Both bar charts and candlestick charts are commonly used tools in technical analysis to visually represent price movements in financial markets. They both display the same type of information (open, high, low, and close prices) but do so in slightly different ways. The choice between bar charts and candlestick charts often comes down to personal preference and the type of information a trader wants to emphasize.
In a bar chart, each price interval (such as a day or an hour) is represented by a vertical line and two horizontal ticks. The top tick represents the highest price during that interval, the bottom tick represents the lowest price, and the vertical line connects the opening price on the left and the closing price on the right.
Candlestick charts also display the same open, high, low, and close prices, but they do so in a more visually distinct way. Each interval is represented by a rectangular "candlestick." The top and bottom of the candlestick represent the high and low prices, and the body of the candlestick (the rectangle) represents the difference between the opening and closing prices. If the closing price is higher than the opening price, the body is typically filled or colored. If the opening price is higher than the closing price, the body is usually left blank or colored differently.
Bar charts are often preferred by commodity or grain futures traders for a few reasons:
Bar charts can be less visually cluttered, making it easier for traders to focus on the key price points (open, high, low, and close) without the additional visual elements that candlestick charts introduce.
Bar charts provide a clear representation of price ranges between the open, high, low, and close, making it straightforward for traders to compare price movements across different time intervals.
Bar charts have been used in commodity and grain markets for a long time, contributing to their continued popularity and familiarity among traders in these markets.
I feel that the simplicity of bar charts help avoid potential biases introduced by the visual patterns and formations that can be associated with candlestick charts and, that's why, I prefer bars before candles.
|old wheat futures chart, showing the simplicity of it |
I've just revamped my blogger design with some friendlier night colours as well as making it look like a vintage computer monitor.
Trading goes on.
Wheat: Wheat futures opened higher on Tuesday, with Chicago Board of Trade July futures up 10 cents at $10.73 a bushel. The market is supported by concerns about tight global supplies, as the war in Ukraine has disrupted exports from one of the world's largest wheat producers.
Corn: Corn futures also opened higher on Tuesday, with CBOT July futures up 4 cents at $7.70 a bushel. The market is supported by concerns about dry weather in the U.S. Midwest, which could hurt yields.
Soybeans: Soybean futures opened lower on Tuesday, with CBOT July futures down 1 cent at $16.72 a bushel. The market is pressured by concerns about demand, as China has been buying less soybeans in recent months.
Overall, the grain futures market is mixed on Tuesday, with wheat and corn supported by concerns about tight supplies, while soybeans are pressured by concerns about demand.
Here are some additional factors that could impact the grain futures market in the near term:
Weather: Dry weather in the U.S. Midwest could hurt corn and soybean yields.
War in Ukraine: The war in Ukraine could continue to disrupt global grain exports.
Demand: China's demand for soybeans could continue to be weak.
RT @GrainStats: Events in the Corn Market🌽 Colorized, 2023 https://t.co/9psg6goFJu — dimitri (@hedgeproject) Mar 29, 2023
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How this week’s #USDA report could impact profits https://t.co/BK6sGUMWF9 #grains #corn #wheat #soybeans #futures #trading #mkt #farm — dimitri (@hedgeproject) Mar 29, 2023
RT @MidwestMarkets: Texas #corn planting is 52% complete vs. 45% on average.#oatt — dimitri (@hedgeproject) Mar 28, 2023
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RT @NatlFarmers: Outside #markets are commodity mixed, US dollar is lower (positive for exports), #metals higher (inflation guide), #energies are lower (petro grains) and equities are slightly higher — dimitri (@hedgeproject) Mar 22, 2023
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RT @Reuters: India should keep lid on wheat exports to replenish local stocks - flour millers https://t.co/JvXexXGIpL https://t.co/jAYxGQ0i73 — dimitri (@hedgeproject) Mar 17, 2023
RT @NatlFarmers: Money managers halved their bullish bets across U.S. #grain and oilseed futures and options in the last week of February - shedding a record 265k contracts from their combined net long across #corn, #wheat, #soybeans, and soy products. — dimitri (@hedgeproject) Mar 15, 2023
Production recovery sees Kazakhstan’s grain exports boom - Grain Central https://t.co/ImhxLpVcHI — dimitri (@hedgeproject) Mar 15, 2023
RT @Agridome: China Shows Up For US Corn, thx @ToddHultman1 https://t.co/RUgaMuO7a7 — dimitri (@hedgeproject) Mar 14, 2023
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