Inside technicals and chart patterns by 
Remember this alert from a couple posts ago? scroll down
Now with the cable selling off sharply through the support of the rising wedge now what?
The two uptrend lines I have drawn are representative of the reversal and sell-off and they represent the reversal play from the breakdown of the wedge pattern.
Remember: Every trending pattern can be played as 1) trend follow and 2) trend reversal. In this case there was opportunity for both.
Hi Raghee,
You obviously have the pulse of the forex markets as many of your observations seen to move in your direction.
It appears to me that the market only moves a certain number of Pips per day then goes dormant or retraces, and then sets itself up for the next set of moves. It also appears that the majority of moves occur during the European/North American cycle.
Can you comment on my thoughts please, but be kind.
Regards
Markets do have typical ranges per pair and timeframe. What that is exactly will vary by pair and hour of day. Assuming when a market has gone far enough to correct is less a function of moving a certain number of pips but rather moving to a certain price point/support/resistance level on the chart in my experience.
However, knowing typical price ranges per pair and hour of day is invaluable to guage the most common pip range.
You can visit this link for those statistics from Autochartist. It’s called Power Stats and is free for the basic version.
http://www.autochartist.com/autochartist/PowerStatsBasic
Thanks for your question.
- Raghee