When it’s a range. A trading range or a range-bound market is amarket that remains confined within a relatively narrow rangeof prices.In currency pairs, a short-term (over the next fewhours) trading range may be 20 to 50 pips wide, while alonger-term (over the next few days to weeks) range can be200 to 400 pips wide.For all the hype that trends get in various market literature,the reality is that most markets trend no more than a thirdof the time. The rest of the time they’re bouncing around inranges, consolidating, and trading sideways.Although medium-term traders are normally looking to capturelarger relative price movements — say, 50 to 100 pipsor more — they’re also quick to take smaller profits on thebasis of short-term price behavior.For instance, if a break ofa technical resistance level suggests a targeted price move of80 pips higher to the next resistance level, the medium-termtrader is going to be more than happy capturing 70 percentto 80 percent of the expected price move. They’re not goingto hold on to the position looking for the exact price target tobe hit.