AUDCAD Daily Chart. This is how your chart should look on daily.
Why do charts appear different?
If your chart looks different from someone else’s, when they should be exactly the same, it is not the time your chart is in – it could very possibly be the time that the server is set to.
Server timing is crucial if you are using your trading platform for identification of price action above 2H charts.
The 2 main server timings are GMT + 0/1, or GMT +2/3. UTC is GMT.
What happens is that the markets open at 22;00 GMT on Sunday night.
Why 22;00 GMT you ask? – because that is 24:00 GMT +2 in Frankfurt (Germany) which is the 1st market to open.
Most brokers change the timing for the open as GMT +2 which then means that – according to GMT – the open is actually at midnight – this means that over the week, you get 5 x 24-hour days as daily charts.
A GMT +0/1 means that the server is linked directly to GMT – meaning that you get 1 x 2 hour day, 4 x 24 hour days & 1 x 22 hour day for the week – this screws up every tool you use which relies on averages – it also changes the appearance of each bar the Open, High, Low & Close are ALL 2 hours different.
It is the server timing of the Broker that usually is the cause when there is a major difference between the same charts from different brokers.
The easiest way to check the time of your broker’s server – on your trading platform – is to put a chart onto D1, go to the beginning of the week and see if there is a small bar on Sunday… that is GMT + 0/1.
You can do your analysis on a broker that is GMT+2 and execute on your current broker.
This is very important for accurate identification of these patterns above 2H timeframe.