Home»Trading»Trading Strategy»New York Close Charts Or Not

New York Close Charts Or Not

0
Shares
Pinterest Google+

New York Close Charts Or Not

FREE | Daily VIP Forex Trader Growth Email

In this Singapore Forex trading vlog, I talk about New York Close charts for trading. How they are different from other charts and if they are really the superior charts or not. Vlog #437

Read Full Transcript

Good morning welcome back to Singapore.

Today we're talking about New York close charts. Are they worth it, yes or no?
Answers coming up. I'm going to enjoy my coffee for now.

So there's been this thing out there that if you want to become a profitable trader at price action that you need to have New York close charts. Chart that close at 5 P.M. New York time as opposed to midnight New York time. And while I think there's some truth to it, I think it's not the answer at all.

I used to think back in 2013 that this was what I needed to become profitable and turns out I didn't. When I opened my first trading account the broker I opened it with didn't have New York close charts. They had a regular chart based on midnight New York time and I was impatient for them to get New York close chart 'cause I read online that that's what you needed to have to become successful. And then a few months after that, they added New York closed charts to their platform and it didn't at all make me more profitable. And that's what you have to understand.

So back when I heard that I needed to have New York closed chart the argument was that since more people are gonna be trading in the New York timezone then they're more likely to look at this chart. So the big traders trading big hash funds and thinking big trades are more likely to look at these charts like this, where they close at 5 P.M. and that would be a good way to trade. So I said, "That makes sense." And I wanted to have these charts.

The other reason, of course, the fact that it's kind of tricky, because the forex market closes at 5 P.M. on Fridays and if you were to trade at a different timeframe that doesn't close at 5 P.M. on Fridays Eastern Time then you kind of have a small accountancy that's kind of random, that's kind of only a two-hour candlestick. If the chart close at midnight you have your candlestick closing at four, and then it would only be that one hour. So that kind of messes up the chart a little bit. If you have all the accounts take their calls equally through the week, so all the forward candlestick open and close at 5 P.M., then you're good 'cause all the candlesticks will be the same. They'll have the same time, they will be the same thing. And the daily charts will also go from 5 P.M. to 5 P.M. So you have no in-between and you won't have a small candlestick on Sundays when the market open at five until midnight. You will have the whole picture of five to five. Which could be better, it's easier to chart this way.

Now the real question is, should you use those? And I think there's no clear answer to it. I think it really depends. It depends what timeframe you trade. Someone trading their one-hour chart and the charts below like 30-minute, 15-minute charts won't need that because they're gonna be the same candlestick on any timeframe, any platform, anything you want. It's gonna be the exact same thing. But if you trade a four-hour chart or a daily chart that's gonna be different, of course.

Now the other thing here to add is that some people are gonna trade timeframes in-between. So, people like, and these are the only names that I know of for, like, right now. But, Andrew Mitchem trades weird timeframes. So, like, let's say the eight-hour chart or the six-hour chart or the 12-hour charts. And those are gonna be pretty much, like, trading non-New York close charts because they're gonna be like, different timeframe. Anyone pretty much trade those. And that in that case wouldn't mean a big difference. So even if you were to have New York close chart for those then you're kind of breaking up the timeframe. You're making it messy and that won't really help.

So it depends what you wanna look for. And, in regards to profit, I don't believe that setups are better because of New York close charts. I simply believe that setups are gonna be different and that means that you suddenly go think can all you see on a New York closed chart might not be the same as the one you see on the midnight closed chart and that's gonna be fun. I think you're gonna see different setups, they're gonna happen in different times and you have to decide maybe even backtest which ones are better. Like can you perform better on a New York close chart as opposed to a midnight close chart like closing at midnight as opposed to 5 P.M. Eastern time. And if the answer is yes, well pick the one that's gonna be the best. You're in a job or in a profession, that way you should be doing your own due diligence. And not doing so will be proving to yourself that you're not doing it seriously. And I recommend you test what you wanna try and ensure you get the best result whatever you do.

That's a question of numbers and testing and that's the only way how you'll be able to get something meaningful and ultimately better results for yourself. So you got this set up. I know most brokers these days offer a way to trade New York closed charts or other chart. You gotta decide which one you prefer. You gotta test both and if you're counting one maybe ask them transfer to the other one or ask them if you can login to a different server with different timeframes and that could be helpful to test it out.

So that's pretty much it for now today. Leave me a comment down below. Let me know what trade New York close chart or not. Tell me what you think, which one is best. Have you tried both perhaps and you seen some results that are different. Let me know down below in the comment. Here are comments from the past video, I appreciate you guys always leaving comments down below. Compliment this video to be featured in a next one. Subscribe if it's not done yet and I'll catch you back here for another video in Singapore tomorrow. Ciao.

SUBSCRIBE on Youtube for a daily video!

Want to look cool? Check out the Desire To Trade Merch

About Me

My name is Etienne Crete (from Montreal, Canada). I’m a swing Forex trader (who has the chance to travel the world anytime) and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.

You see, a lot of aspiring Forex traders lack the confidence to pursue their dreams. I’m there not only to help you develop your confidence but also to implement the tactics that are proven to give you results. You’ll develop Forex trading discipline and the other skills you need in NO time!

Ultimately, you’ll get to experience what a day in the life of a Forex trader truly looks like, but you’ll also have to be consistent with your Forex weekly review!

I produce a traveling Forex trader vlog and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That’s why you can expect more free content from me than what other people charge for!

All Products Used In This Video

Affiliate Links
Thank you for trusting me with my truthful and reliable opinion on any future purchase you may make. I always disclose this information when it is the case. As part of the Desire To TRADE family, you allow me to be able to use affiliate/referral links when suggesting items for purchase. As a customer of the products I refer, you help me sustain the time and resources to create content on this channel by generating revenue from your sales. This doesn’t affect you in any way in the checkout process (I’m sometimes even able to arrange a discount for you that is special from other customers).

If you are wondering how to put together a solid trading plan for trading Forex for others, I recommend you grab my FREE One-Page Trading Plan Template. It will help you simplify your trading strategy on a single page!

No Comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.