DislikedQuite rightly, you just said 'average.' To get an average there are also highs and lows.
London has just opened. I hope you're not saying all that will happen between now and the US session is the remaining 7%?
Today is looking like a 200 pip dayIgnored
I am simply stating a fact...I have no idea what the rest of the day will bring, and in that I am in good company with the rest of the market. As for wether it is looking like a 200pip day - I refer you to my point above.
The reason for looking at the price's relationship to it's average pip rabge is that there exists a greater chance of a reversal/deeper correction when price is extended and well extended beyond it's average, but of courtse there will always be those days that make up the 'outliers' of the average, as you suggest today might be.
G/L
ex member