Tuesday, December 15, 2009

EURJPY—still short

It’s not a surprise that EURJPY is weak as well as the Euro. I’ve been short since last Tuesday at 133.03. To say the pair is finding it difficult to rally is to understate the situation. Notice the small candles of the recent attempt. However, it’s in a support zone of 128.86 to 130.40 so it could do so. There might be an opportunity for some support and resistance trades as well. Since I’m short I’ll stay that way for now. Here’s the 3-hour 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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