Correct Charting Equipment

It is super important that we all use the same charts, especially for our trades placed of the daily chart. The charts that are best for Price Action trading are the New York close daily charts that show a five day chart. Some brokers will offer a New York close chart that may show a six day chart. The six day chart is a chart that has five normal candles and then a candle that is made up of normally only a four hour trading session.

The correct five day chart shows this data rolled into their Monday candle to make one candle.

When the daily charts have a sixth candle with only 4hrs built into it, it throws the whole price action out of wack because there is one really small candle every six candles that is out place when it shouldn’t be.

This makes false signals and allows fake trigger signals like engulfing bars to be created because the tiny 4hr candles form on the daily chart.

Obviously this is super important to us because our price action and the data we read from our charts is key to our success so making sure that the data we have coming through the charts is setup correctly is crucial.

The Forex markets never closes, however the New York market daily close is widely recognised as the close of the Forex 24 hour trading day.

The other bonus of using these charts is that the platforms used are Metatrader 4 (MT4), MT5 and C-Trader. These platforms are widely recognised as the superior charting platforms used by many professional traders and why they are used right around the world by the bulk of the industries brokers.

If you are new to MT4 you can find a Beginners Guide to Setting up and Using MT4 Here

Why Do We Use New York Close Charts?

A huge reason we also use New York close charts for our daily chart trading and why members should be using New York close charts for their daily charts is because of how the timings of the candles are set up.

The candles are formed in-line with how the market forms, giving a more accurate reflection for price action traders to read the market and it’s behavior.

As price action traders that focus solely on the price it is crucial that our price action follows the major sessions of the market and that the candles are made up in the correct order.

The New York close charts daily candle opens at the start of the week when the Forex market first opens in the Asian session and it trades right through to close at the end of the week when the US market closes.

This is the same for the daily open and close during the week. During the week the New York close charts daily candle starts/opens with the Asian session and trades right through to close when the US market closes. In other words; the New York close daily candle is made up following the correct order of the market.

What Broker to Use to Execute Live Trades

Please click the links below to open up a demo with our recommended brokers. Please note that below there are two broker links; one for traders inside the US and one for traders outside the US.

Both brokers below are tightly regulated, offer tight spreads and no commission trading on their standard accounts or the choice to trade with commissions and have smaller spreads with their other account options. Trading is available on PC, Mobile and iPhone/Android. These brokers are true international brokers that offer a wide range of markets to trade such; Forex pairs, Gold, Silver, the Major Indices, Oil and Gas.

Recommended Brokers For Traders OUTSIDE the US

 Awesome Note! If you sign up to this broker through Forex School Online you will NOT have to pay any deposit or withdrawal fees with credit-card or any method!

• Regulated by Tier One Regulators ASIC and FCA
• Segregated Client Funds
• ECN/Straight Through Processing (STP) Broker
• MT4 & cTrader Platforms
• Accounts Can be Opened in 10 Different Currencies Including USD, AUD, GBP, SGD & EUR
• Correct New York Close MT4 5 Day Price Action Charts
• Good spreads
• Forex, Major Indices, Commodities, Silver & Gold
• Up to 500:1 Leverage
• Start With as Little as $200
• IPhone (including iPhone & iPad), Android, Microsoft & Even Apple Mac without the Need to Download Extra Software to Run it
• Variety of Funding & Withdrawal Options
• Minimum Trade Size 0.01 Lots

– Click Here To Open Free Demo From Suggested Broker

Recommended Broker For Traders INSIDE the US / Canada & New Zealand

• Regulated Broker
• ECN/Straight Through Processing Broker (STP) Broker
• Correct New York Close 5 Day MT4 Price Action Charts
• Good spreads
• Forex, Major indices, Commodities, Silver & Gold
• Segregated Funds
• Up to 200:1 leverage
• Variety of Funding & Withdrawal Options
• IPhone (including iPhone & iPad), Android & Microsoft
• Minimum Trade Size 0.01 Lots
• FIFO Rule Not Applicable
• IMPORTANT NOTE: This broker allows you to trade the major equity index’s such as the US30 and UK100 using Microlots or $1,000 positions!
• Trade Bitcoin

– Click Here to Open Free Demo From Suggested Broker

Recap

The traders relationship with their broker plays a really important role. It is crucial that you have a solid broker that you can rely on to be able to make your trades when you need to and at the best prices.

Too many traders take the attitude of “it’s only a few pips extra”, but this attitude cannot be accepted with any part of trading. Broking is the traders biggest financial outlay and as the trades become bigger and bigger those “few pips” over time begin to really add up and at the end of the year, every pip that is paid to a broker is profit that is not made for the trading business.

*Note: If you want to start spotting the setups the seniors and myself are trading and posting up in the forum it is super important that you have the correct charts. Using the correct charts will also help all members stay on the same page when discussing setups and posting in the forum.

I look forward to you posting many great setups with the New York close MT4/MT5 charts in the forum soon,

Johnathon

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