There is a purpose depending on your strategy. You wouldn’t back test a decade ago because the market moves very differently compared to that, but to practice and see how a strategy does, there is some positive to it. It will never be nearly as good as practicing a live market with a small/cheap prop account because doing it as the tape reads and while managing psychology is tremendously more beneficial.
Review of Friday's Jackson Hole session.
A ton of volatility for both ES and NQ, but price did not reach our daily zones so no trades for me using this strategy.
August 27 Review.
NQ: Huge gap up at globex open reversing exactly at red zone for a 215 point move. Europe brought price up again to red zone getting another reversal for 225 points. Lunch hour price tested red zone again, for another 120 point reversal. Pure gold mine.
ES: During overnight action price bounced off yellow zones numerous times without breaking. NY open allowed a small overshoot of the zone where buyers took control of price action. Lunch hour brought price to test red zone (same as NQ) which made it a fantastic short opportunity for a 29 point reversal.
Scalped shorts from NQ and ES zones all day. Undefeated zones.