If you see the Forex EURGBP chart above, you can see that EURGBP has been moving in a range. To trade this EURGBP, you would only wait until market price moves down to the support area, and open long position with limit target below the resistance level and stop loss level below the support level.
When the market price is at the resistance area , you could open short position and place target limit above the support level and stop loss level above the resistance levels. Forex trader could ignore the last trend or the big trend from daily chart as long as the price moves in the range. In other word , you can open short position as long as market price doesn't close above the range and you can open long position as long as market price doesn't close below the range.
