Daily Range for Forex Trading (XAU)

Technical and fundamental analysis using the daily range method (daily range) which is the difference between the highest price and the lowest price in one day. The average daily movement range of the currency depends on the currency itself. The size is usually influenced by transaction activity or the volume of transactions against the currency.

Range is the ability of price movements in a certain period. This range must be used as a benchmark so that it is not wrong to enter. Range is one of the strategies commonly used by traders, when the price has moved and reached the range it is time to open a position. This means that if the price moves up and has reached the daily average range, it's time to sell, and vice versa. Daily movements or ranges are usually seen from D1 for ease.

Daily Range Function

1. Can determine the right entry

2. Can avoid false signals from chart indicators

3. With the daily range, traders can predict or fundamentally analyze the economic news that will be released.

4. With the daily range, traders can also observe the charts of other currency pairs GBPUSD-EURUSD which is usually inversely proportional to USDCHF-USDJPY or USDCAD.

The range trading strategy is the simplest alternative strategy to do. With the prediction of prices that tend to return to the long-term average that will occur. The turning point as the entry point is the determination of the key to the range trading strategy. Therefore it can be used to analyze resistance and technical support or by using oscillators and indicators.


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