Wednesday, December 2, 2009

AUDUSD—Short, Part 2

At this point, the pair is approaching support at .9235 (the horizontal line) and additional support lies at the uptrend lines. I’ve moved my stop to breakeven and may take some partial profits soon. If my stop is taken out I may short again, depending on market behavior. We’ll see. 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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