The opening bar Sunday October 3, 2021 may set up a breakout after a full week of indecision and range bound currency trading. With all the back and forth in Washington over budget arguments, nothing is within the ordinary. Consolidating currencies reflect accumulation making retails traders like me nervous. And nervous we should all be standing in the wings waiting for direction. If you’re not careful, this is where all the profits are given back.
I shy away from these consolidation periods. For more agile traders, these ranges are trade-able. For me, I prefer a breakout, a pullback and a clean fractal entry. Didn’t get that this week. The range of some bars is wild. Study closely the candlesticks, guys trading 5 minute bars are what’s driving those wicks. Flat is a position.