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If the 6E makes a new low or high during the Asia hours, that's significant enough to pay attention to, especially if it was driving by some type of news or geopolitical event.
Do you perhaps give less weighting to it compared to the European session or NY session due to the lighter volume, sure. But to not be able to see it at all simply because of the chart setting makes your analysis incomplete.
True, but this same argument can also be applied to the ES. However, we know that most traders placing orders off the 5 minute charts are using the RTH data, and pay no attention to overnight highs and lows.
And honestly, the ES has way more fluctuation in price overnight than the EUR/USD has in the Asian session. The volume just isn't there. If we can ignore overnight data for the ES, then I argue that we can ignore the Asian session data for pairs such as the EUR/USD and GBP/USD, which see very little movement and very little volume throughout that session.
Try both for a year and see which system works better.
I would suggest that most funds keep an eye out for prices during the overnight hours. Even the pure scalpers operating on a day only time frame glance at the reference points before settling in for the NY hours before turning their attention to the depth of market.
Again, give less weighting to those "support and resistance" areas, but I would not recommend going to the extreme and give it zero weighting.
PS Ignoring overnight data during last October when the BoJ "surprised" the market with a QE announcement would have meant missing critical data points, even though it was Asia hours.