Tuesday, August 24, 2010

Bounces from key levels

Regulars at my forexfactory thread have seen me talk of these set ups many, many times.

I wasn't in front of computer for this one.

EJ almost gets to 106, and bounces some 70 pips. Then it falls to 25 level and the bounces get smaller and smaller. Smaller bounces from a level is a high prob signal that the level will fail.

When the right set up occurs, 1hr down, 15 min down, 5 min lh with little/low lower wick on set up candle there's a good chance its going to break through.

If you got in earlier bounces and got out keep going if bounces are smaller.

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