Thursday, November 19, 2009

USDCAD—Nice climb

The diamond formation on the 15-minute chart, that I posted yesterday, paid off. My trade is currently up 120 pips. Remember, though, the diamond pattern appeared after I set up my trade. It supported what was already on the chart. The pair just climbed through some serious resistance at 1.0590 but it’s going to have to push on up through the 1.06 area. Let’s see if it can do that or whether it will fall back in despair at the anti-USD sentiment. Here’s the 15 minute chart:

© Dianne Fecteau, 2009. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.

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