Well the pound has been moving a lot lately. It was around 100~ last night so I knew I wouldn't be placing any trades today. Range currently at 237.
At this rate I might have to get up earlier or go to bed later
; haven't placed a trade in 4 days. But I've still been looking at the charts.
3 weeks ago I was too focused on a specific zone instead of looking at what price was doing. I now see price expanding to the higher ranges from the daily highs and lows; yes it can and will reverse but if that happens earlier in the day it might be an expansion to the other side, and bonus points if it reverses, range is still low and goes through the daily open (though usually that doesn't happen by the time I'm trading).
Granted, I'm trusting stats so after a certain % I get uneasy trading a certain direction, that's why I've been targeting a higher % range (hence why I haven't traded these last 4 days). But to be honest after a certain % there's still opportunity to trade the other way as well. This is not to trade both directions within the same day, but to still have trading opportunities within the day.
Something like this:
Range below X > trade towards high / low to go after the range
Range between X and Y > wait
Range above Y > reversal off high / low
But still picking one direction for the day
to keep my mind at ease.
Picking one direction for the day. If range is low, go after range, if it's high, look for reversal (if it's neither then no trade).