Dear Sanju & Ravii,
I understand the point you are making. previous day OHLC points are of-course important and good trading decisions can be taken based on them. But they don't determine todays trend.
If today market is in bullish trend - yesterday's high may act as a resistance or It may act as a support if todays price breaks out above that Previous high. Same way yesterdays low can act as a support or it may become a resistance if price breaks down that point. So once we have a trend, these previous day values are useful in determining good entry, stop loss points. But they cannot determine todays trend. My view.
I understand the point you are making. previous day OHLC points are of-course important and good trading decisions can be taken based on them. But they don't determine todays trend.
If today market is in bullish trend - yesterday's high may act as a resistance or It may act as a support if todays price breaks out above that Previous high. Same way yesterdays low can act as a support or it may become a resistance if price breaks down that point. So once we have a trend, these previous day values are useful in determining good entry, stop loss points. But they cannot determine todays trend. My view.