Patrick K wrote: Tue Nov 03, 2020 4:04 am Would be lovely if you guys chime in and give your thoughts on this.

Excellent question.

Personally, the Best Price to Apply is the Closing Price. Why? For me, I trade both Spot FX and Futures. In Futures we always close our trades before the end of the day to avoid excessive holding fees. So the Close of the session is the end of our trades (and the end of our Candle). But not only that, the Close Price of the Daily timeframe factors in a whole lot of information (more on that below)!

Here's a fact, the Close price was considered by Charles Dow (Father of Dow Theory) as the most important price of the day and for several good reasons.

Charles Dow considered the Close price as the most important price to apply to technical analysis because it reflects:

• The entire day’s sentiment (based on crowd psychology, economic releases (news/fundamentals), political stance and monetary developments)
• For Price Action traders, it gives clues on what is anticipated to happen before the next session of the market opens (or for intraday traders, it reflects what is anticipated to happen on the next candle)

For trading Spot FX, the most important timeframe is the Daily timeframe and what happens at the end of the Daily timeframe's candle.

Like Moey explained, wicks vary from broker to broker, so only use the wicks if your scalping or looking for hints of continuation or reversals, just like in Deez's post above.

In Forex trading, chose the Close Price for trading.