New York End of Day

Hey Stevo,

Yep, I've had similar experiences to your good self.

I can only speculate that the reason behind these differences is that the bookmakers / providers all have their own price-actions (within a given band), and only when you go to longer time-frames do the price-action bands give similar correlations.

It then gives rise to the question: "what chart should I trust". If you've got Reuters Eikon or a good pro package (not from a bookmaker please!), then the odds of accuracy could improve.

It's a game of probabilities, and so the likes of IG will skew the odds in their favour, within their "framework".


As ever, happy to hear of any other possibilities behind the charting anomalies.


Good luck, and see you in the trading pit (chat-room)

stockcharts

I currently mostly use IG Advanced charts but I read with interest about how crucial it is to only use charts that follow an end of day which is the New York end of day for their daily candles. And also that only show 5 daily candles per week and do not include the small Sunday section - which some broker charts do.

If your charts don't do this then the candles you see on your chart will be different to how they should be. I therefore went onto my ETX, IG and an MT4 that I also have from ETX - I brought up an identical fx daily chart on all 3 (I think it was yesterday's EURUSD daily) and all 3 charts had a different candle pattern showing. One showed (for example) a nice tradeable pin bar, whilst the others showed slightly differnet patterns which would lead you to alternate trade decisions. When I went down to the 4hr it was even more obvious the differences that were there between them.

Has anyone else looked into this and do you know if the IG Advanced comply with this? Or who do you use for this very reason?

Thanks