Last I wrote about this pair on Tuesday, I had two short positions. The one from 1.3711 stopped out for a loss at 1.3758 or -47 pips. The other one was a short from 1.4083 and it profit stopped out at 1.3803 for +280 pips. You win some; you lose some. Honestly, it's only slightly annoying that this was just about the high of 1.3839 and from which it has since fallen off. I should have piled back in when it didn't reach 1.3850 but I missed it and so I'm out of the Euro right now.
Currently, it's near the short-term uptrend line at 1.3710. If it bounces again, then it may be time for a small long but the pair looks weak overall. I think it may break and I'll try another short.
Support
1.3586
1.3432
1.3361
1.3263
1.3000
Resistance
1.3839
1.4026
1.4194
No chart because of my problems with my new version of Snag-it. I'm going to now try to figure out what the problem is since even if I didn't have this blog I would use it for my charts.
© 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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