The pair is still in the bear flag I’ve been writing about (or upward channel for the optimists). It’s currently hovering near the midpoint. There’s no trade for me until it approaches the top near 1.4490 or the bottom near 1.4280. Just below the 1.4280, you can see the 200 SMA coming in on the daily chart, currently at 1.4248. If the pair breaks below this, bears will pile on. For now, the struggle continues.
Here’s the daily chart:
© Dianne Fecteau, 2010. 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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