Hi, Traders.
In order to know how much an instrument is likely to move in a trading session, if we find out the ranges in which it has generally moved, and in what range set it was seen more number of times, then it becomes easy to estimate its probable move.
As an example, over a period 2297 trading days, Nifty was mostly seen in the -1% to 1% ranges only. So when trading Nifty, go with a probability of -1 to 1 move.
How to draw the upper and lower levels?
Take yesterday's close and multiply with 1.01 for +1% upper range value.
Similarly yesterday's close * 0.99 will give lower range value.
You can then draw Fibonacci from the upper value to lower value or follow your set-up. Whiche er way you follow, this approach should help you set your expectations on any instrument.
In order to know how much an instrument is likely to move in a trading session, if we find out the ranges in which it has generally moved, and in what range set it was seen more number of times, then it becomes easy to estimate its probable move.
As an example, over a period 2297 trading days, Nifty was mostly seen in the -1% to 1% ranges only. So when trading Nifty, go with a probability of -1 to 1 move.
How to draw the upper and lower levels?
Take yesterday's close and multiply with 1.01 for +1% upper range value.
Similarly yesterday's close * 0.99 will give lower range value.
You can then draw Fibonacci from the upper value to lower value or follow your set-up. Whiche er way you follow, this approach should help you set your expectations on any instrument.
The set up is the Edge!
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