End Of Day Systems

[Burtakus]

When using end of day data for a trading system, such as the turtle system, at what time do you calculate end of day. FX is a 24 hour market and doesn't have a close as in stocks, futures, and options. Do you set the end of day at midnight GMT or some other time frame. My current charts use midnight Eastern as the end of day. would I be correct in usionf eastern time as the end of day?

Thanks

[MattC]

Just looking at your name, I'm thinking you have a soft spot for the turtle trading system. If you do use it, how do you find the system rules work in the forex environment?

Thanks
Matt

[Mr. H]

Originally posted by shellback
I use 5pm EST/EDT for daily close. Midnight GMT is not a good time because that is when Tokyo opens and I find the market sometimes start moving an hour or an hour and a half before the open. When NY closes, only NZ and AU are trading and not much usually happens then.

shellback,

I agree with you and I too use 5:00 PM EST as an end of day close.
Another advantage is that it coincides with the roll over timing of some Forex Brokers which is important for One Day Traders who would like to avoid the roll overs.

Regards,
Mr. H

[Burtakus]

Thanks for the guidance. I appreciate it.

Since 5 pm EST/EDT is the time of choice, which I can understand why (US markets close), does anyone know where I can get daily data the closes at 5 pm EST/EDT?

I do not know of charts that have the close at this time. I can always look at hourly data to pick out the daily data. This would be extrememly time consuming though. Preferably I would like someting I could download into EXCEL. If anyone knows where I can get this data it would be a great help and timesaver.

Thanks

[chaos]

MGForex's EOD is at 3:00 PM EST. I download their data into an Excel program via their DDE link.

No affiliation, just giving you another option.