Which charts to believe?? the best charts' source ? | Forex Factory

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Which charts to believe?? the best charts' source ?

  • #1
  • First Post: Nov 5, 2007 12:50pm Nov 5, 2007 12:50pm
Good day to all of you forexers here!

I am in technical trading now and I am testing,back and retesting some strategies when I need valid particular candles - their type - is it bull or bear - long - short, and I have found that some of the charts along with differents platforms differ from one another and I don't know which one to believe

so for example at 2 am Oanda's chart shows this:

http://i7.photobucket.com/albums/y26...-05_193159.jpg

whereas http://forex.tradingcharts.com shows at the same time:

http://i7.photobucket.com/albums/y26...-05_193252.jpg

and finally metatrader shows something a bit different:

http://i7.photobucket.com/albums/y26...-05_194140.jpg


Could you by any chance show me the best and reliable and precised charts?


Thank you in advance for your help!
Happy pippin'
  • #2
  • Nov 5, 2007 4:00pm Nov 5, 2007 4:00pm
The problem comes from the fact that most retail Forex brokers are Market Makers, which means that their prices are not the actual prices on the Interbank market. Each broker's chart can show different candles because their prices are artificial.

If you want true Interbank prices, and more reliable candles, you need to deal with an ECN such as EFX.

Terry
  • #3
  • Nov 5, 2007 9:07pm Nov 5, 2007 9:07pm
I think Oanda looks better, it clearly show price movements; when prices dropped and pulled back or vise versa you can see a line sticking out. On MetaTrader chart there were two bars missing so it can't be the same.

scalpt
  • #4
  • Nov 6, 2007 8:54am Nov 6, 2007 8:54am
Quoting scalpt
I think Oanda looks better, it clearly show price movements; when prices dropped and pulled back or vise versa you can see a line sticking out. On MetaTrader chart there were two bars missing so it can't be the same.

scalpt
I agree with you about Oanda. I'm demoing them now and am quite satisfied with their charts.

Terry
  • #5
  • Nov 7, 2007 10:27am Nov 7, 2007 10:27am
Quoting In2Blues
The problem comes from the fact that most retail Forex brokers are Market Makers, which means that their prices are not the actual prices on the Interbank market. Each broker's chart can show different candles because their prices are artificial.

If you want true Interbank prices, and more reliable candles, you need to deal with an ECN such as EFX.

Terry
thank you for your answer

however this EFX platform does not include charts along with candles that I need


I am really searching for the best charts with valid candles

Please - give your input here if you can help me

Thanks in advance
  • #6
  • Nov 7, 2007 4:30pm Nov 7, 2007 4:30pm
I support this question too .. Still have not found my best chart supplier

Please help)
  • #7
  • Edited 9:49pm Nov 7, 2007 8:45pm | Edited 9:49pm
Use the charts of the broker you will be trading with ...... everything else is irrelivant.....
Same Whore .... Different Dress
  • #8
  • Nov 8, 2007 5:38am Nov 8, 2007 5:38am
I do not know who is the broker i will be trading with

I want to find the most reliable MT4-based quote's supplier on demo account atm
  • #9
  • Nov 8, 2007 9:19am Nov 8, 2007 9:19am
Then go with Oanda........
Same Whore .... Different Dress
  • #10
  • Nov 8, 2007 9:33am Nov 8, 2007 9:33am
There is a way to graphically display the EFX data feed through NINJATRADER.

The platform is in the same class of applications as Metatrader. I haven't dug too deep into it, but I have been able to produce a chart from the EFX prices.

Google it up and try it out.
  • #11
  • Nov 8, 2007 10:53am Nov 8, 2007 10:53am
Quoting johnedoe
Then go with Oanda........
I can't even see any charts through Oanda.. Some Java-based chart opend and i saw some bs on it, then closed it )) Do they have MT4?
  • #12
  • Nov 8, 2007 11:23am Nov 8, 2007 11:23am
No....
Same Whore .... Different Dress
  • #13
  • Nov 8, 2007 4:19pm Nov 8, 2007 4:19pm
Thank you.. I thought i missed it on their sitethis kills any chance to trade with them..)
  • #14
  • Edited 7:30pm Nov 8, 2007 4:57pm | Edited 7:30pm
If your strategy works on the charts you use, it really should not matter which ones work or not. Just follow your rules and you should be fine.
  • #15
  • Nov 8, 2007 5:58pm Nov 8, 2007 5:58pm
No.. I need exact HIGH, exact Low , no missing, or corrupted bars, Earliest open on Monday etc etc .. Good charts make me good entries, worse charts (datafeed) make 20-50 pips errors. Bad charts don't give any chance to implement my tricks at all ..
Need the exact numbers..
  • #16
  • Nov 8, 2007 6:08pm Nov 8, 2007 6:08pm
Quoting vasyan
No.. I need exact HIGH, exact Low , no missing, or corrupted bars, Earliest open on Monday etc etc .. Good charts make me good entries, worse charts (datafeed) make 20-50 pips errors. Bad charts don't give any chance to implement my tricks at all ..
Need the exact numbers..
Same Whore .... Different Dress
  • #17
  • Nov 8, 2007 9:33pm Nov 8, 2007 9:33pm
Quoting johnedoe
Homour aside, I think what John is getting at is that every broker will have slightly different charts because they have different customers and there is no central exchange where the prices are matched.

Maybe this is what he is saying
  • #18
  • Nov 8, 2007 9:42pm Nov 8, 2007 9:42pm
Quoting vasyan
No.. I need exact HIGH, exact Low , no missing, or corrupted bars, Earliest open on Monday etc etc .. Good charts make me good entries, worse charts (datafeed) make 20-50 pips errors. Bad charts don't give any chance to implement my tricks at all ..
Need the exact numbers..
As was already stated, you'll never find "perfect" charts, especially with an MT4 broker. Their prices are artificial.

If your strategy is that susceptible to chart differences, I would suggest that you think about developing a new strategy that works with the charts available in the world of Forex.

Terry
  • #19
  • Nov 8, 2007 10:34pm Nov 8, 2007 10:34pm
Quoting Marrethiel
Homour aside, I think what John is getting at is that every broker will have slightly different charts because they have different customers and there is no central exchange where the prices are matched.

Maybe this is what he is saying
Thanks Marrethiel..... I could'nt see the key board through the tears.....
Same Whore .... Different Dress
  • #20
  • Last Post: Nov 9, 2007 6:29am Nov 9, 2007 6:29am
To all patterns seekers...

Patterns rarely work on the forex market (at least on small time frames) because this market is nothing more than when you get out from a plane in a foreign country and stop at a currency booth to exchange your currency to the local one... Every booth has a different rate... so the forex brokers... since there is no uniformity in this market, nobody will have the same pattern at the same time... one might have a buy signal when somebody else will have a sell signal...
One piece of advice, stop relying only on technical analysis.. use your brain, and you will be way ahead...

bye...
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