I use a few places to view charts, through my Corespreads acccount, Tradingview / Daily FX charts and Detdania on my mobile.
If I look at AUD/USD on a 4hr timeframe the charts are the same on Corespreads and Tradingview / Daily FXhowever the candles are presented differently on Netdania.
From my understanding everyone is looking to trade based on the same chart formations so we act in accordance with things like pin bars, hammers etc. If a huge reversal pin bar appears on my Tradingview chart but I’m trading via my Netdania chart and don’t see it I could be missing a very important indicator!
So, I guess what I’m asking is, does anyone know why these platforms charts don’t match? Should I avoid one over the other? What is the standard?
I get the feeling I should avoid using Netdania moving forward as it appears to be the exception to the rule but wanted to hear peoples thoughts.
The reason the 4 hour bars may look different from one chart to another from different brokers might be because the bars are started and ended on a different 4 hour start and end time. Look at the time stamp for the bars on the chart that is different and compare them to the time stamp on the charts that are the same.
If the bars start at different times the High, Low, Open, and Close on the bar will be different and thus the physical structure of the bar will look different.
Yeah I understand that but essentially it must be better to follow one chart over another because it is more closely followed by traders globally. I am just trying to determine which time stamp is used by the majority.
Thanks
Another is that it’s better to use a different one, and/or even to arrange your charts to [U]ensure[/U] that you’re looking at different patterns from others. This view, which has [I]much[/I] to commend it, is explained in more detail by some of the price action authors.
Whatever your perspective, the key concepts, it seems to me, are to appreciate (a) that whereas highs and lows in the market are objective and factual and significant, opens and closes are arbitrary and user-defined, however many users are defining them the same way at the same time … and (b) that the theory that some things “work” effectively by consent, simply because so many people are using them, is a pretty dangerous, theoretical, specious, unsound, artificial and unproven one which has recently gained some popularity because some “impressionable thinkers” (to put it politely) have tried to use it as a “justification” for depending on some nonsensical indicators which they believe to work simply “because everyone else is using them, too” (a theory which doesn’t actually stand up to examination too well!).
Trying to keep up with market makers for the retail trader is likely going to be a loosing proposition as you will always be one step behind and buying when they are selling and vise versa.
As far as charts, use a charting service that ends the daily Candle at 5 pm est. That is the official end of day for Forex, If your charting service also charts stocks then it might view mid night as the start of a new trading day which will give you those weird 4hr candles. Another thing you can do is look at 1hr charts, those will always be the same on all charting software