Greetings all! I’m an absolute newbie in all things trading, I appreciate having a sanctuary like this to ask some beginner questions.
As I have been dipping my toes into taking positions in my virtual account, using some basic Price Action strategies, I noticed something this morning that really alarmed me. Both charting tools I’ve been using seem to show conflicting numbers, depending on the time scale.
Until this morning, I’ve only looked at Daily charts. After taking a virtual position in USD/CAD based on what I saw from yesterday’s movement I started to look at the 4/5 hour and hourly charts. They show different numbers between their own views.
Here is some snapshots taken from the charting tool at ForExPros.com
Here is the same day but in a 5h time scale. (really… they can’t use 4h like everyone else?)
The bar to the left of the cursor is for the previous day, the bar to the furthest right is for 4am today.
For the day of 7/19/2012, it shows a High of 1.0126 and a High of 1.0090. Movement for that day shows .0056 and .0023 Both seem like huge gaps to me.
Here is the same data taken from FOREXTrader Pro software.
Daily Time Scale
4 Hour Time Scale
For the day of 7/19/2012, is shows a High of 1.01246 and a High of 1.01055. Movement for that day shows .0057 and .0041 (second candle of day is the low). Again, both seem like very big differences.
At first, I thought it might be a time zone issue as I have no idea which time zone either charting tool is showing me; my own or the exchange’s time zone. But even then, I would think that the chart would be consistent with it’s own data.
Just curious if other people’s charting tools show them the same discrepancies and if so, how they deal with it.
Many thanks… cheers!!