New york close charts

The New York Close chart!

A New York Close chart is a type of chart used in technical analysis to identify trends and patterns in financial markets. It's a variation of the traditional candlestick chart, but with a few key differences.

Here's what sets a New York Close chart apart:

  1. Closing time: The chart is based on the closing prices of the market at the end of the New York trading session (usually around 4:00 PM EST). This means that the chart only reflects the closing prices of the market during the US trading hours.
  2. No overnight prices: Unlike traditional candlestick charts, a New York Close chart does not include overnight prices. This is because the overnight prices can be influenced by market conditions outside of the US trading hours, which may not be relevant to the US market.
  3. Only US trading hours: The chart only includes prices that are traded during the US market hours, typically from 9:30 AM to 4:00 PM EST.

The benefits of using a New York Close chart include:

  1. More accurate trend identification: By focusing only on the closing prices during US trading hours, the chart can help identify trends and patterns that are specific to the US market.
  2. Reduced noise: The absence of overnight prices can reduce the noise and volatility in the chart, making it easier to identify meaningful trends and patterns.
  3. Improved risk management: By only considering prices traded during US hours, traders can better manage their risk and make more informed decisions about their trades.

Some common patterns and indicators used in New York Close charts include:

  1. Trend lines: Draw trend lines to identify the direction of the trend and potential support and resistance levels.
  2. Moving averages: Use moving averages to identify the short-term and long-term trends and to generate buy and sell signals.
  3. Bollinger Bands: Use Bollinger Bands to identify volatility and potential breakouts.
  4. Candlestick patterns: Use candlestick patterns, such as hammer and shooting star, to identify potential reversals and continuations.

Overall, the New York Close chart is a useful tool for traders who focus on the US market and want to identify trends and patterns that are specific to the US trading hours.