Well, of course it is important, especially if you are active in the market every day and you are working with short-term positions. Because it allows you at least a rough idea of how the next day will start and it helps you to determine the level of stop-loss and take profit. So it's really important and it can and should be used in your work. On the other hand, I have acquaintances who don't pay attention to it when doing technical analysis. And this doesn't prevent them from making a profit because they use a lot of other tools that help them make correct, correct decisions that allow them to make a profit in the future. So, try and choose what helps you and what you like.
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Joined Jul 2020
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Specially For day traders or scalper, daily closing price is very important. Forex market is all about price. If a trader can understand how price moves of particular pair, he can make money most of the. Price movement tells us about market sentiment. That's why closing of a candle is important.
It all depends on the strategy - there are approaches for which this is really important, but there are strategies that do not take this data into account at all. And here it's worth to analyze it individually in order to make the most correct decision. But I can definitely say that this is not essential for short-term positions, especially taking into account the fact that after the weekend we can observe a strong enough gap, which dramatically changes the market position that was observed before the market closure.
Although now I actually think it's probably important and I'll ask myself about it in more detail, maybe this is exactly what I lacked for perfect results.
