Thanks for your prompt reply on this one. Yes, I overlooked the fact that GBP had also gone up a little before coming down today.
The only template I'm not getting completely is # 18.4. I am hoping that you can clarify a few confusing points for me.
The first move with a range of 80-100 pips has to be against the previous day's move. The position will be opened in the direction of the previous day's move, during late European or NY session. This is how I understand it. Please let me know if this is correct.
To apply this concept to GBP today: Yesterday's direction was down overall. So our trade today should be short, not long. And assuming that the low of the day is ~9600, the short trade should be opened ~9630.
The only template I'm not getting completely is # 18.4. I am hoping that you can clarify a few confusing points for me.
The first move with a range of 80-100 pips has to be against the previous day's move. The position will be opened in the direction of the previous day's move, during late European or NY session. This is how I understand it. Please let me know if this is correct.
To apply this concept to GBP today: Yesterday's direction was down overall. So our trade today should be short, not long. And assuming that the low of the day is ~9600, the short trade should be opened ~9630.