This is an extremely important lesson about why you need to be using New York Close Forex Charts to effectively trade the price action strategies I teach my students. If you’re truly serious about your trading, you should pay close attention to what I am going to discuss here… it will make a huge difference in your trading.
Let me explain why New York Close Forex Charts Are So Important…
In a nutshell, traders need to be aware that the normal Forex charts offered by popular forex brokers out there are NOT suitable for professional price action trading or any form of technical analysis in my opinion. If you’re a serious trader you need to ensure that you have forex charts which open and close in true alignment with the New York trading session close (this is the real forex market daily closing time). These charts also need to have 5 daily bars per week instead of 6. This will ensure you are seeing the correct price data and you will then be able to analyze the exact same price action signals that myself and all of my members see.
I am going to get into much more detail on this subject below, however if you don’t want to read this entire lesson you can just download our preferred New York Close Forex Charting Platform Here.
Most forex brokers simple do not offer the most relevant or effective charts for you to make your trading decisions from. For many beginning traders, the fact that they might be looking at charts that aren’t accurate does not even occur to them. Let me assure you this is something that you NEED to seriously consider before trading live, and you probably won’t read about it on other Forex trading education websites.
Proof That You Need New York Close 5-day Charts
The daily close of the Forex market takes place at 4:59:59 pm NY time and signals the end of the current Forex trading day and the start of the new one which occurs at 5pm NY time as New Zealand / Australia and Asia trading gets underway. The New York close also reflects the close of the 2nd heaviest Forex trading session which is the New York session.
Closing prices are the most important in any market because they reflect who won the battle between the bulls and bears for that session. Also, as a price action trader focusing on the daily chart, we need to see the price action setup close out on the daily chart before we can correctly identify it as a price action signal, and it’s at the daily chart close that many significant price action setups form.
Due to the fact that daily chart trading strategies are critical for all traders to learn, we all need to see the most accurate and relevant daily chart closing price. Traders who are planning on being members of my trading community need to have the correct NY close 5-day charts since my price action strategies are focused around the daily charts and all my members use the correct NY close charting platform.
Not all MT4 (Metatrader4) Platforms are the same, in fact, most MT4 providers are on GMT time and show 6 daily price bars which is very WRONG and will sometimes show “false signals” and this can lead to very big problems. You WILL NOT be able to follow my trading patterns or ideas if you’re not using the correct charts.
Example of a Non-New York Close 6-day Chart vs. a New York Close 5-day Chart
Note all the little Sunday bars on the non-New York close chart on the left. These Sunday bars should not be there and they are not relevant; they just take up space and add unnecessary variables to the chart which will confuse you and many times generate false signals. There are only 5 trading days per week in each major currency trading center around the world, but due to the 24hr nature of Forex, some platforms show a “Sunday” bar, this is incorrect and unnecessary…
New York close 5-day charts provide more accurate price action trading signals
If you want the SAME charts and price action bar/candle formations to show up on your charts that my members and I use, you should use ‘New York Close Charts on Meta Trader‘ with the correct data feed.
Most of my members and myself included would have missed the approximate 200 pip move that resulted from the pin bar reversal setup on the NY close chart on the left had we been looking at a Non-New York close chart like the one on the right…
Only a handful of brokers offer a true ’5 Day Chart’ with the correct open and close shape of the daily price bar. My members and I use a 5-day chart with a New York close MT4 data sever to generate my Price Action Trading Signals. If You are not using New York Close Forex Charts, you won’t see the same trading setups/signals.
Some traders email me asking if they can “adjust” the platform time on their trading platform, and the answer is that you cannot adjust it. The time at which your daily bars close out is set by the broker offering the platform and a broker either offers NY close 5-day charts, or they don’t…
So You Need To Find a Good Broker Who Offers the Correct Charts. See Below For Details of Suggested Brokers & Charts.
WHAT BROKER Has The Correct New York Close Charts ? (Who Can you trust to trade with?)
Whilst we can’t make any guarantees, we’ve certainly done our homework and we work with a broker who offers the correct NY close 5-day charts and they are in my experience, reputable and reliable. My recommended broker offers direct access to bank prices and they run a genuine regulated operation. They also have the correct charts on a mobile dealing platform for your iPhone or mobile. They also offer a wide variety of other markets including CFD’s, Commodities and Indices. Click Here To Get a Demo Of Our Preferred Forex Broker Platform
As always, if you have ANY questions do not hesitate to email me via the contact page.
Good trading, Nial Fuller