Has anyone noticed their forex charts showing errors on the weekly charts? By this, I have noticed several vendor's charts use the friday close as sunday's open. This week Eur/Usd friday (12/29/06)close was approx. 1.3201. The open on tues (01/02/07) was approx. 1.3243 but on the weekly chart it shows 1.3201. If there was a substantial gap to the upside and the pair continued to stay aloft for the remainder of the week, there would be a large amount of price error on that weekly bar/candle/etc. from prices that didn't trade. I use the open to place my trades for the week, so this is especially important for me. Has anyone found a chart service that addresses this? Preferably a free one.
I guess you will not share your target and stop and details about your system... WishfulThinkingSavant I use the open to place my trades for the week, so this is especially important for me.
You didn't mention your time zone, but, in any case, your weekly chart is not off. This week's Euro open (which fell on Monday afternoon or evening in many time zones, rather than Tuesday) was indeed little changed from Friday's close. There was no opening gap. There are lots of free fx chart services available (MetaTrader, NetDania, Oanda... heck, even FXCM has several to choose from), but why not use the weekly open from your dealer, to derive your orders?
I am in the Central time zone of the US. The open for me this week came at 1 a.m. on tuesday. I trade forex through xpresstrade and they get their charts from FXCM. Not just this week, but every week has this issue. There is no way that every single week's open, which is typically on sunday at 4:15 cst for me, is exactly friday's close. If you look at "most" weekly charts, where available, you will see this. The other problem is that some forex brokers charts, Oanda included do not even have weekly charts. I can't possibly be the only one who has noticed this. (If so, let's come up with a way to profit from this **pm me**HA HA!!) Perhaps there just aren't that many people using weekly charts to trade forex.
True, no weekly charts on Oanda. MT4 (any demo account) does have them. NetDania has weekly as well as monthly charts. Agree, Sunday open (Monday morning in Auckland, New Zealand) is generally not equal to Friday New York close. This week it was, within a couple of pips. I am not familiar with Xpresstrade and so don't know how they handle weekends and holidays, or what relevant user-configurable chart options / preferences they offer, if any. I'd look into it closely or check with them or other users, if I were you. One thing in both of your posts I don't understand is why you consider 1 am CT on Tuesday the 2nd as the EUR/USD open this week. On my charts, the post-New Year's price action got under way 10 hours earlier, shortly after 9 pm GMT = 3 pm CT on Monday the 1st.
Hi L A It must have been what time my trading firm allowed me to trade. I guess the employees needed some rest after the New Year. HA HA.. That is strange that they wouldn't adapt to the actual market. I'll have to ask them about this as now that you've brought it to my attention, it really sucks that I would have to accomodate their schedule and would not be allowed to trade. Thanks!!