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Hi everyone,
At the moment I'm trading S&P 500 on the trading platform called "TD365".
Here, the market is open almost 24 hours a day (except in the weekend).
I see Al trading based on charts that only show candlesticks of when the market is officially open, so without the extended hours.
Although TD365 has extended hours, personally I only want to trade at the normal hours. But I'm wondering whether it's better to either trade based on a chart that is showing the extended hours, or a chart that doesn't.
I'm wondering, because bigger patterns could look pretty different when you compare the two.
For instance: here you see 2 pictures of the same day, with #1 showing the chart WITHOUT extended hours, and #2 WITH extended hours.
I'm looking for a Measured Move based on the height of HST, but the bottom of the HST is in #1 around 57 points higher than in #2!
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Hi Casper,
take a look at this chat and you should find your answer.
I personally noticed a huge improvement and clarity to my trading when I switched to only have the day session up. Gaps are clearer and the price action to the left is what you already traded the day before. I couldn't recommend the change more. I still have a globex chart that I can pull up before the market opens and give a look at what happened as well, I've noticed Al does that and he always takes note of the high and low during the afterhours trading session.
Thanks for your response!
What do you mean by "gaps are clearer"?
To me, it's exactly the gap between end of the day and the open of the next day, that makes me so confused. I haven't watched the chapters on "Trading the Open" yet (almost there), perhaps that would clarify some things, but still... I can't understand why I would deliberately choose to watch a chart with an enormous gap, instead of seeing the data that created that gap.
It makes me wonder then, does price on the open react to the gap (whatever that means) or does it react to the globex price data?
https://www.brookspriceaction.com/viewtopic.php?t=1073
Al answered this himself here. In brief, it doesn't matter. Sometimes one offer a better setup. Other times, the other does. It's more important to be consistent. So pick one and stick with it is best.
