What Time zone to use for calculating High/low?

Hi ALl traders,

I am new to forex and in learning phase.

How to find the daily highs and lows of a currency pair say GBP/USD , my mt4 server time is GMT 00:00, should i see GMT 00:00 to 24:00 or markets open time of LOndon (which is 08:00 - 16:00 GMT) or market open time of New york (which is 13:00-21:00 GMT)?

Thanks in Advance!

Logesh.

Logesharun, price action reacts in its own peculiar fashion, depended on what time your day starts, so it really becomes a personal thing after you have developed a greater knowledge of the markets.

Having said that, let me recommend something to you. The beginning of the trading day is GMT +2. That is you best time since that is the beginning of the trading day.

My live account is GMT -4, but I have a demo set to GMT +2 that I make all my trading decisions on. It is not too often to find strong moves during Tokyo, but if they occur, then at least they will be reflected at the beginning of the candle rather than the end of the previous day's candle. This way you can act more expediently on your trading decisions.