This pairing has been stuck in this 40pip range for almost a week now with bears and bulls not taking control, So we are just sitting on the side-lines to see who wins this battle before we jump in and take the trade.
A breakout of this zone could cause price to move considerably in the direction of the breakout, so if you are patient and wait for the break and close of a candle out of this zone you could be munching on a few pips ;p
When price is in a zone like this it is critical that you do wait for that confirmation of the break and candle close outside the box and don't just jump in when you see price move outside of this box without the candle closing because it is possible we could get a fake out like we can see from this chart from a few shadows sticking outside of this zone.
You might be waiting a few days or even a few weeks for this trade to develop, but would you rather wait a week or so and get a Porsche or just straight in and buy the Skoda because you couldn't wait and wanted something rite there and then?
A breakout of this zone could cause price to move considerably in the direction of the breakout, so if you are patient and wait for the break and close of a candle out of this zone you could be munching on a few pips ;p
When price is in a zone like this it is critical that you do wait for that confirmation of the break and candle close outside the box and don't just jump in when you see price move outside of this box without the candle closing because it is possible we could get a fake out like we can see from this chart from a few shadows sticking outside of this zone.
You might be waiting a few days or even a few weeks for this trade to develop, but would you rather wait a week or so and get a Porsche or just straight in and buy the Skoda because you couldn't wait and wanted something rite there and then?