A Japanese Candlestick Analysis

[notme]

For these type of technical analyses what difference does it make that bitcoin is a 24/7 market vs. other markets that have set trading hours (e.g. FTSE is 8 to 16:30 GMT). I'm guessing this has an impact on the daily candlestick.

Also I'm guessing you are using the bitcoin charts to determine the candlestick, so on the UTC timezone, but if the timezone was EST (East Coast US) for example the daily candlestick could be different?

why should you use any time zone except UTC ? everything is in UTC and everyone use UTC using other time zone is pointless since few or none use that and wont get the market sentiment/move

Right.  You can use whatever you want, but if you want to read the candles and trade off of them you should use the same candles others are using so you make the same call.

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[k]

For these type of technical analyses what difference does it make that bitcoin is a 24/7 market vs. other markets that have set trading hours (e.g. FTSE is 8 to 16:30 GMT). I'm guessing this has an impact on the daily candlestick.

Also I'm guessing you are using the bitcoin charts to determine the candlestick, so on the UTC timezone, but if the timezone was EST (East Coast US) for example the daily candlestick could be different?

why should you use any time zone except UTC ? everything is in UTC and everyone use UTC using other time zone is pointless since few or none use that and wont get the market sentiment/move

Because I'm guessing most traders live in time zones other than UTC. I imagine the majority are more US based. An analysis of market activity by time could show when most trading occurs. So the "trading day" so to speak probably doesn't coincide with UTC.

[k]

For these type of technical analyses what difference does it make that bitcoin is a 24/7 market vs. other markets that have set trading hours (e.g. FTSE is 8 to 16:30 GMT). I'm guessing this has an impact on the daily candlestick.

Also I'm guessing you are using the bitcoin charts to determine the candlestick, so on the UTC timezone, but if the timezone was EST (East Coast US) for example the daily candlestick could be different?

why should you use any time zone except UTC ? everything is in UTC and everyone use UTC using other time zone is pointless since few or none use that and wont get the market sentiment/move

Right.  You can use whatever you want, but if you want to read the candles and trade off of them you should use the same candles others are using so you make the same call.

So it works based on some sort of self fulfilling prophecy effect rather than the candles reflecting more underlying market sentiments and movements.

[notme]

For these type of technical analyses what difference does it make that bitcoin is a 24/7 market vs. other markets that have set trading hours (e.g. FTSE is 8 to 16:30 GMT). I'm guessing this has an impact on the daily candlestick.

Also I'm guessing you are using the bitcoin charts to determine the candlestick, so on the UTC timezone, but if the timezone was EST (East Coast US) for example the daily candlestick could be different?

why should you use any time zone except UTC ? everything is in UTC and everyone use UTC using other time zone is pointless since few or none use that and wont get the market sentiment/move

Because I'm guessing most traders live in time zones other than UTC. I imagine the majority are more US based. An analysis of market activity by time could show when most trading occurs. So the "trading day" so to speak probably doesn't coincide with UTC.

The "trading day" is 24/7.  There may be periods where there has been more volume historically, but I expect you would find several such volume peaks if you were to look at the data.  The US is likely the largest minority but I'm not so sure about majority.

For these type of technical analyses what difference does it make that bitcoin is a 24/7 market vs. other markets that have set trading hours (e.g. FTSE is 8 to 16:30 GMT). I'm guessing this has an impact on the daily candlestick.

Also I'm guessing you are using the bitcoin charts to determine the candlestick, so on the UTC timezone, but if the timezone was EST (East Coast US) for example the daily candlestick could be different?

why should you use any time zone except UTC ? everything is in UTC and everyone use UTC using other time zone is pointless since few or none use that and wont get the market sentiment/move

Right.  You can use whatever you want, but if you want to read the candles and trade off of them you should use the same candles others are using so you make the same call.

So it works based on some sort of self fulfilling prophecy effect rather than the candles reflecting more underlying market sentiments and movements.

To a certain extent, yes.  Candles alone are invalidated all the time, but other indicators can help identify when that is more or less likely to happen.  But, in the end, technical traders rely on others seeing the same thing as them, but after they do.  Sometimes they can catch a news event before it is announced (insiders give it away with their activity), but again, candles are just one very small part of the picture.  Some indicators do depend on the definition of the day, but others are more continuous.

[myself]

Because I'm guessing most traders live in time zones other than UTC. I imagine the majority are more US based. An analysis of market activity by time could show when most trading occurs. So the "trading day" so to speak probably doesn't coincide with UTC.

you made a assumption the data you see is on your time zone

[k]

Because I'm guessing most traders live in time zones other than UTC. I imagine the majority are more US based. An analysis of market activity by time could show when most trading occurs. So the "trading day" so to speak probably doesn't coincide with UTC.

you made a assumption the data you see is on your time zone

No I never assumed that.

I guess my point is that using UTC as the timezone to determine the candles is kind of arbitrary but if that's what all the technical traders use and the technique relies on following the same patterns as other technical traders (the self fulfilling prophecy effect) then that's the best time zone to use. But I was wondering if you used a different time zone (e.g UTC+6 or something) then the candles might show a different pattern and those might provide better insights into how the market is going to move as that timezone might align more closely with the activity of the largest number of traders. 

[notme]

Because I'm guessing most traders live in time zones other than UTC. I imagine the majority are more US based. An analysis of market activity by time could show when most trading occurs. So the "trading day" so to speak probably doesn't coincide with UTC.

you made a assumption the data you see is on your time zone

No I never assumed that.

I guess my point is that using UTC as the timezone to determine the candles is kind of arbitrary but if that's what all the technical traders use and the technique relies on following the same patterns as other technical traders (the self fulfilling prophecy effect) then that's the best time zone to use. But I was wondering if you used a different time zone (e.g UTC+6 or something) then the candles might show a different pattern and those might provide better insights into how the market is going to move as that timezone might align more closely with the activity of the largest number of traders. 

Sure, there will be some differences.  The data is all available if you want to look at it.  It's just that most of the tools built by the community have standardized on UTC since all timezones are defined as an offset from UTC.

[k]

Because I'm guessing most traders live in time zones other than UTC. I imagine the majority are more US based. An analysis of market activity by time could show when most trading occurs. So the "trading day" so to speak probably doesn't coincide with UTC.

you made a assumption the data you see is on your time zone

No I never assumed that.

I guess my point is that using UTC as the timezone to determine the candles is kind of arbitrary but if that's what all the technical traders use and the technique relies on following the same patterns as other technical traders (the self fulfilling prophecy effect) then that's the best time zone to use. But I was wondering if you used a different time zone (e.g UTC+6 or something) then the candles might show a different pattern and those might provide better insights into how the market is going to move as that timezone might align more closely with the activity of the largest number of traders. 

Sure, there will be some differences.  The data is all available if you want to look at it.  It's just that most of the tools built by the community have standardized on UTC since all timezones are defined as an offset from UTC.

Yeah, I'm just interested from a theoretical point of view. Trying to understand how this type of analysis works and if it works why does it work. Sometimes seems more like astrology more than anything that has any rational basis. I'm not an active trader, more a buy and hold most/spend some type of bitcoin user.

[notme]

Because I'm guessing most traders live in time zones other than UTC. I imagine the majority are more US based. An analysis of market activity by time could show when most trading occurs. So the "trading day" so to speak probably doesn't coincide with UTC.

you made a assumption the data you see is on your time zone

No I never assumed that.

I guess my point is that using UTC as the timezone to determine the candles is kind of arbitrary but if that's what all the technical traders use and the technique relies on following the same patterns as other technical traders (the self fulfilling prophecy effect) then that's the best time zone to use. But I was wondering if you used a different time zone (e.g UTC+6 or something) then the candles might show a different pattern and those might provide better insights into how the market is going to move as that timezone might align more closely with the activity of the largest number of traders. 

Sure, there will be some differences.  The data is all available if you want to look at it.  It's just that most of the tools built by the community have standardized on UTC since all timezones are defined as an offset from UTC.

Yeah, I'm just interested from a theoretical point of view. Trying to understand how this type of analysis works and if it works why does it work. Sometimes seems more like astrology more than anything that has any rational basis. I'm not an active trader, more a buy and hold most/spend some type of bitcoin user.

"Millionaires don't use astrology, billionaires do"- JP Morgan

[arepo]

is that a serious quote? because i see the usefulness of TA but i still think astrology is complete bunk.

[myself]

is that a serious quote? because i see the usefulness of TA but i still think astrology is complete bunk.

http://www.goodreads.com/author/quotes/2815776.J_P_Morgan

you can use gann if you want

[notme]

is that a serious quote? because i see the usefulness of TA but i still think astrology is complete bunk.

Western astrology (the shit in the newspapers) is incorrect because it does not consider precession.  It was accurate at the time it was translated from vedic astrology, but now it is off by an entire sign.  Proper vedic astrology actually lines up with the positions of planets and is quite helpful for understanding the energies currently influencing the world.  Anyway, if you want to debate this again, this is not the place.  I doubt much good will come out of it since last time we both just gave up, but if you want to create a thread to discuss it maybe some new perspectives will show up.

[arepo]

is that a serious quote? because i see the usefulness of TA but i still think astrology is complete bunk.

Western astrology (the shit in the newspapers) is incorrect because it does not consider precession.  It was accurate at the time it was translated from vedic astrology, but now it is off by an entire sign.  Proper vedic astrology actually lines up with the positions of planets and is quite helpful for understanding the energies currently influencing the world.  Anyway, if you want to debate this again, this is not the place.  I doubt much good will come out of it since last time we both just gave up, but if you want to create a thread to discuss it maybe some new perspectives will show up.

if you're not even correct about where the celestial bodies in question are (western astrology), then it's double-bunk. but even if you know (vedic astrology), you still have to identify a mechanism or reliable effect through which their positions influence the personalities, thoughts, or tendencies of people.

if you can show that, feel free to start a thread and we can discuss the question of validity. otherwise, the basic premise of astrology is groundless.

[notme]

is that a serious quote? because i see the usefulness of TA but i still think astrology is complete bunk.

Western astrology (the shit in the newspapers) is incorrect because it does not consider precession.  It was accurate at the time it was translated from vedic astrology, but now it is off by an entire sign.  Proper vedic astrology actually lines up with the positions of planets and is quite helpful for understanding the energies currently influencing the world.  Anyway, if you want to debate this again, this is not the place.  I doubt much good will come out of it since last time we both just gave up, but if you want to create a thread to discuss it maybe some new perspectives will show up.

if you're not even correct about where the celestial bodies in question are (western astrology), then it's double-bunk. but even if you know (vedic astrology), you still have to identify a mechanism or reliable effect through which their positions influence the personalities, thoughts, or tendencies of people.

if you can show that, feel free to start a thread and we can discuss the question of validity. otherwise, the basic premise of astrology is groundless.

Like I said, I'm not getting into this again here.  We've had the exact same discussion before.  I know where you stand.