I actually do this myself. Where the open and close are in relation to the over all bar, and each other seems to have significance. For example, a bar, in a bull market, that opens and closes near the bottom often signals a short correction. This is especially true if the entire bar is completely above the previous days range.

I don't trade these (but have in the past), but use them as warnings that my over all signal is not stable enough to trust. Part of why I can win so much (even if most of them are small), is that I have all these little warnings that I use to not trade an otherwise good set up.

I came to the conclusion many years ago that a method's value is not necessarily in the entrance, or exit signals, but in the warnings that keep you from trading in the first place.