It's been 15 days since the formation of the range(57.2-62). Price has tested the upper and bottom range twice each.
For range trade setup, just buy low and sell high. Now it's in the middle, I suggest doing nothing unless we zoom in, identify setups on 15m or even smaller timeframes.
The range will finally be broken. The problem is which direction it might go!
With the strong economic outlook, the probability of going up is higher. So, I will look for pull back long setup opportunity once the upper range penetrated.
So, 3 setups:
1. range: buy low and sell high at the boundaries.
2. pull back bullish setup after the upper boundary violated.
3. pull back bearish setup after the bottom boundary penetrated, though, I guess this is less likely compare to the 2nd one in the context of strong economic growth.
For range trade setup, just buy low and sell high. Now it's in the middle, I suggest doing nothing unless we zoom in, identify setups on 15m or even smaller timeframes.
The range will finally be broken. The problem is which direction it might go!
With the strong economic outlook, the probability of going up is higher. So, I will look for pull back long setup opportunity once the upper range penetrated.
So, 3 setups:
1. range: buy low and sell high at the boundaries.
2. pull back bullish setup after the upper boundary violated.
3. pull back bearish setup after the bottom boundary penetrated, though, I guess this is less likely compare to the 2nd one in the context of strong economic growth.
plan your trade and trade your plan
