I didn't consider myself a newbie, until I tried to explain a strategy to a friend and realized I couldn't answer the following question:
If you see a news story that says "Look for xyz pair to break the 1.2125 level before retreating" are they saying the bid will get there, or the ask?
Or am I splitting hairs? With some pairs at 8-10 pip spreads, it seems like it becomes somewhat significant, especially if you're waiting for an even level (say 1.2100) to break.
Anybody have the patience to pass on some basic pipology? TIA.
If you see a news story that says "Look for xyz pair to break the 1.2125 level before retreating" are they saying the bid will get there, or the ask?
Or am I splitting hairs? With some pairs at 8-10 pip spreads, it seems like it becomes somewhat significant, especially if you're waiting for an even level (say 1.2100) to break.
Anybody have the patience to pass on some basic pipology? TIA.