Which time zones do most forex traders user?

There is no reliable data out there on how many traders use which time zones, but many large institutions use UTC time even though a good number are located in the US East Coast time zone.

However because candlesticks are supposed to represent the underlying emotions of the markets (e.g. indecision, conviction, capitulation, etc) then in theory they are valid no matter what time zone they occur in. Many times also a candlestick in one time zone is an equally bearish/bullish candlestick in another. For example many times a bearish doji in GMT+1 is a bearish engulfing in GMT+0.

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