Today I wanted to cover an important topic that has been widely discussed, but heavily misunderstood. There has been this propagated myth the NY Daily Close Charts are the best time frame charts for trading. The theory goes they offer a true forex 5 day week, instead of the 6 candles from the 00.00 GMT candle open, or the European Open (GMT +3).
The ‘theory’ behind this is the extra 6th candle throws the price action off, and that systems do not perform as well when using the 6 day weekly charts as opposed to the 5 day charts.
But has anyone ever backed this up with statistics? Anyone offered a shred of proof that a pin bar, or inside …... Keep reading