Another day and another set of announcements to trade around. Does seem to me that the market is getting very jerky in response to pretty much anything, doing nothing in particular up until those statements come out. However, I have found that the extremes caused by these bursts of energy have a price envelope of their own. As such, looking for reversal trades at the envelope perimeters may provide a less emotional trading opportunity: one is either catching a retracement at an extreme or on a good day, a change in trend. With that in mind here are my 5 pip and 25 pip range bar studies. Looking to buy at the bottom perimeter or sell near the top on the 25 pip study, once confirmation of a turn is in on the 5 pip study, with an eye of the previous days high and low for early traction. Good luck.
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