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NihabaAshi, I don't think YM gets a huge amount of professional interest, apart from arbitrage programs. Apart from the arbs it's mainly small and medium sized retail traders that trade YM. Just compare the lot sizes on the YM tape (more than 100 is unusually large) to the ES tape (not unusual to see 1000 lots going through). Most professionals are trading the stocks, the GLOBEX futures or the CME pit so it makes sense, if one believes that following the professionals is important, to use the rth for equities and CME i.e. 0930 to 1600 or 1615. Of course noting the overnight action is important but interesting overnight action often begins much earlier than 0820.
Also this whole debate will soon be academic because YM is transferring to GLOBEX early next year so you may as well start getting used to it now.  |
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The issue here is Japanese Candlestick analysis for those that plan on using it.
You have a choice to use an
alter picture or not.
Further, the fact that the high end data vendors do not alter that picture while the low end data vendors tend (not all of them but most of them) do alter that picture should concern anyone doing Japanese Candlestick analysis on YM.
I just can't imagine calling up my data provider and tell them to include an option to
alter YM because most of my retail trading pals are using the CME session time for YM instead of the CBOT session time for YM.
Simply, I use what my data provider gives me and what they give me is not an alter image.
Further, as you noted, next year all data vendors will be on the same page when YM transfers and this will no longer be an issue for new traders.
Yet, for definition discussions, just don't be surprised that some traders have different candlestick patterns for YM in comparison to others.
Therefore, the issue isn't really (as I noted before) if its a Doji, Shooting Star or Inverted Hammer on that 15min YM chart.
The issue is do we understand the price action to see that it was bearish.