Your Trading Coach
Because you'd rather be trading for a living...
Again and Again we see Further Evidence of an Edge
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Tuesday 29th November 2011
I try not to discuss the same concept two days in a row... but sometimes repetition is necessary to emphasise the importance of a topic.
And seeing this over and over again I continue to believe that the opening range is one of the most important of TA concepts.
Both today and yesterday we have seen the GBP/USD UK-session opening range candle providing the low of the session.
So, as mentioned in yesterday's post, If the opening range is not yet a part of your analysis you might want to reconsider that decision.
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November 29, 2011 10:24 PM
UK session is just so disciplined
December 1, 2011 2:06 AM
Hi Lance
Why have I forgotten to do this each day? Just checked eu today and it bounced off the opening range low twice and then later off it's high - just before the bank intervention at NY open.
This is obviously a very good indication to help with possible future PA and worth me going back over some charts to it check out.
Would you suggest just the 5min candle range on currencies at London open?
Thanks Di
December 1, 2011 2:49 AM
Di, I like the 5 min opening range for currencies. But it's not the only option. Play around with a bunch of charts using your usual trading timeframe and see what you like best. Like everything, it's all a process of trial and error.
Cheers, Lance.