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Because I subscribe to the digest, I'm a little late getting into this fray,
but for what it's worth here goes.
Day names, such as "Monday", "Tuesday", etc., identify a PERIOD of time,
whereas a time, such as 09:05, identifies a POINT in time. That's why
data for Monday are associated with Monday and not Tuesday. (That's also
why "12:00 PM" is an idiotic expression - it means "12 hours after the
meridian" which is ridiculous because at exactly 12:00 noon it is BOTH 12
hours before AND 12 hours after.)
As for shorter bars labeled with a time, your approach might seem proper for
a very short bar, but how about a longer bar, say an hour? Any bar
describes the behavior of the market up to a certain point in time and that
point is, for the hour from 10:00 to 11:00, exactly 11:00, not 10:59.
One of your respondents gave the illustration of a line-on-close chart and
that was right on the mark. Such a chart based upon your type of labeling
would show a noticeable 1-minute lag.
Hope this helps.
Regards,
Carroll S.
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