Are highs and lows of candles irrelevant?

I've heard people say that because highs and lows represent market rejection,

they should not be used when drawing TL's, drawing fibs, making s/r levels and

should be left out of all kinds of technical analysis in general.



If highs and lows are not considered, this can have a significant impact on ones

technical analysis of charts.


based on your trading, what do you think? Are highs and lows irrelevant ?

It is the contrary...the irrelevant part are the close of candles.

The rejection point, high or low is the relevant part of price action.

A rejection point will be the same in all time frames.

The close price of a candle are different in all TF.
It makes no sense to use then as reference for anything.

J.

All drawings must be done from highs and lows. Opens and closes are irrelevant for anything but market control and trend.

Depends on timeframe. alot of traders consider important the break of a high or low of a daily candle to determine trend on the lower timeframe entry.

Never thought of it that way but your right. thanks.

Back test your query, analyse the results to see if it is profitable then build a strategy around the findings. Finaly, forward test with a practice account, before exposing your real money to the market.

Good luck

It doesn't matter what TF you are looking at price is the same on all charts.

Price does not know time it only knows up and down directional movement.

Highs/Lows Open/Close are only reference points that allow you to see where price is in relation to where it was.

They all have equal importance. Choose one to use and stick with it.

Here are some charts to show what I am saying. I highlighted a high on a 1hr chart and marked the high price. Then I zoomed in to 15M, 5M, and 1M to show you that the highest high that was reached is the same on all TF's.

You'll also see that on the 15, 5 and 1 it is shown that you could use the open or close of that same price area as your reference point.

And just to drive it home a little further. Her is a part of that 1hr chart.

Notice all the opens and closes at that price