Candlestick questions
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Thread: Candlestick questions

  1. #1
    Hi everyone, I am kind of beginner and just started trading.

    When I trade, I heavily rely on Candlestick patterns and I have a question about the Gaps.

    I've live account with Oanda and their candlestick chart does not reveal any gaps that's normal. Since MetaTrader provides lots of purposes, I use both platforms and I found that on the exact same time period the shapes of candles on both platforms are not precisely the exact same and what is more I see lots of gaps on Metatrader chart!

    I know alot of you utilize MetaTrader and any information will be appriciated.

    Thank you.

  2. #2
    Quote Originally Posted by ;
    Hi everyone, I'm sort of newcomer and just began trading with real money.

    When I trade, I heavily rely on Candlestick patterns and I have a question about the Gaps.

    I've live account with Oanda and their candlestick chart doesn't reveal any gaps that's normal. Since MetaTrader offers lots of functions, I use both platforms and I discovered that on precisely the exact same time frame the contours of candles on the two platforms aren't precisely the exact same and what's more I see lots of gaps on Metatrader chart!

    I know alot of you utilize MetaTrader and any advice will be appriciated.

    Thank you.
    Gaps are very important. If price move easily past it, then it's not important. But if you see high wave candles, hammers, etc.. . area..you Should take that gap into account

  3. #3
    ba
    Guest
    I utilize FXtrek charts and do sometimes get openings on the daily/weekly charts once the market is closed within the weekends. I utilize these openings to great advantage as openings will be filled. I have noticed that after a gap is filled there's a great probability price will rebound.

  4. #4
    Gaps on short term (under 60 minutes) charts are for the most part pointless.

    Gaps on longer duration (again above 60 minutes) charts are not very common and are significant.

    Thats when you're able to attempt to judge candlesticks, although the Euro gapped up on New Years Day, was filled two days later and lasted down till 1/7/07, however, did not demone any specific candle patterns that I am conscious of.

    About 60 min chart there was a doji or two and then afterwards a hammer. What I mostly saw was Euro trading near a prior high 12/20/06 and also when a new year begins there is generally a reversal, even if just short term. It occurred 6 from the first 8 years of their Euro's existance. Now make that 7 from the first 9 years.

    However, in the end currencies being a 24 hour market, looking for gaps is not the best use of one's trading time. I do not even look at time based charts other than daily/weekly. I utilize tick charts for intraday.

  5. #5
    If you're using candlesticks, realize they must be utilised together with something else, such as an oscillator, fibs, etc., whatever's your poison. Also, a lot of patterns which apply in markets which actually close do not employ in forex. You have to visually adapt a lot of patterns into a non-gapping market, also, BTW, I use Oanda, also, and the gaps on other people's platforms do not always get filled. Hell, there are no openings on Oanda...

    it looks like each time that I attempt to exchange a gap fill I get skunked, even though when I look at it historically it ends up most of the time. I believe it's just another trading fantasy, also thanks to TD for getting me away from that...

  6. #6
    p
    Guest
    I really don't want to sound pedantic, but I was always taught that when speaking about candles, they aren't called'gaps' but instead'windows' - gaps are at bar charts... and instead of stating filling a gap it's closing a window...

    I'm wrong though...

  7. #7
    r
    Guest
    Openings whenever I visit. . I get out of the market immediately and wait for the next action...

  8. #8
    I believe you now have heard the truth.... Shhhhhhhh don't tell anyone... there really are not any gaps!!! But quite likely, wherever all those other men see gaps, that distance will probably get back into...

    I don't see gaps !!! I use oanda also.... Shhhhhhhhhhhhhhhhhhhhhhhhhhh

    And I will trade also... while everyone else is awaiting their broker to start.... shhhhhhhhhhhhhhhh

  9. #9
    Quote Originally Posted by ;
    I really don't want to seem pedantic, but I was always taught that when speaking about candles, they are not called'openings' but rather'windows' - openings are at bar charts... and rather than stating filling a gap it's closing a window...

    I'm wrong though...
    Although you are right when describing it at an candlestick feel, an absence of trading in a special zone is a gap regardless of how the data is plotted. Although I have commented here on candlesticks, I don't find any larger value in them than plain old bars. But regardless of how I feel about these, they're widly popular.

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