It looks as though the conjunction of the trend lines I wrote about yesterday served as good support. The pair climbed through some resistance at .8968 but is currently in another resistance zone. If it clears this one, it should be able to reach .9045 with little trouble. I took some profits off the table at +50 pips and the rest of the position has a stop at profit. Here’s the hourly chart:
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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.