Canola intra-day and daily charts....

**farmaholic** · Apr 23, 2020, 07:34

Maybe the open-high-low-close of the daily is all thats needed? Especially candlestick?

**farming101** · Apr 23, 2020, 08:12

The answer to all your questions would be a no IMHO.

Rule: The shorter the time frame you are monitoring, the more time you have to dedicate to watching the charts and prices, and also the greater the chance of making a decision based on some noise that will whipsaw you.

What is of some value is looking at the tail end of the trading day. What were the volumes, which way did the prices go in the last hour, which day of the week and month is it, what were the sizes of bids and asks and which direction were they taking prices?

To make intraday trading even begin to make sense you need access to bids and asks, bid/ask sizes, bid/ask spreads and volumes

**AlbertaFarmer5** · Apr 23, 2020, 10:02

It has been my anecdotal observation that canola never closes at, or even close to the daily high, as compared to soybeans, or soyoil. I've never verified if this is statistically true, but it seems that on a day when all grains are up, an everything else closes very close to the daily highs, canola will end the day closer to the middle of its range. Not sure it makes much difference for long term charting, but it seems to make target orders a necessary evil to get the last few pennies in a rising market.

**farmaholic** · Apr 23, 2020, 10:50

So don't pay much attention to a 5-7 day span on a intraday chart?
Do the same rules apply to it as a daily chart, higher highs etc, closing higher than the previous day's close, opening higher than the previous day's close, and all the other important stuff I know nothing about.

I realize the timeframe is a blink in a loooong stare!

**AlbertaFarmer5** · Apr 23, 2020, 11:13

Originally posted by farmaholic View Post

So don't pay much attention to a 5-7 day span on a intraday chart?
Do the same rules apply to it as a daily chart, higher highs etc, closing higher than the previous day's close, opening higher than the previous day's close, and all the other important stuff I know nothing about.

I realize the timeframe is a blink in a loooong stare!

Have you studied fractals at all?

**farmaholic** · Apr 23, 2020, 11:28

Originally posted by AlbertaFarmer5 View Post

Have you studied fractals at all?

Honestly, without googling that I have no idea what that is.

I've been production oriented my whole life under the CWB Mother Hen's wing. Lol.

Too old to study, my brain is full.

Ok. What are they?

**AlbertaFarmer5** · Apr 23, 2020, 12:09

Fractals in my own words;
Same patterns will repeat as you zoom in or zoom out, in resolution, Or in time in this case. The classic example is a coastline, keep zooming out, or in, and the random patterns keep showing up.

Is that helpful at all? probably not. But if you are trading with monthly charts, and monthly time-frames, you should therefore be able to apply the same logic to a millisecond chart.

**farming101** · Apr 23, 2020, 14:44

Originally posted by farmaholic View Post

So don't pay much attention to a 5-7 day span on a intraday chart?
Do the same rules apply to it as a daily chart, higher highs etc, closing higher than the previous day's close, opening higher than the previous day's close, and all the other important stuff I know nothing about.

I realize the timeframe is a blink in a loooong stare!

A 5-7 day span can easily be seen on a daily chart.
Intraday charts are for day traders or high frequency trading.
A lot of the charting indicators break down on an intraday chart

**farmaholic** · Apr 23, 2020, 15:16

Ok yÃ²u guys, so I did see the pattern in the daily, and I'm hoping July will make its way back to about 475.

Unless some fun-da-mental news takes it out of its range? Rhythmic technicals....?

Canola intra-day and daily charts....