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Averagedailyrange

GBPUSD Pound/Dollar has some potential here. Using the RS ADR tool you can see the Average Daily Range of 114 pips takes us to the red pivot level just above 1.23000. This correlation gives us a nice take profit point with the usual double bottom pivot levels and bullish price action giving us the entry point. Taken a risk with a slightly early entry as price hasn't fully decremented the 1.22300 pivot yet, but I think it's early enough in the London session to have room to manage the trade if it doesn't work out. traders-rucksack.co.uk
Long
by RuckSack
Watching for a breakWatching EURJPY for a longer term play anticipating a break of the consolidation zone. Price has been on a run since March 7th so there is potential for a small retracement in price below 134.700 before further continuation higher. That 134.700 level + 1 ATR would be a my stop position on a positive break of the range here too. Downside move stop would be ATR above 136.000 whole number. 136.500 - 137.000 has been a key selling point for price action which as struggled to get much footing. If price moves into this zone on a break be very careful if volume starts to pick up. Once the level breaks however there could be a large upside. As always we'll be using our Average Daily Range tool to plot potential intra-day moves if we layer in bids on the break.
by RuckSack