Managing Forex Time zones when trading the Currency Market

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Managing Forex Time zones when trading the Currency Market

 

One the biggest challenges facing Forex traders is that they have to deal with many Forex Time Zones at the same time.

They need to be able to answer questions such as:

  • What time is it in Los Angeles when there is announcement in London at 8:30 am if London has day light saving?
  • If my Broker chart times are GMT +2 what time is the 11:00 am hourly candle in Los Angeles?
  • …and many more

FREE FOREX TOOL

One tool that has been used by Forex traders for years is the http://timeanddate.com website that supplies information about everything related to Timezones.

On this website there is a particular tool that allows you to see local times in many places at the same time.

This tool is called the meeting manager.

Let say there are 5 location times you want to co-ordinate.

  • You want to know when it is 8:00 am in London what is the time in New York, Los Angeles, Sydney and on your broker charts.
  • You want to know when it is 8:30 am in New York what is the time in London, Los Angeles, Sydney and on your broker charts.

Broker chart times

The first step is to find a city that represents you Broker charts. We are using Tallinex who are located in Estonia.

Going to your Tallinex instalation you find the chart time by opening the Market Watch (Ctrl + M) from the View option on the main menu and reading the current Chart times

tallinex time

 

You would then go to the time zone map on http://www.timeanddate.com/time/map/ and find a city with the same time. In this case a city with the same time is Reykjavik in Iceland – the time there is GMT so the Tallinex chart times must be GMT. So Reykjavik in Iceland can represent the Tallinex chart times too. So Estonia is not a good representative of the Tallinex chart times

Forex Time Zones

Reykjavik

 

Aligning all the Cities on 1 table

The next step in to go to the international meeting planner and entering the Cities and clicking on the timetable

http://www.timeanddate.com/worldclock/meeting.html

Meetingplanner

You will then be presented with a table showing the local times of all 5 cities over an extended period on the day specified.

As you can see this table can be refined further to show different intervals, cities, dates etc.

PLEASE NOTE THAT DAYLIGHT SAVINGS ADJUSTMENTS ARE ALSO TAKEN INTO ACCOUNT SO THIS TABLE REQUIRES NO ADJUSTMENT

tableof times

 

 

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