Help with Candlesticks in Forex Charts?
Thursday, December 5, 2013
, Posted by Ryanita at 2:59 PM
Q. As far as I know, candlesticks show open quote and close quote during some time period. Then the open quote of a candlestick should exactly equal the close quote of the previous candlestick. But it doesn't. What am I getting wrong here?
Answer
The candlestick opened at the same price the previous one closed but in its fluctuation it moved higher or lower than the price it opened at, in the process it can go over that open price from higher to lower and/or vice-versa. So the end result of that candlestick -once fully formed- will appear to not graphically coincide or show the exact place where the previous one closed; but if you look closely it actually does.
Let's say the price in its fluctuation just went over the open to a higher quote, but after it reached that high -at which point you're looking at a colored filled candle- it started to come down (leaving a "wicker" or "shadow" behind) But then it fills again on its way down if/when/after it goes through the opening price. Example: Previous Close was 1.3400. New candle opens at 1.3400 and then goes up to 1.3423. But then proceeds to go down to a close of 1.3392 (leaving a shadow/wicker from the high at 1.3423) But when it goes through the opening @ 1.3400 it fills up in color again down to 1.3392. This change from wicker to color filled candle shows you the exact point where the previous close and next candle open price coincide.
Other than that beware that If you're just observing at small -and therefore faster- moving timeframe LIVE, like a 1 minute timeframe or even a 30 second one, it's not unlikely that you'll see a candlestick opening higher or lower than its previous close. This is so because you're witnessing the fast candlestick formation while it's happening giving you the impression of a discrepancy between the closing and opening price between the two candles. But this is not the case when you check the actual recorded data.
That's the only thing that occurs to me that you might be doing. If that's not the case then you should provide more info as to under what conditions this happened to you. Other than that just do some backtesting on any trading platform that shows you the Open- Close- High- Low on any candlestick and see the actual data for yourself.
The candlestick opened at the same price the previous one closed but in its fluctuation it moved higher or lower than the price it opened at, in the process it can go over that open price from higher to lower and/or vice-versa. So the end result of that candlestick -once fully formed- will appear to not graphically coincide or show the exact place where the previous one closed; but if you look closely it actually does.
Let's say the price in its fluctuation just went over the open to a higher quote, but after it reached that high -at which point you're looking at a colored filled candle- it started to come down (leaving a "wicker" or "shadow" behind) But then it fills again on its way down if/when/after it goes through the opening price. Example: Previous Close was 1.3400. New candle opens at 1.3400 and then goes up to 1.3423. But then proceeds to go down to a close of 1.3392 (leaving a shadow/wicker from the high at 1.3423) But when it goes through the opening @ 1.3400 it fills up in color again down to 1.3392. This change from wicker to color filled candle shows you the exact point where the previous close and next candle open price coincide.
Other than that beware that If you're just observing at small -and therefore faster- moving timeframe LIVE, like a 1 minute timeframe or even a 30 second one, it's not unlikely that you'll see a candlestick opening higher or lower than its previous close. This is so because you're witnessing the fast candlestick formation while it's happening giving you the impression of a discrepancy between the closing and opening price between the two candles. But this is not the case when you check the actual recorded data.
That's the only thing that occurs to me that you might be doing. If that's not the case then you should provide more info as to under what conditions this happened to you. Other than that just do some backtesting on any trading platform that shows you the Open- Close- High- Low on any candlestick and see the actual data for yourself.
Is there a site on the net where someone can view historical "after hours charts" ?
dee9051
There seems to only be sites for regular market trading hours quotes & charts. Are there any sites for historical quotes and "after hours charts" ???????
Answer
quotes.nasdaq.com/asp/MasterDataEntry.asp?page=After+Hours+Market
afterhourtrades.com
www.Forex.com
tradingday.com
quotes.nasdaq.com/asp/MasterDataEntry.asp?page=After+Hours+Market
afterhourtrades.com
www.Forex.com
tradingday.com
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