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  1. #1
    Junior Member Grndcomm's Avatar

    Same Chart- Different Closing Prices !!!

    Today I entered a trade on GBP/USD and lost. My SR was 1.3306. I went to the Netdania charts to confirm this and noticed that depending on the time frame I selected, there were
    different closing prices. The info below is what I saw:

    All prices below are for GBP/USD at 18:00 GMT (14:00, my time, EDT) with Netdania.com Charts

    Using 1 hour Chart closing price was 1.33294

    Using 30 minute Chart closing price was 1.33194

    Using 15 minute Chart closing price was 1.33102

    Using 5 minute Chart closing price was 1.33048 (Note: this price would have made my trade a win)

    Using 1 minute Chart closing price was 1.33078

    My thinking was that at exactly 18:00 GMT all the prices were closed at the same price. As you can see there are large differences depending on which time frame chart you use.

    Is this normal?

    Wish my broker had been using the 5 minute closing price but as I watched this trade, my broker seemed to be very close to the 1 minute prices.

  2. #2
    Legendry Member Okane's Avatar
    No! The problem is that you looked at the wrong candle!

    You see, the hourly candlestick consists of TWO 30 minute candlesticks!
    If you look at the first 30 minute candle, then you get the price you mentioned: 1.33194
    But if you look at the second and LAST half hour, it is at 1.33294 which is also the closing price of
    the hourly candlestick you looked at.
    And so on if you keep going down, then the 30 minute candle consist of two 15 minute candles.

    Looks like you lack candlestick knowledge. I suggest you start reading on how the Japanese candlesticks work
    and also check out some of the videos on our YouTube channel here.
    Last edited by Okane; 07-15-2016 at 02:00 AM.
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  3. #3
    Legendry Member Okane's Avatar
    Here are the pictures just to demonstrate why you looked at the wrong candlestick.

    First pic is from the H1. As you can see it illustrates that price closed at 1.33293 (on NetDania 1.33294)

    Click image for larger version. 

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    Now this is the M30, as you can see both these candles together create the hourly candlestick. 2x30 minutes = 60 minutes.
    And the closing price on the final 30 min candle which determines where the hourly candle also closes was? The same! If you however
    look at the first 30 min candle you would get the price you mentioned 1.33194 (1.33193 on my MT4)

    Click image for larger version. 

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    I hope it's clear now! But remember,
    in the end, the brokers price and your own charts might differ with 1-2 pips so you will most probably
    never have the exact same price. But in your case, you were just watching the wrong candles.
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  4. #4
    Legendry Member milos's Avatar
    Hello Grndcomm!

    Okane explains well about Japanese candlesticks. You have to decide and choose what charts time frame to be used in the future.

  5. Thanks Okane thanked this post
  6. #5
    Junior Member Grndcomm's Avatar
    I thank you for the response and the pictures. In one picture you have the 30 minute candlestick for 14:00. Here is where I guess I made my mistake. That 14:00 candlestick represents the half hour from 13:30-14:00 OR 14:00-14:30?

  7. #6
    Legendry Member Okane's Avatar
    Quote Originally Posted by Grndcomm View Post
    I thank you for the response and the pictures. In one picture you have the 30 minute candlestick for 14:00. Here is where I guess I made my mistake. That 14:00 candlestick represents the half hour from 13:30-14:00 OR 14:00-14:30?
    It's because the candle time you looked at 14 or whatever the hour is, was the opening hour.
    That's the times that are displayed when you hover your mouse on a candlestick, the opening hour!

    For example, in your case:
    You looked at the 14 candle. The 14 candle actually means that it OPENS at 14 but its
    duration is between 14 and 15:00 (on the hourly).
    Therefore, when you look at the 30 min candles, the first one which
    says 14 is actually from 14:00 to, you guessed it, 14:30 and the second one that says 14:30 goes from
    14:30 to 15:00 which is also the same closing price as your 14:00 hourly candlestick!

    I know, it's hard to figure that out.
    This is something that some traders don't understand, then they complain when they lose a trade.
    Like: "but the price didn't close there on my charts! the broker is cheating!"... cause they are totally looking at the wrong time and candlestick.
    Anyway, it's good you brought it up, I should probably do a video on this, I wonder how many people don't know about this!
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  8. #7
    Junior Member Grndcomm's Avatar
    Your excellent info has really helped me as I see where I was in error. Thanks for the time you spent explaining this and it will not be forgotten.

  9. Thanks Okane thanked this post
  10. #8
    Legendry Member Okane's Avatar
    Quote Originally Posted by Grndcomm View Post
    Your excellent info has really helped me as I see where I was in error. Thanks for the time you spent explaining this and it will not be forgotten.
    Welcome! Thanks for the question and let me know if you have any other questions.
    Also, feel free to suggest a subject for upcoming live webinars here:

    Thread for our Webinars on YouTube


    If there is something intricate you can't find the answer to here then leave us a suggestion in that thread
    and I will take a look
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