Tuesday, July 23, 2013

Forex Traders…on vacations ?

Looking at the daily range for each of the 21 pairs we track and comparing it with their 20 day MA it is apparent that the markets are …asleep. The blue column that represents the ratio of Range over MA of range is as low as it has been recently for this time of the day. The real moving currency is the JPY which is dropping after the victorious for ABE elections .

Worth mentioning is the total of 7 pips daily range for EURGBP, a pair which provides little excitement. Finally, bear in mind that the profit from intraday trades is directly related to the daily range and in a geometrical style.