I just took a short at 1.6893 because it’s at the top of the flag or downward channel on the three hour chart I posted earlier today. Obviously, I’ll move my stop to breakeven when I can. Also, if there's a good close above the flag, or better, a close above and return to the top of the flag, I'll reverse and go long (most likely).
© 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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