2 Oct 2011 2300 Hours:
The price action on last Friday was a full day slow burning of all the demand levels. This kind of slow burning of levels is the hardest to bet a bounce off. I lost 40 pips in a failed buy at 1.3537. If the pattern continues on market open, the demand at 1.336-1.34 will be burnt through as well, possibly reaching the next demand at 1.325-1.328. Will market push without a retracement and continue in the tight downward channel? No idea.
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