swap type/ swap long/ swap short/ 3 day swap
You had probably open your trade hour(s) or minute(s) before midnight
-
FX opens 5pm ET Sunday and ends 5pm ET Friday. Some brokers start after (6pm is common/end before (up
to 15 minutes) due to low volatility.
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Swap is computed 5pm ET. No swap if no open orders at that time. Brokers use a variety of timezones. Their local time (with or without DST,) GMT/UTC, GMT+2, NY+7.
Only with NY+7 does the broker's 00:00 equals 5pm ET and the start of a daily bar is the start of a new FX day.
GMT brokers, means there is a 1 or 2 hour D1/H4 bar on Sunday (depending on NY DST,) and a short Friday bar.
GMT+2 is close but doesn't adjust for NY DST.
EET is closer except when their DST doesn't match NYs. Last Sunday of March and 1:00 on the last Sunday of October vs second Sunday in March and return at 2:00 a.m. EDT to 1:00 a.m. EST on the first Sunday in November.
Non-NY+7, means the chart daily bar overlaps the start, and converting broker time to NY time requires broker to GMT to NY timezone conversions.
- If you search the web you will find differing answers. Those are all wrong (half the year) because they do not take DST into account (or that it changed in 2007 [important when testing history.])
You had probably open your trade hour(s) or minute(s) before midnight
Hello again,
Does that account for daylight saving time +1 / -1 hour
Not midnight, 5 PM ET
OMG, this is starting get complicated.
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Hello everyone,
I am very confused about what exactly swap means. I found this bit on Google
I apologise for using SRC. Now the part that has me stupid, I placed a position long and with in 3 minutes I was hit with a swap. I didn't hold the position overnight and it was well within trading hours of the securities.