» 08 October Probability Studies – Are we seeing retraces now?

Wed, 08 October 2008
By Johan Kriek (jkriek@fxinstructor.com)

Key Notes:

-UK ready to bail out financial institutions
-FOMC,Bernanke hints towards a rate cut

Bearish Trading condition. The bullish 60minute trend has been violated to the downside and the new bearish cycle (60minute trend) has been identified and confirmed as well. As long as price trends South we will have a suitable bearish trading condition

Bullish Trading Condition. I see the cycle has changed on this one as well. Maybe the Fed’s possible rate cuts to come does have an impact now..Expect resistance at 1.3750

No Trade Zone. The Sterling’s 60minute trend is actually an ascending triangle with the upper horizontal resistance line at 1.7650

If this level is taken out, I see a great bullish trading condition on it’s way

No Trade Zone within Bearish Probability. As soon as the 1 hour indicators cross bearish (and confirms those crosses) you will have a continuation of the bearish trading condition. I also see a confluence of levels at 100.00 so be careful with this one

You are more than welcome to contact me for any questions about the Probability Study technique at jkriek@fxinstructor.com

Hope you have a great pip-hunting day ahead!

Johan Kriek

This entry was posted on Wednesday, October 8th, 2008 at 8:10 am and is filed under Probability Studies.
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