So What type of chart style is less prone to fakeouts? | Forex Factory

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So What type of chart style is less prone to fakeouts?

  • #1
  • First Post: Feb 21, 2010 8:22am Feb 21, 2010 8:22am
So I have been studying in depth the different variations and I currently use candlestick charts and definitely enjoy the long wick signals given by them, however i came across the James 16 thread about OHLC Charts and Pin reversal's

I have done some back-testing and the pin setups seem pretty accurate. I was wondering if there any traders out there that have used both Candlestick charting and also used OHLC pin bar trading. What do you find to be more accurate and easier to trade off? Me personally I am kind of liking the pin charts.
Know when to hold em, Know when to fold em!
  • #2
  • Feb 21, 2010 10:25am Feb 21, 2010 10:25am
OHLC and candlestick charts both show the same info....... candlesticks are just more obvious. open your eyes..........
  • #3
  • Feb 22, 2010 11:34am Feb 22, 2010 11:34am
range bars- bars that dont price based on time but rather after significant movement from start based on a specified distance.. since time is not an issue less consolidation is show.. or is rather shown as a huge block.. signals are more clean you will not see pins though because there will be no wicks
  • #4
  • Feb 22, 2010 2:13pm Feb 22, 2010 2:13pm
Quoting tradestar1
OHLC and candlestick charts both show the same info....... candlesticks are just more obvious. open your eyes..........

are platforms held liable for the validity of their candle formations? Is every platform the same exact candle or has there been differences before between different platforms.
Know when to hold em, Know when to fold em!
  • #5
  • Feb 22, 2010 2:29pm Feb 22, 2010 2:29pm
Quoting goods
are platforms held liable for the validity of their candle formations? Is every platform the same exact candle or has there been differences before between different platforms.

I have traded FXCM and FXDD side by side in demo and they can be vastly different at times. FXCM will move the prices 10 to 20 pips in both directions on the same bar to catch the stops and price looks stable on FXDD. Thats not to say FXDD doesn't do stop hunting from time to time, but its less obvious.

I have traded from the charts of one broker against an account of another and my entries were always later than I expected. Lesson learned you can't do that.
  • #6
  • Feb 22, 2010 2:37pm Feb 22, 2010 2:37pm
Quoting CodeMeister
I have traded FXCM and FXDD side by side in demo and they can be vastly different at times. FXCM will move the prices 10 to 20 pips in both directions on the same bar to catch the stops and price looks stable on FXDD. Thats not to say FXDD doesn't do stop hunting from time to time, but its less obvious.

I have traded from the charts of one broker against an account of another and my entries were always later than I expected. Lesson learned you can't do that.
THanks for the update I appreciate it. I am currently using forexuk.com demo acct, is this the actual broker that provides mt4 as one of their source platforms?

One reason I selected them is because I can hedge the same currency without having to jump through hoops.

Should I be concerned with them? I know they are licensed/registered. Is there anything bad with this company?

The reason for my original question was what you just answered. It seems to me that the pin charts might show same exact data on all platforms where candles are a bit more involved and can become appearently different on other platforms.


So how is this broker I am using ?


http://www.forex.com/UK/
Know when to hold em, Know when to fold em!
  • #7
  • Feb 22, 2010 2:38pm Feb 22, 2010 2:38pm
Quoting tradestar1
OHLC and candlestick charts both show the same info....... candlesticks are just more obvious. open your eyes..........
I was looking for the answer that code provided. Sorry I was not too clear earlier.
Know when to hold em, Know when to fold em!
  • #8
  • Last Post: Feb 22, 2010 3:51pm Feb 22, 2010 3:51pm
Quoting goods
THanks for the update I appreciate it. I am currently using forexuk.com demo acct, is this the actual broker that provides mt4 as one of their source platforms?

One reason I selected them is because I can hedge the same currency without having to jump through hoops.

Should I be concerned with them? I know they are licensed/registered. Is there anything bad with this company?

The reason for my original question was what you just answered. It seems to me that the pin charts might show same exact data on all platforms where candles are a bit...
I haven't used forex.com in a long time and I can't remember what they were like. You probably should review the threads in the Broker Discussion forum. I am sure that some of them will have more up to date info on forex.com and lots of others.

I think Alpari UK is worth evaluating as well and I think they allow hedging.
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