The Importance of New York Daily Close Forex Charts

Today I wanted to go over a common question I get asked at the website and that relates to what type of charts should one use when trading Price Action. I recently covered the answer to this in a previous weekly review as well here. In summary to that question, the answer is, you want to be using New York Daily Close Candle Charts. In this review I will go over the importance of why and compare the differences.

What Does This Mean?

What this means essentially is that you want to see your daily candle close at the end of the New York session, basically put see the daily candles close at 5 pm New York time. This is very important for traders that use price action as candle closes in general are a important focus in price action trading. Also this means that you want to see 5 Daily candles on your chart for each trading week as well, each candle representing each days complete daily session of market moves.

cadchf zones daily

Above – Example of a Good Chart with New York Daily Candle Close.

Before I go any further on this topic now, you should stop and see if your chart offers 5 candles per week and each one closes at the end of the New York session. This means by the way the daily candles closing at the beginning of the Australian and New Zealand session for those that live in Australia.

5 candle charts

Above – An example of 5 Daily Candles per week on a Forex Chart showing pointed out Monday.

A Couple of Examples of Recommended Brokers That Use New York Daily Close Candles:

ICMarkets – Click Here ( highly recommended broker )

Hotforex – Click Here

*Both brokers above you can open up a free demo account to test out the charts if you want to compare.

Okay, so now that you have done this and have confirmed your charts, let’s quickly go over the importance. First point I will make is if your candle closes are not New York Daily Candle close charts that they will look different.. In some instances this can be very costly for a trader that is making decisions based of candle patterns. Not to mention as well, it essentially means a trader is not seeing the full picture of the market which is important in all forms of trading.

compare daily close charts

Above – Comparing two different candle close charts, the one on the left not being New York Daily close charts so candles look different and a Tuesday candle has not even formed yet ( over 6 hours since the chart on right has ) . Chart on the right is an example of the recommended New York Daily Close Chart.

Now that I have summed up the negative aspect of not using these types of charts, let’s go over the benefits of New York Daily Close charts.

Benefits of Using New York Daily Close Charts

Each daily candle is summing up the days moves and ending after the most busy trading session of the day ( the New York Session). This means you are getting the best view of the market for Monday candle, Tuesday Candle, Wednesday Candle, Thursday Candle and the Friday Candle summing up the end of the weeks move. This bigger view means better understanding of future moves and also most importantly following the bigger Price Action Traders as well. An important aspect for a number of reasons including probability.

And considering the most successful traders out there are Price Action traders other than banks you want to be trading with what they see, am I right..?

In summary if your charts have 6 candles or are not looking the similar to mine such as shown in my Weekly Forex Outlook and Reviews then most likely your brokers gmt offset is not right and you want to take action to fix. Remember the most important and powerful tool in Forex or in any trading overall is the Chart..

About Timon Weller

Timon Weller is the professional Writer and Trader behind the blog Forex Reviews. Timon Weller is also a professional Teacher of Price Action Trading and creator of the popular Training Series teaching people how to trade Price Action effectively called The Engulfing Trader. For other Forex Training available here at Forex Reviews click here.

For more on Timon Weller Click Here. To Learn more about How to Trade the Market and get updates Click Here.


  1. I just checked my broker and they said they do not use NY closing candles. They said there may be a MT4 custom indicator that I might be able to install that gives Ny closing candles though.

    anyone any knowledge of such an indicator ?

    • Unfortunately I have never heard of an indicator that does it either.
      I will let you know If I hear of anything though, however it sounds like you may need to change brokers.
      Another option in the meantime is you could use a demo account charts with New York daily close for analysis until you finish up with your current broker. You would need to switch between two platforms though if you did this to place real orders.


  2. I guess I could use an MT4 ‘NY daily close’ account with some broker that offers it for purely analysis but still use my original broker when it comes to execution

    • Yeah that is an option Emmett, that is what I had to do in the past many years ago when I used Oanda as my main broker. Oanda having midnight close daily candles which makes candles look terrible. However when I used them, I used another broker MT4 chart for the analysis which had New York Daily close candles which allowed me to use them even though I did not use there charts for analysis.


  3. Hi Timon could you let me know if i need New York Close candle charts based in the uk? if so do you know of any forex provider that do this bit confused.

  4. Hi Timon

    I m using interactive broker, they use New York Daily Close Candle Charts

    so daily bars are from 17:15 – 17:00 (broker close 15 min from 17.00 to 17.15) which is what you advice (so all good there, if i understand right)

    however the 4hrs bar are set as follow:

    4:00, 8:00, 12:00, 16:00, 17:15, 20:00, 0:00 so i now have 7 4hr candle per day instead of 6, is it a problem? the 5th candle is 1:15 and the 6th candle is 2:45

    the 8hrs bars are set as follow:
    4:00, 12:00, 17.15, 20.00

    thx for your help

    • Hey Ced,
      Hope you had a great weekend.
      With your question, there should only be 6 candles for 4 hour charts per day and 3 with 8 hour charts per day.

      Here is my recent 4 Hour AUDUSD to compare with your chart.

      ( Click image for larger view. )

      If you use the the vertical line it will help give dates and times of each candle like below. Line the vertical line on 8 hour as well and see if it solves what is happening. You are including one to many candles.

      Let me know if that helps.


      • So looking at your graph your broker close between 3am-7am candle and the 7am -11am candle , this is why there is a gap between the 7am close and the 7am opening

  5. Hi Timon, I have seen some of your videos before which I have enjoyed, I like your style, so relaxed, I find I can follow your instructions, I have been so impressed with your Fibonacci Retracements, have watched the video many times to pick up all your points. I will now look for your video on Patterns.

    Thanks & Take Care

    Jerry Lincoln UK

Speak Your Mind