Originally Posted by bubble

Well done Rick your on the right track .
The only thing i would say is that on the 60min chart there was a GAP between price and role reversal support which as you know from my previous posts indicates a fast move up also that nice double bottom formed which was the second attempted retest which fell short again of support creating the gap.
The gap to support was around 25 pips so add a few pips on to that and you have your stop , less risky way to enter is to wait for some upside momentum after the double bottom or put a stop entry above the previous high.
One other thing your combination of timeframes is a bit off , in a previous post i gave the combination of timeframes to use.
A very nice trade for over 100 pips


bubble

Originally Posted by bubble

mas0n,

If you buy a breakout you are buying at resistance which is not as you know a good idea,im not sure what you mean by your second point but assuming a resistance is broken it only becomes support if price makes a new peak.

bubble

Originally Posted by homestudy

I used a M15 chart to show how the role reversed on cadjpy this morning. Do I have this correct Bubble?

Originally Posted by mas0n

thank you for the answers, you're correct in interpreting the 2nd point, that's what I need to know.

Now, waiting for next lessons, hope this thread will keep going, nothing will be the same if the author left it.