 50 basis points (bps) cut compared to a 25 bps cut. Data from CME FedWatch and Polymarket shows a strong likelihood for a 50 bps reduction. Historical Context This will be the first rate cut since March 2020. Previous rate cuts have historically benefited Bitcoin, as seen with the 2021 bull run. Potential Impact on Bitcoin Short-Term Outlook Doctor Profit, a crypto analyst, warns of potential short-term declines in Bitcoin if the Fed announces a rate cut. Market uncertainties, like geopolitical issues, could increase volatility. He advises careful risk management during this period. Long-Term Forecast Doctor Profit remains positive about Bitcoin’s long-term outlook. He expects Quantitative Easing (QE) to increase market liquidity, benefiting Bitcoin. Additionally, liquidity from FTX creditors in Q4 could further support Bitcoin’s price. Future Rate Cuts Citi analysts forecast a total Fed rate cut of 1.25% this year. Further rate cuts may follow the September meeting, impacting Bitcoin and the broader crypto market.
×
×
  • Create New...
us