Anyone know a broker with good reliable volume that also goes by NY close?
I use volume and from what I’ve seen NY close charts seem more price action friendly, both off the daily timeframe and 4h
does anyone want to attest to the fact that price action with the NY close candles are better on the daily and 4h? … thanks
Hello Enoch,
First off, volume is broker specific, which means at best, considering the entire retail market is from 5-10% on any given day, and the largest broker is barely 10% of that, you are talking your broker is only getting liquidity from 1% of the entire market. So volume by itself from the broker, is not an accurate representation of the market which is decentralized.
As to the NY Close charts being the king of daily candle close, I have actually quantitatively tested over 21 price action patterns on every time frame, particularly the daily, and performance varies widely across time frames. In some pairs the NY Daily Candle Close performs well for a given system, but on other pairs, it under-performs badly. Same for the systems, in some systems it does really well, and others - it completely under-performs. Thus, performance is not tied to one specific daily candle close.
Also consider the 4hr chart - for some NY daily candle close brokers have the 4hr chart open at midnight, while others open at 1am NY time, which would change the candle drastically. So this is also not universal.
Food for thought, but hope this helps.
Kind Regards,
Chris Capre