Registered User
Joined: 7/6/2011
Posts: 2
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Hi,
I currently use the www.freestockcharts.com software and im thinking of upgrading to your full package (TC 2000)
However, I am told by your support team that each daily bar on the FOREX charts closes at 12.00am est and the next one opens at that time.
Is this the case with TC 2000 and can it be changed? All brokers and data providrs work off daily bars that close at 17.00est.
The daily close of the Forex market takes place at 4:59:59 pm NY time and signals the end of the current Forex trading day and the start of the new one which occurs at 5pm NY time as New Zealand / Australia and Asia trading gets underway. The New York close also reflects the close of the 2nd heaviest Forex trading session which is the New York session.
Closing prices are the most important in any market because they reflect who won the battle between the bulls and bears for that session. Also, as a price action trader focusing on the daily chart, we need to see the price action setup close out on the daily chart before we can correctly identify it as a price action signal, and it’s at the daily chart close that many significant price action setups form.
Another thing is if you are using pivots etc they calculate different to different closing times.
Thanks
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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TC2000 currently uses the same midnight ET open and close and FreeStockCharts.com and there is no way to adjust this manually from within the program.
Thank you for your suggestion.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 7/6/2011
Posts: 2
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Thanks for your response Bruce.
I think worden should thuink about changing this. As a trader I want to be singing from the same sheet as everyone else.
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You're welcome. I difinitely understand why you would want the change.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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 Gold Customer
Joined: 11/9/2009
Posts: 36
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is this going to change. I dont understand how can provide a incorrest closing price. This will affect candles and indicators that are based on Closing price
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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Thank you for your suggestion. I do not know when or if any particular suggestion might get implemented.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 10/9/2011
Posts: 485
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This has been brought up before many times. Its always gets tricky to get any of these fixed.
Forex close time most traders follow is the NY Close but TC2000 does mid night. More importantly you will notice in tc2000 that around noon the bars tend to behave in a wierd way and plot patterns that do not exist and it gets corrected after few mins. I had reported that here in the forum before.
For those reasons I have stopped using TC2000 for forex. I use tradingview for forex charts.
In the same way we have similiar issues for the stocks chart. 60 mins, 120 mins and 240 mins timeframe the bars are closing incorrectly compared to what the typical industry standard in other platforms is.
First bar in 60 mins should close @ 10:30 AM
First bar in 120 mins should close @ 11:30 AM
First bar in 60 mins should close @ 1:30 PM
The bars end of the day will have shorter duration. That is how platforms work out there.
The way Tc2000 works is, 60 & 120 mins bar close at 10 Am while the 240 mins bar close at Noon. Those are incorrect from a industry standard perspective.
Problem with this approach is that the signals shown in tc2000 charts in those timeframes are only seen and acted upon by traders using tc2000. All other institutional traders using their own pro trading platforms do not see those signals. More importantly since those institutional traders do see signals in 60 / 120 / 240 that close correctly as mentioned before, those signals are not displayed in tc2000 and hence the traders using tc2000 are at a disadvantage. In otherwords tc2000 traders do see incorrect signals that only is shown in tc2000 platform and the real signals most people see in those timeframes they are not aware of it because of the above issue in tc2000.
I learnt those hard way by taking losses. So I no longer use tc2000 for those timeframes. instead I use tradingview for those timeframes.
It has been open since 2014. Same is true for the forex mid night close.
Though tc2000 is a good platform with good support, their development folks have the wrong priorities and have no checks and balances. They hide behind and do not respond. Hardly any bugs get fixed. So don't have high hopes that it will get fixed soon. All they care now is to add broker functionality to the platform with no updates to the charting technology. Bummer. Milking the charting customers and funneling that money to build brokerage business.
In other words, if you are using tc2000
1. Be aware that the incorrect close of the Forex Daily chart
2. Be aware that the 60 / 120 and 240 mins timeframe of stock charts are incorrect. You will see signals that in reality does not exists.
Good luck.
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Registered User
Joined: 10/9/2011
Posts: 485
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Here are the many open forex bugs with tc2000 pending for years.
http://forums.worden.com/default.aspx?g=posts&t=63804
http://forums.worden.com/default.aspx?g=posts&t=63655
http://forums.worden.com/default.aspx?g=posts&t=63595
I posted many more bugs but can't seem to find it. Its either deleted or hidden somewhere.
Just be very careful when using tc2000 for forex. Has lots of issues.
In general their development / management does not respond to any queries.
I am yet to receive any update from them on the top bugs posted in the forum. Shame to the management.
http://forums.worden.com/default.aspx?g=posts&t=63419
Thank you for raising some of these issues. We need more users of tc2000 to speak and raise issue. Most people hardly say much so worden continues to do nothing to solve any bugs and gets away.
Good luck.
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