Registered User
Joined: 10/9/2011
Posts: 485
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Good evening.
Sunday Forex opens @ 5 PM EST.
I am trying to understand how the 2 hour and 4 hour bars are calculated.
I am expecting 1st & 2nd two hour bar to close @ 7 PM and 9 PM respectively.
Instead what I see is the 2 hour bar closed at 6 PM (one hour from open instead of 2 hour from open). So the closing times as marked in the charts are 6 PM and 8 PM which obviously is incorrect.
Similiarly, I am expecting 1st & 2nd four hour bar to close @ 9 PM and 1 AM Monday. Instead what I see is the 4 hour bar closed at 8 PM (three hour from open instead of 4 hour from open) So the closing times as marked in the TC2000 charts are 8 PM and mid nite which obviously is incorrect.
This means any candlestic patterns or any OHLC values provided are absoluely incorrect and this problem gets propogated to all future bars because of the time displacement. tc2000 2 hour and 4 hour charts may show a pattern like hammer but in reality those will not exist in charts used by all the other traders that closes correctly.
I am not sure why a 24 hour instrument closing times / opening times are being manipulated incorrectly? Why is the 1st two hour and 4 hour bars on sunday in a 24 hour instrument are closing in 1 and 3 hours instead of closing at 2 and 4 hours. Looks like another incorrect arbitrary decision taken by an inefficient developer with zero accountability.
All this boils down to is you cannot trust the 2 hour an 4 hour charts in Forex in TC2000. All the 2 hour and 4 hour charts used by all the non tc2000 traders all over the world shows one way (correct open / close / high / low / correct candlestick patterns) but the 2 hour / 4 hr charts used by tc2000 traders will look different (will show incorrect ohlc values & imaginary non existent candlestick patterns) because of the above decision taken by the development team.
The best example is AUDNZD chart today. Say your strategy is to buy 5 pips above the 1st 4 hour candle. If you were trading by watching tc200 4 hour chart, you would have taken that trade and probably would have gotten stopped by now. In reality, in a real 4 hr chart that closed 4 hours after open, price never went 5 pips above the 1st 4 hour bar so you would have never gotten filled on that trade. Because tc2000 1st bar closed incorrectly using 3 hours, you mistakenly took a trade because of incorrect bar and lost on the trade. That is sad where in reality your strategy should have never triggered if tc2000 bars closed correctly. The sad part with this is, since we have a difference in the close time if you rely on candlestick patterns to trade using 2 hour or 4 hr chart, you will be wrong & take trades based on imaginary patterns tc200 plots. tc2000 may show an hammer but all other 2 hr and 4 hr charts in other platforms (used by traders all over the world) which closes correctly may not show an hammer. So you are essentially taking a hammer pattern trade based on an imaginary candlestick pattern tc2000 plots because of the incorrect close in tc2000 which in reality does not exist and is not traded by anyone who does not use tc2000. Guaranteed loss. Note that this time displacement does get carried over to future bars so this problem remains for all 2 hour / 4 hr bars.
This is a warning to all the forex traders who use 2 hour and 4 hour charts. The tc2000 2 hour and 4 hour charts are incorrect as the open times are manipulated incorrectly by tc2000. So if you are trying to go long or short based on high or low or close of the 2 or 4 hour chart, you are incorrectly taking the trade because the values used by tc2000 are incorrect because of time displacement that gets carried over to all the future bars. If you rely on candlestick patterns to trade, be very cautious using 2 hr / 4 hr charts. they are wrong & will show imaginary patterns that in reality do not exist in real charts.
Please note that we have similiar problems in stocks as well for hourly and 2 hour charts which I learnt after getting hurt once. if you rely on candlestick to trade stocks using hourly and 2 hour charts, you are going to loose as it will show fake patterns. You may see a bullish engulfing in hourly or 2 hour chart in tc2000 but in reality there may be none in the hourly or 2 hour charts in all the other platforms (used by traders all over the workd) that has the correct closes. You wil unnecessarily take a loss because of trading a non existent pattern. Only the tc2000 traders see that pattern :-).
I had reported them before and obviously still waiting for an update from management.
Hope management addresses these issues at the earliest.
Looking forward to get a actionable response from the management.
Thank you for your help.
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