Daily Bars
Prepared by Jamie Saettele, CMT
Something that I’ve found useful is using ‘large range’ bars as pivotal points to determine trend. On a daily chart, a large range bar is defined as the largest range (%) in the last 20 days. Friday’s range met the criteria. Exceeding and holding above Friday’s high would trigger a bullish bias (trading above the high by 2 pips on the Sunday open doesn’t count). A drop below Friday’s low would trigger a bearish bias. Near term support is 8140.
Bottom Line (next 5 days) – ?
