For 24-hour instruments like FX, index futures, bonds etc, what are the standard daily open-close times, large banks and D/B's use? For dailies, Open 12:01 am EST - Close 12:00pm EST? How about for 2hr intervals+? I suppose confluence is a big factor. Like a 4 hour chart, drawn 4 times, with each chart showing a staggered interval (1st chart - 1pm to 4pm, 2nd chart - 2pm to 5pm, 3rd chart - 3pm to 6pm etc). If all charts "line-up", signal quality is better....
1) Use what you feel comfortable using in a consistent manner. 2) For daily charts, use the beginning of the electronic session or the beginning of the pit session as your "open".