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#36 (permalink)

05-05-2009, 10:16 AM

Gregory McLeod Gregory McLeod is offline

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Market Depth signaled Short Term Bottom in EUR/JPY

10 pips from Market Depth.

Market Depth signaled a short term bottom in EUR/JPY after sharp sell off. After the U.S. open, EUR/JPY broke south and plunged as low as 131.68. In trading, there is an old saying "never try and catch a falling knife.." however, Market Depth revealed short-term support was forming that would allow us to scalp 10 pips. There was 18.7 Million on the Bid and only 5.7 Million Offered. This is an over a 3:1 imbalance favoring long trades.

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Last edited by Gregory McLeod; 05-05-2009 at 10:44 AM.. Reason: added link to forum

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