3 ESSENTIAL FEATURES OF 'DAILY

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freemexy

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3 ESSENTIAL FEATURES OF 'DAILY TRADING RANGE' NEGELECTED BY MOST TRADERS


We will be discussing a very basic but highly useful resource in today's
lesson which can provide valuable information to the trader.To get more
news about WikiFX, you can visit wikifx news official website.

Essentially, there are many ways in which you can use a pair's daily trading range
information to help you do better trades. Currency graph is the major
source of reference for traders in order for them to know or identify
the markets conditions other than the economic news. Currency graph is
divided into 2 main axes:

1) X axis: fixed data/information (time)

2) Y axis: fluctuate data/information (currency price)

These two combinations will produce a wave presenting the change in currency
price is equivalent to the change of time. Currency volatility are
usually move in an approximately similar range according to certain
seasons.


This range equivalence graph movement can help us to estimate our potential
trade profits or risks based on the entry point within that range
movement.

The range for each currency pair is not identical. Some of the pairs can move less than 50 pips a day while some of them
can move over 150 pips in a day.
Daily Trading Range is defined as the average of graph volatility within a day starting from the market is
open until it is closed.

It is measured from the lowest price to the highest within a day. The way to use DAILY TRADING RANGE is that
you can use the TF Daily, click on candlestick one by one, plot it at
the lowest price and project it to the highest price on the same
candlestick. After that, you will find that the length of the daily
candle is almost similar to the pair.
If you gathered all the currency pairs and arrange it according to the DAILY TRADING RANGE as
the diagram prepared by me, you will notice that the movement distance
of each currency pair is different. The diagram shown is merely for
illustration as the DAILY TRADING RANGE will change according to the
seasons.

For your information, the DAILY TRADING RANGE will change over time. It usually changes once a month. So, if you want to
get the DAILY TRADING RANGE for today, you only need to compare the
DAILY TRADING RANGE within a month or 2 months.

Here, you can compare which of the pairs are move faster and which are move slower. If
you are targeting for a low-risk trading, choose a pair which its DAILY
TRADING RANGE is lower. For the new traders who are just getting
started to trade, it is recommended for you to trade currency pair which
its DAILY TRADING RANGE is lower to minimize the risk of loss.

However, if you are targeting for a high-risk trading with a rapid and huge
profit potential, you may choose a currency pair which its TRADING RANGE
is higher. Logically, higher trading risk is usually will produce
higher profit potential.

Posted 25 Aug 2020

Posted 04 Oct 2020

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