NYC close 5 day chart

[Guest hannah.hermes]

Hi Guys, just wondering if anyone knows whether IG index forex platform is a 5-day chart or 6 days - their staff are unsure and not helpful at all. I checked the weekly chart and it displays 5 bars but the staff saying it's 6 days - anyone knows? many thanks. 

[Caseynotes]

Hi @hannah.hermes@gmail.com,  Everything closes at 10pm Friday UK time (end of the US weekly session), crypto restarts on Saturday morning while Forex doesn't restart til 10pm Sunday evening (open of the Asia weekly session) so technically 6 days, any post weekend gapping is going to occur on Sunday evening.

 

[Guest hannah.hermes]

Hey Caseynotes thanks for this but  I am about the charts, not the actual opening and closing times. I need to know about IG index forex charts if they display 5 day or 6 day charts. I checked the weekly charts and can see 5 bars (days), which is what I need for my trading but the IG assistant thinks it's 6 days chart for weekly and it's getting confusing for me - I think I will just use another platform as I can't rely on IG charts. Have you used IG charts for your forex trading before? 

Kindest

 

Edited August 19, 2018 by hannah.hermes@gmail.com

[Caseynotes]

Hi @hannah.hermes@gmail.com,  sorry for the confusion but I'm not really getting what you're trying to ask. 

On IG's UK charts the daily chart has 6 bars (days) for each week, Monday through to Sunday leaving out Saturday when there is no forex market anywhere.

The weekly charts have 1 weekly bar for each week that encompasses Monday though to Sunday.  

By the title of your thread I assume your not trading from the UK so perhaps your charts are different. IG also has a ProRealTime platform on which you can set the opening and closing to suit your own time zone, it comes free if you trade regularly.  

[Guest hannah.hermes]

Hi Caseynotes

I am in London. I just saw this thread which asks the same question - sorry if I did not make it clear 

 

Occasional Contributor : Posted July 22, 2016

Why can't IG use the opening and closing hours of FX market charts as they open around the world (starting from Sydney and closing in New York). Why do they have to use UTC hours (Markets don't open and close at midnight in London). Maybe commodity charts too.

 

I fixed it on ProRealtime charts using Bangladesh hours but it can't be fixed on android charts.

[Caseynotes]

Hi @hannah.hermes@gmail.com, here is the thread you mean, I have seen similar articles before but I really don't buy it. The market doesn't close on the US close because the Australian market opens, the argument goes that the same candle patterns don't show but other one's do, it's a bit like changing time frames, candle patterns disappear but others appear instead. 

Glad you have resolved it using PRT though not sure why you are using Bangladesh and not US EST.

Here's another piece advocating using US close charts from Nial Fuller;

http://www.learntotradethemarket.com/meta-trader-demo-account-sign-up-new-york-close-charts

Thread;  PRT - Can the Daily Candles on FX pairs be adjusted to close/open at 5pm EST?

[Guest hannah.hermes]

Hi Caseynotes  

I am not using Bangladesh time zone it the guy in the thread who is asking the same question as me as to why IG don't use EOD or NYC close chart as most accurate forex trading is based on that. To be honest, I have not tested it yet whether NY close 5 days chart works or not as I traded on IG platform before and made a profit but it wasn't with forex - however, with forex  I lost quite a bit with IG and I do believe their trading platform is not that great.  Yes, that's what am reading right now Niall Fuller forex course and yes he's adamant that only NY close 5 day chart is the right way for forex that follows his trading recommendation. 

[JamesIG]

Hi @hannah.hermes  - please note you only need to post a URL such as this >> https://community.ig.com/forums/topic/5111-nyc-close-5-day-chart/  << and the forum will automatically turn it into the below...

I have also edited your name to remove the email address as this is a public forum. 

[Caseynotes]

Hi @hannah.hermes, sounds worth testing it out on the PRT charts. Yes, I saw Nial was convinced so thought you would be interested in the article if you hadn't already seen it. Do let us know how you get on.

Hi @JamesIG, you'll notice I failed with the thread link as well, I've done it loads before so not sure why it didn't work for me that time.

[JamesIG]

Interesting one caseynotes. Just to check, are you copying / pasting the following as highlighted in yellow. This is the bit you need. 

[Caseynotes]

Ah, that may well be my mistake. Can't imagine why I forgot as I must have done it about  * checks post count *  3,000 times.