(NOT!) Trading ranges and the waiting game..

With a holiday in the US today (Presidents Day) it seems that trading will be subdued, so taking a look at the very short term can see some ranges in many indices and currencies.  Concentrating on DAX and Cable (GBPUSD).  Unless you are nimble ranges are frustrating, waiting for that move one way or another. PATIENCE is KEY (repeat again and again!)

Look at the DAX 10 min chart:

 If we break to upside looks like potential target initially (and probably quite quickly is 5684)
, while a break to the down side targets 5324, which fits in with previous posts targets for DAX (prior post link).


Now looking at cable we can also see a range in the 4 hr chart., and this  SHOULD eventually break to the downside roughly calculated minimum target 153.42, maybe more.  IF it breaks HIGHER then it is likely the DOWN move has finished...

 

You can see some spikes up and down through the range, this is when traders are "anticipating" the break out, only to cover when it fails, and heads back into the range. Which is why RANGE trading is difficult and frustrating.