Thanks Sylvan, apache & corpellan.
Appreciate the feedback.
Those are good points you guys make, especially the average range/worthwhile odds argument. That's an important consideration given the costs-fees-time factor.
I certainly wouldn't be looking to take on day trades with poor average range percentages because once the big volume sessions kick off in Frankfurt & London some of those pairs will have already covered 25-30% of their daily ranges unless they've pulled back in Tokyo & are gearing up for a continuation spurt.
That NZ Dollar/US Dollar pair corpellan referenced falls into that category. It's perfectly ok for rolling positions over once they trigger day & week session levels, but not very attractive for anything shorter.
I've defaulted the 8 high performance pairs on a separate template attaching the horizontal round number grids & average range data.
Sterling & Canadian$ are holding up well today with Australian$ & Swiss Franc under-performing so I took a long Pound/Aussie day bet as it bounced 1.81 an hour into the London session spurred by a full tank of 130 pips worth of average daily range. It's one of the higher of the 8 perf pairs & my research informs me it reacts well to round number bounces as well as adr coverage.
Right on cue it covers 80% of its range into 1.82 as the meter begins easing off into the lunchtime/New York overlap period. This is one slant I wouldn't have even considered if I hadn't absorbed & digested the material here & overlaid the strength/adr option. Very early days for this specific aspect, but engaging with pairs offering higher acceptable odds such as those 8 you've mentioned, & filtering them properly I can see some particularly exciting merits for taking selected day bets.
This is the only 1 of 3 day trade opportunities identified this week that I've traded with hard cash, but the other 2 also romped home without breaking too much sweat. As with the longer range trades, patient & accurate filtering will prove to be a loyal friend.