Foreign exchange trading, or forex trading, is one of the most popular forms of trading globally. In the UK, forex trading has grown in popularity, with many brokers offering their services to traders. However, not all forex brokers in the UK offer New York close charts. In this article, we will explore which UK forex brokers offer NY close charts, why traders prefer this type of chart, and the benefits of using NY close charts.
What are New York Close Charts?
New York close charts are a type of forex chart that displays the closing price of the New York trading session. This means that the chart displays the price action that occurred during the New York trading session, which is considered one of the most important trading sessions in the forex market.
The New York trading session runs from 8:00 am to 5:00 pm EST and is the second-largest forex trading session after London. The New York session is known for its high liquidity and volatility, which makes it an important session for forex traders. NY close charts are also known as ‘candlestick charts’ because they display the price action in the form of candlesticks.
Why Do Traders Prefer NY Close Charts?
Traders prefer NY close charts for several reasons. Firstly, NY close charts provide a clearer picture of the market’s price action. Since the chart shows the closing price of the New York session, it provides traders with a more accurate representation of the market’s sentiment. This is because traders often take positions based on the closing price of the trading session.
Secondly, NY close charts are popular because they provide a more accurate picture of the market’s trend. Since the charts display the closing price of the trading session, they provide traders with a clearer view of the market’s direction. This is important because traders often use trend analysis to make trading decisions.
Finally, NY close charts are useful because they allow traders to identify key price levels. Since the charts are based on the closing price of the New York session, they provide traders with a more accurate view of support and resistance levels. This is important because traders often use these levels to make trading decisions.
Which UK Forex Brokers Offer NY Close Charts?
Not all UK forex brokers offer NY close charts. However, several brokers do offer this type of chart to their clients. Some of the UK forex brokers that offer NY close charts include:
1. IG
IG is one of the largest forex brokers in the UK and offers NY close charts to its clients. The broker offers a range of trading platforms, including MT4 and MT5, which support NY close charts.
2. Pepperstone
Pepperstone is a popular forex broker in the UK and offers NY close charts to its clients. The broker offers a range of trading platforms, including MT4 and MT5, which support NY close charts.
3. FXCM
FXCM is a well-known forex broker in the UK and offers NY close charts to its clients. The broker offers a range of trading platforms, including Trading Station, which supports NY close charts.
4. Oanda
Oanda is a popular forex broker in the UK and offers NY close charts to its clients. The broker offers a range of trading platforms, including MT4 and MT5, which support NY close charts.
5. FxPro
FxPro is a leading forex broker in the UK and offers NY close charts to its clients. The broker offers a range of trading platforms, including MT4 and MT5, which support NY close charts.
Benefits of Using NY Close Charts
There are several benefits of using NY close charts for forex trading. Firstly, NY close charts provide traders with a more accurate view of the market’s sentiment, direction, and key price levels. This allows traders to make more informed trading decisions and reduces the risk of losses.
Secondly, NY close charts can help traders identify trading opportunities. Since the charts provide a clearer view of the market’s trend and key price levels, traders can use this information to identify potential trades.
Finally, NY close charts are useful for traders who trade on the daily timeframe. Since the charts display the closing price of the New York session, they provide traders with a more accurate view of the daily price action.
Conclusion
In conclusion, NY close charts are a popular type of forex chart that provides traders with a more accurate view of the market’s sentiment, direction, and key price levels. While not all UK forex brokers offer NY close charts, several brokers do offer this type of chart to their clients. Traders who use NY close charts can benefit from a more accurate view of the market and can use this information to make more informed trading decisions.
