Thursday, October 16, 2008

10-16 GBP/JPY set up


I had set an alert earlier in the day for a possible set up on the gbp/jpy. After getting the alert, I observed price approach my level. I did NOT have my fib drawn to see the 127R or I likely would have traded it there. I was looking for 176.20 but the high hit the figure and then fell 100

pips. Choosing trades using TSR and fractals rocks and combine that with retracement extensions and the odds tilt pretty good in my favor.