Published on Tuesday August 31st, 2010 at 04:02PM by dudleymuggins
This is the first re-visit so good probability, but caution is needed as pound is currently weak and Yen is strong, but as we know, FOREX is cyclic, so may be a good time to buy the pound against the Yen.
I forgot to mention, that the down move over the last couple of days for over 400 pips started at the 7/8 (yellow) MM line and is now stalling at the 1/8 (yellow) MM line which could also be a demand zone. So this gives it a slightly higher probability. So I would look for price to re-test 128.90 and enter with a tigt SL of about 25 pips, so if it does not work out, then no big deal. If it does work out, we are looking at 200 pips (8:1 Reward:Risk)
This again was mixed, we did have a bounce off the MM line at 128.90 for about 120 pips, (not the 200 as imagined, but about 4:1 R:R nontheless) but it hit a supply area from yesterday and then came back down again to the MM line, but has since bounced back up.
Well this one played out quite well. Despite the Yen being strong and Pound weak, this pair has bounced from the demand area (128.90 at yellow MM line). So would have been close to 190 pips.
On Tuesday August 31st, 2010 at 04:18PM by dudleymuggins Like - 0 People
On Wednesday September 1st, 2010 at 03:07AM by kiloandstitch Like - 0 People
On Wednesday September 1st, 2010 at 12:59PM by dudleymuggins Like - 0 People
This again was mixed, we did have a bounce off the MM line at 128.90 for about 120 pips, (not the 200 as imagined, but about 4:1 R:R nontheless) but it hit a supply area from yesterday and then came back down again to the MM line, but has since bounced back up.
On Wednesday September 1st, 2010 at 02:57PM by dudleymuggins Like - 0 People
Well this one played out quite well. Despite the Yen being strong and Pound weak, this pair has bounced from the demand area (128.90 at yellow MM line). So would have been close to 190 pips.Leave A Comment
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