Serious traders often prefer using ‘New York close’ forex charts for four reasons:
1. Accurate Closing Prices
The New York session is the last trading session of the day, and it is considered to be the most important session because it involves the most liquidity. New York close charts are based on the closing prices of this session, which provides traders with accurate data to analyze.
2. Reflects True Market Sentiment
Using New York close charts can help traders to analyze the market sentiment and make better trading decisions. The closing price of the New York session reflects the true market sentiment, as it incorporates all the news and events that have occurred during the day.
3. Eliminates False Signals
Since New York close charts are based on accurate closing prices, they can help traders to filter out false signals that can occur when using other types of charts, such as those that close at midnight or at other times that are not reflective of the New York close.
4. Helps with Analysis
New York close charts can provide traders with a clearer picture of market trends and help them to identify support and resistance levels more accurately. This can be particularly useful when analyzing longer-term charts, as it helps to smooth out the noise and focus on the underlying market dynamics.
Overall, New York close forex charts are a valuable tool for serious traders, as they can provide more accurate data, help eliminate false signals, and facilitate better analysis of market trends and sentiment.Sign-up Here for Our Preferred Forex Broker Platform