soccer_daemon
Junior member
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HI gurus
Does anyone here use the range of the 1st bar of a period (day, week., month,
year etc) as a gauge for the tradeable level for remaining of the period ?
Eg, H1=1.5640, L1 =1.5620, then range R=20 pips.
Price actions at levels of H1+20 (1.5660) and L1-20 (1.5600) become interesting
with a couple of pairs I am following now.
If it closes outside those levels, it is potentially a tradeable breakout for the rest
of the period or longer.
If it spikes above/below those levels but closes back below/above, then price
reversal could be in play. Same for a railway track candle after a failed test of
those levels.
Just thought it's an interesting observation that may be worth asking here.
THanks
SD
Does anyone here use the range of the 1st bar of a period (day, week., month,
year etc) as a gauge for the tradeable level for remaining of the period ?
Eg, H1=1.5640, L1 =1.5620, then range R=20 pips.
Price actions at levels of H1+20 (1.5660) and L1-20 (1.5600) become interesting
with a couple of pairs I am following now.
If it closes outside those levels, it is potentially a tradeable breakout for the rest
of the period or longer.
If it spikes above/below those levels but closes back below/above, then price
reversal could be in play. Same for a railway track candle after a failed test of
those levels.
Just thought it's an interesting observation that may be worth asking here.
THanks
SD
