I've been thinking about yesterday's doji on the XJO. I don't think it should be there. Here's why.
Our market opens gradually in alphabetical order. It's only when every stock is trading that the market is truly open. I'm of the opinion that the graduated opening causes the charts to misrepresent the opening level.
We all know that yesterday we opened well over a hundred points down. But the charts show the XJO opening level at 10:00am when only A and B were open for trade.
I think the candle should be a long green one forming the counter-attack pattern. I'll be looking at XJO from now on with HLC bars.
Just something to think about. Perhaps a charting programmer may have an opinion.
