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Hello,
I have quite a fundamental question that impacts my definition of what the Open / Close are, and also how to Bar Count.
For this example, I'm going to talk purely in the Exchange's Timezone.
DAX stocks trade on the Bourse 9am-5:30pm (this aligns with elevated Volumes for the DAX Futures contract in the screenshot below). I have set the Bar Counting to this Range for now and highlighted in Green.
The DAX futures contract on Eurex however has RTH 8am-10pm. I have set TradingView to only show RTH in the image below so ETH is excluded, which means there are bars and trading but with smaller Volume outside the aforementioned Green zones I've created.
So when really is the Open: 7am or 8am? When really is the Close: 5:30pm or 10pm? This would impact how I apply Al's notes on Trading Different Times of the Day, right?
Also when do I start Bar Counting, this would affect when Bar 18 happens, in fact is it still the 18th Bar we look to for 90% certainty that we've seen the day's H or L if we're trading a contract that contains more than 81 bars in a day? Because for a day that has 100+ bars, 18 bars is a smaller proportion of the day's overall trading, would we need to see more bars for longer days in that case?
And to add to that, it would also impact where I draw the OHLC from the previous day, to look for S/R levels on the Daily, no?
Hi Noha,
Tim Stout is a presenter in the Brooks Trading Room and his settings of the FDAX are 9:00-17:40 with bar #1 starting at 9:00 and bar #104 ending. He is using the pre market from 8:00-9:00 as well but without counting the bars. He is trading the FDAX on a regular basis in the morning. Try those as this should be the real RTH settings.
Thank you... and does that mean he uses Bar 18 for 90% chance trades.
And also is he using 9:00 - 17:40 price range only when looking at Support / Resistance levels based on OHLC of the previous day? I guess he'd need to use RTH which is 8:00 - 22:00 because I don't think there's a way to restrict the Daily, Weekly, Monthly charts to just 9:00 - 17:40?
I do plan to join the Trading Room once I'm done with the material so hopefully I will get a better idea of how he uses it in future too.
Hi Noha,
Tim is using Ninja Trader, there you can choose your shown trading time by yourself. It's not limited like Trading View or other platforms. So you can choose to show only 9:00-17:40 and you will get this data on your screen.
He uses Ninja Trader with real time data from the EUREX without a filter of some broker. I'm not sure about his data provider but his are the same as I get them on Trading View via the EUREX real data feed from there.
Thanks for that Hubert, that makes sense to me!
And lastly what do you mean by "without a filter of some broker"? For example, I have a real time market data feed from IB for CME and Eurex, is this different data to what I would get straight from EUREX?
