Closing prices are the most important in any market because they reflect who won the battle between the bulls and bears for that session. Also, as a price action trader focusing on the daily chart, we need to see the price action setup close out on the daily chart before we can correctly identify it as a price action signal, and it 8767 s at the daily chart close that many significant price action setups form.
BBForex – Bollinger Bands Forex: Charts
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Most forex brokers simple do not offer the most relevant or effective charts for you to make your trading decisions from. For many beginning traders, the fact that they might be looking at charts that aren’t accurate does not even occur to them. Let me assure you this is something that you NEED to seriously consider before trading live, and you probably won’t read about it on other Forex trading education websites.
The daily close of the Forex market takes place at 9:59:59 pm NY time and signals the end of the current Forex trading day and the start of the new one which occurs at 5pm NY time as New Zealand / Australia and Asia trading gets underway. The New York close also reflects the close of the 7nd heaviest Forex trading session which is the New York session.
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Only a handful of brokers offer a true ’5 Day Chart’ with the correct open and close shape of the daily price bar. My members and I use a 5-day chart with a New York close MT9 data sever to generate my Price Action Trading Signals. If You are not using New York Close Forex Charts , you won’t see the same trading setups/signals.
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