Is "Yesterday close" an important indicator?

Discussion in 'Technical Analysis' started by 0008, Jan 7, 2010.

  1. 0008


    few books or "gurus" mentioned it

    but I get a feeling it is one of the most itechnical mportant indicator

    any suggestion?
  2. Yes it's important.
  3. sometimes
  4. I find it invaluable.
  5. It's always discussed along with the highs and lows. Therefore, it must be important to traders especially if your into pivot points, s/r levels, s/r zones, volatility analysis, supply/demand, intermarket analysis et cetera.

    However, I wouldn't call "yesterday's close" an indicator. It's more like a "key price area" that a lot of traders watch for different reasons. I watch it.

  6. "Is "Yesterday close" an important indicator?"

    The thicker the trading instrument, the more important IMO
  7. I believe it is called "closing price."


    PS: Is my right leg important in running?
  8. not important at all for forex/futures, the closing price is relative to time zone
  9. have to strongly disagree, tho for you it may be unimportant, fx has a daily close - 3pm pst

    i use a MA 1 S C on all timeframes of my charts to highlight the Close because, often but
    not always, the Close will confirm a H/L of a move based on fibo and or pivot levels

    i only work with fibos but some fx traders will readjust pivot levels based on the changing
    international fx rth, as well there are some trading systems based on 'yesterday's close'
  10. have you tested it yourself, or just guessing it might be useful?

    You should try running your logic (over a number of past trades) with and without this.

    If is does not make a significant difference in your personal trading, then it is likely not useful for you.
    #10     Jan 8, 2010