USDCAD—Coiling

There’s not a lot new to say about this pair. Most of the Forex market seems to be stuck in narrow ranges. My long is up 88 pips this morning but I’ve left the stop near breakeven. I removed another portion of the trade to take profits at 84 pips. It’s coiling inside its triangle. The pair pounded out a tentative support at 1.0463 over night but the up-sloping line is the more significant support at 1.0417. We’ll just have to see what happens. 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.