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Expecting range expansion

IMO 1170 likely if weekly closes above 20 average, so far a rejection of 20.

Switching EU to yesterday range 1.2950-1.3046

It's not clear at the moment the likelihood of next move as the Daily chart is certainly looking more bullish than a few days ago, bulls are managing to keep price above 50 moving average, but looking at the Weekly chart there is another picture which still supports OP's call as it is at the...

-195 pips (-£390) Now Long 1.3031.@ £4 pip Reverse order 1.2836 @ £8 pip

-16.5 points (-£247.5) Now Long 1099.5 £30 point Reverse order 1083 @ £60 point

Here is a chart that points to increased likelihood in range expansion ie Histogram at centreline, price at top of channel, near major resistance which has been tested 3 consecutive times, target magnets beat risk by at least 2:1. <img...

EUR/USD range 1.2838 - 1.3029 taken from last Tuesday Now Short 1.2836 @ £2 per pip Reverse order 1.3029 @ £4 per pip

Off to the airport, back tomorrow. Good trading!

-2

Absolutely

Regarding Fibs? Only look at 50% of trading range now, as pointed out by LC. Very handy.

S1077.75 sl 1079.5

<img src=http://www.flyingdisk.com/img/newtlaw.jpg> ;)

S1076 sl 1078 EDIT: -2.25 No fear ;)

Closed +10.25 or +20.5 initial size, last 2 trades went -4.75, so net +15.75 points. Moral of the story is that understanding of probability & application of smart money management is easier to achieve than looking for an edge many years ;)

How do you know of this?

50 SMA deathcrossed 260 SMA yesterday on Daily chart.

I don't mean Daily chart's trading range, if you are daytrading, then set stops at least outside intraday range IMO ie selling R2 @ 1150 intraday Hi @ 1152 set stop at least above 1152. Otherwise stop falls within noise which increases chances of it being hit.

IMO stops have to be at least outside current trading range.