The "London Close"


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Someone just mentioned something about the London close price, in another thread, and I answered pretty quickly and perhaps without thinking about it as much as I should have done ... and am now wondering whether people actually agree with this, and/or what they think about it? Here's what I said, first ...
I do think "the London close" is sometimes "a significant price", for the next 24 hours, though.

I haven't exactly researched it exhaustively, but I strongly suspect that the proportion of the time that it turns out to be within a pip or two of a level of support/resistance, during the following 24 hours, is significantly higher than that for any randomly selected level from the previous day's range. Dr. Alexander Elder would probably have something to say about that (and has probably said it, somewhere!). :)

Is this "London close" a real thing? Is it more significant than any other "close"? I suppose the term really refers to the close of the London stock exchange, but I was actually thinking of it (and was asked about it) in a forex context.

Is the "London close" relevant to forex, and why/why not? :eek:
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