Hi. I’ve been using the free FX Power Charts for demo trading and Prophet Java 15-minute charts for backtesting.
Problem:
When viewing the charts to determine when to enter a trade, I’ll see a candlestick form and appear to be complete. Only then, it decides to morph into a completely different candlestick a few minutes later. I can’t seem to figure out when it’s closed. The time doesn’t help me. For example, say I have a completed candlestick and the time on the chart shows 3:15pm. I would expect the next candlestick to appear promptly at 3:30pm. However, 3:30 comes and goes and the candlestick is morphing perhaps for a few more minutes before I think it’s done and it proceeds to work on the next candlestick.
Question:
Can someone please explain what’s going on? Is there an explanation, or is this a limitation of my charts, my bandwidth or both? If it’s a charting package, then that is very scary as timing is everything in the market. If I’m delayed, what’s the point? I might as well hand my money to the broker.
Hi Tazmet
I have not yet ever experienced the problem you mention, i ask this question not meaning to insult at all but are u using the time specified on the platform or on your windows bar ? and secondly if u are using the time on your platform use another time frame and ie 30min and see if you have the same problem and if so take it up with your broking firm. I also think test with several other broking firms so u know u will be happy to shove your cash there.
The general trend should be determined first if it is trending nice then it wont hurt if you judged one candle wrong. You should be considering several other factors when preparing to place your trade.
If this does not help i am sure some1 else will. I probably wont be able to respond 2nite i am dead tired.
Good night.
Thanks for the reply pipjunky and I’m not insulted one bit.
The time I’m using is on the chart itself not via my broker. Try it yourself at the link below.
I am trying out James’ system which relies on identifying an inner bar and identifying if it goes up or down in pips after this inner bar.
Once, I thought I found an inner bar as the candle had formed and I started to see the forming of another bar after it (price action). It met my other criteria so I went with it. Unfortunately, when I flicked back to my chart screen, the bar I had thought was an inner bar morphed into something else. I thought my eyes were playing tricks on me so I set up an experiment and this time I watched it change. I actually saw a bar form, apparently close, then change even after it past what should have been it’s close based on the time on the chart. It was kind of like sorry buddy, you thought you had it and now we’re going to change it on you.
I had this idea, perhaps naively, that I’m viewing the same chart as everybody else, but do the more expensive charting packages have an upper hand here? There isn’t much point in me trading on delayed charts. I’ll get killed. Maybe, I’m just not getting the concept.
Ok. Replying to myself here. Just in case this wasn’t already obvious to someone out there, I think I answered part of my own question:
I was comparing the chart time to actual time (as shown on a world clock website). This was fairly accurate and the chart and actual time appeared to be close to in synch within a couple of minutes - well, sort of. Let me explain.
This is how I believe it works. Say it is 2:15pm actual world clock time. My 15-minute chart has a candle pop on with a 2pm time heading. So it would appear that the chart time itself is behind by 15 minutes. Now, the candle that closed at 2pm (on the chart) actually started forming at 1:45pm (on the chart). So, this was my confusion. Now that I know what is happening, I would love an explanation from one of you pros as to why the chart is 15 minutes off of real time and should I be concerned with this. From what I can tell from demo trading, the sell quote mirrors the actual rate on the chart and appears to be in synch. Also, I still contend that even after the candle closed at 2pm (an example time) in this case, I saw it change a couple minutes later (different high and low). To prove this, I would need to take a snapshot of before and after. I think I will do that and try and post it.