Intraday, price did not touch it's minimum high or low projection by few pips. I always tell a story to myself that "if the price doesn't touch the minimum high or low daily range, they owe the market and have to pay it eventually".
Now, this information doesn't help me really as it doesn't necessarily offer me any kind of a "crystal ball" "leading indicator" telling me with absolute accuracy in which the price will go, after all price could touch the minimum high or minimum low regardless on where the price currently sits in (if the price is closer to the projection high, doesnt mean it will eventually touch it. It could move down and touch the projection low and vice versa.
However, it can offer me a level once a bias have been established. I am, technically, bias on a EURUSD Bull. In the last 4 weeks, EURUSD been stuck in a range (refer to top right chart, H4) between 1.17300 to 1.15500. Technical Analysts will describe this as an accumulation phase (though in a up-trend, they also call it distribution phase). The old adage "Range begets Trend". I am anticipating a price expansion beyond this four-week range and finds 1.17500 (if you scroll back in the past, you can see a major rejection when price hits there. Notice the green trendline and inspite of the big bearish candle, the trendline remain strong and supported the price further up.
Weekly range havent been hit as well, its almost the end week, usually price already made anchor and turns towards it. I pick a direction for a bullish move. Speaking of, monthly range havent been hit as well, dependent on which side the price pick this week, next week could be a clear (technically) bias setter.
Now, this information doesn't help me really as it doesn't necessarily offer me any kind of a "crystal ball" "leading indicator" telling me with absolute accuracy in which the price will go, after all price could touch the minimum high or minimum low regardless on where the price currently sits in (if the price is closer to the projection high, doesnt mean it will eventually touch it. It could move down and touch the projection low and vice versa.
However, it can offer me a level once a bias have been established. I am, technically, bias on a EURUSD Bull. In the last 4 weeks, EURUSD been stuck in a range (refer to top right chart, H4) between 1.17300 to 1.15500. Technical Analysts will describe this as an accumulation phase (though in a up-trend, they also call it distribution phase). The old adage "Range begets Trend". I am anticipating a price expansion beyond this four-week range and finds 1.17500 (if you scroll back in the past, you can see a major rejection when price hits there. Notice the green trendline and inspite of the big bearish candle, the trendline remain strong and supported the price further up.
Weekly range havent been hit as well, its almost the end week, usually price already made anchor and turns towards it. I pick a direction for a bullish move. Speaking of, monthly range havent been hit as well, dependent on which side the price pick this week, next week could be a clear (technically) bias setter.
Comment:
:D
Trade closed: target reached