Been a while after my previous update. Been learning few things and now my trading are purely based on ranging mode.
I as of this time can conclude that there`s a habitual movement for EU according to it`s daily, weekly and monthly range. However to understand the nature of the trend still requires more in-depth knowledge and further understanding.
The daily range as per the typical habit is range in between 130 - 150 pips, while the lesser could reach around 80-100 pips while the most could go up between 200 - 250 pips. And usually the most are purely because of the nature of the previous daily range that did not achieve it`s typical range of 130 - 150 thus the balances was brought forward as a mean to compensate.
The weekly range based on what i can look at can be decided during the 1st day of the week during the "gap" occurences. If the gap closes below, the range movement will be up, and vice versa.
The range movements usually takes between 300 - 400 pips with the former being the typical habit movement. And at this time being, i could only based the potential high and low of the week based on the opening price and range in between which i placed around 150 pips in between.
The example as per below
Opening price after the gap - 1.0950
Potential High of the week - 1.1100
Potential Low of the week - 1.0800
The potential low or high of the week can be ascertained on Monday itself, with Wednesday and Friday being the days to confirm the validity.
For instances, EU this week
Open - 1.0823
Potential High - 1.0973
Potential Low - 1.0773
The price set the low as at 1.0801 on Monday while today (Wednesday), the price has reached 1.0961 (138pips) , thus the potential for it to move higher will be decided on this coming Friday.
But the present price set as at 1.0889 with the possibility of it`s heading toward the lowest low of the week.
And this can only be known if it`s break below 1.0800 within this 48 hours or less.
Looking at the 4hr timeframe, the last movement could be completed by 0400am before any possible retracement.
Now that`s remain to be seen this week.
The monthly range possibly 600 pips or 700 pips.
If i were to calculate according to this monthly opening price
Open price - 1.1124
Potential High - 1.1424 / 1.1474
Potential Low - 1.0824 / 1.0774
Another 2 weeks at least to see whether my targeted range as per the actual to be...
The concept is pretty much the same
Daily range - 150 pips with 75 pips in between
Weekly range - 300 pips with 150 pips in between
Monthly range - 600 pips with 300 pips in between.
The only thing to understand is the trend mode.
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