1) Pair is in an overall downtrend on the longer term charts—monthly, weekly, and daily
2) It fell out of what looked like a bull flag during a rally—not a good sign.
3) Yen is showing across the board strength
4) Move on the daily chart is looking corrective to me—there could be more upside but I’m not risking any more losses while I wait to find out
There are upper and lower shadows on the recent candles on the three-hour chart. The market is undecided so I am as well. Best to stay out until I get a clearer signal. For now, I’m negatively biased toward the pair. Here’s the 3-Hour 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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