Open and Close hours

Discussion in 'Forex' started by GabrieleV, Jul 7, 2008.

  1. Hello,
    I'm confused about the open and close hours about fx sessions.

    I have a British broker that opens and closes the daily graphs at GMT 00:00 .
    Another Metatrader broker opens and closes at Europe/London 00:00 that is GMT+1
    What is the time setup of institutional traders ?
    Do ALL they close the daily graph at 00:00 GMT ?

    Sorry for the question, but it makes me very confused !
  2. What market are you talking about, spot (cash) or futures?

    If it's spot then the market opens at 10pm GMT on Sunday and doesn't close until 9pm Friday (or even 10pm I think some marketmakers), or are you asking about rollover of open positions?
  3. SPOT

    Yes, I think it's the same about rollover of open positions.
    My question can be written as "At what time is the daily close quotation calculated" ?
  4. I think it varies from marketmaker to marketmaker, I'm not sure it really matters does it, not unless you're after the 3 day rollover and want to open/close trades immediately before and after. Ask your broker, he should know :)
  5. If the time at which the close quotation is calculated varies from MM to MM, it means that the daily graphs are different from MM to MM.
    This is my doubt !
    Somebody told me that the close time calculation is always 00:00 GMT, but I can't verify it.
    Nobody here that works for Insitutional to clarify the situation ?
    I'm interested in the way the Big Traders work, I can't imagine that EUR/USD has a different daily Graph for an Australian trader and a German one :confused:
  6. I don't follow, how would the graphs be different, the close of a daily bar/candle is midnight obviously :confused:
  7. Yes, but which midnight ?
    The GMT one or the local one ?
    To tell it in another way, it is a timezone doubt ...
  8. Good point, thinking about it I have absolutely no idea!

    I would assume GMT as London in the forex centre of the world, but then would they use GMT or BST?

    The short answer is I don't know but it's a good question!
  9. It would be nice that Institutional traders that work directly in marletplaces and ECNs from different timezone replies to this question :p