have just read Igor Toshchakov: Beat The Odds in Forex. In the book most of his setups(templates) use profit targets based on the Average Daily Range of a currency- that being the last couple of months.
I assumed at first that I could get this measurement by taking wilder's average true range indicator on a daily chart and set the lookback period to 30(to get a month's average).
But after looking into wilders ATR indicator- he takes the previous bars close for the opening price for the next bar. If you are familar with the definition of the indicator you are aware of what I am talking about.