How is Auto Backup set up in your logic preferences? You can tell logic to seperately save up to 100 versions of a logic project, but you have to set this up before you start work.
But there is a default number of auto backups isn't there?
I think in the post "blue" and "red" are the wrong way round, ie saving blue as red will have deleted the actual project red and replaced with blue (but named as red)
The latest backup of red therefore would be in the folder red/Project File Backups. It won't be the last version (which blue has replaced) but the previous saved version with the correct name "red". So depending on how often you save, you will retrieve quite a lot of data.