Monday, 16 May 2016

Forex Price Action |USDJPY +8 pips 2016-05-03

USDJPY +8 pips 2016-05-03 | Orange to White / Tripod

USDJPY has broken to the downside. On the surface this is a balanced call in terms of probability in that, although 17 pips from the 1 min boxes we only have the 1 min support band shade. However, this is also a Tripod set up. This is defined when the R1 1 min box and R2 1 HR box are lined up with the 5 min boxes (as in this case) well above this level creating a inverted V pattern. Admittedly price has move away from the levels, the usual ideal entry for Tripods, but they tend to have a strong pull. In this case the trade produced a net +8

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Previous recording Forex Price Action | EURAUD +9 pips 2016-04-27

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