Range trading: Forex as for 06/03/2020

by our experts for intraday trading purposes.
This indicator is based on statistical analysis of the data and provides information about possible maximum/minimum values of the day (just right after the day has started) with certain probabilities.
What does this information give to the trader? Actually, a lot. First of all, trading signals. For example, if during a day the price approaches the upper (lower) mark, it can be concluded that it will not go higher (lower) prescribed mark today with already known probability. So, you can open a position opposite to the current movement, knowing in advance that it will be profitable with a certain probability.

EURUSD

https://www.tradingview.com/x/luc8oVQ7/

Long position 1
(The price today will not fall below this mark with a probability of 68%) 1.1172
Long position 2
(The price today will not fall below this mark with a probability of 95%) 1.1134
Long position 3
(The price today will not fall below this mark with a probability of 99%) 1.1097

Short position 1
(The price today will not rise above this mark with a probability of 68%) 1.1289
Short position 2
(The price today will not rise above this mark with a probability of 95%) 1.1326
Short position 3
(The price today will not rise above this mark with a probability of 99%) 1.1363

GBPUSD

https://www.tradingview.com/x/IFSovvrJ/

Long position 1 [/b
(The price today will not fall below this mark with a probability of 68%) 1.2871
Long position 2
(The price today will not fall below this mark with a probability of 95%) 1.2835
Long position 3
(The price today will not fall below this mark with a probability of 99%) 1.2800

Short position 1
(The price today will not rise above this mark with a probability of 68%) 1.3042
Short position 2
(The price today will not rise above this mark with a probability of 95%) 1.3077
Short position 3
(The price today will not rise above this mark with a probability of 99%) 1.3113

USDJPY

https://www.tradingview.com/x/DtvDVnfy/

Long position 1
(The price today will not fall below this mark with a probability of 68%) 105.37
Long position 2
(The price today will not fall below this mark with a probability of 95%) 104.78
Long position 3
(The price today will not fall below this mark with a probability of 99%) 104.20

Short position 1
(The price today will not rise above this mark with a probability of 68%) 106.81
Short position 2
(The price today will not rise above this mark with a probability of 95%) 107.39
Short position 3
(The price today will not rise above this mark with a probability of 99%) 107.97

Calculations are based on the historical data and history doesn’t necessarily repeat this particular day. Recall, that mentioned probabilities are not 100% and do not guarantee risk-free trading.