I took some partial profits at .8822 for +87 pips. Aussie's little rally ended at .8839 and I added another small short position at .8817.
Support:
.8700/22/35 (round number, broken uptrend line from 2/5 low and Dec. low)
.8614 (last swing low--three hour chart)
.8592 (uptrend line drawn from May)
.8578 (Feb low)
.8569 (Oct. low)
Resistance
.8798 (Tuesday's high and .618 retracement of the last down move)
.8839 (today's high as of 9:45AM EST)
.8916/21/30 (8921 was yesterday's high)
.8978 (uptrend line from August)
.9000/48
© 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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