My short from 1.5871 is still on. At least on the hourly chart, the pair is fighting to stay above 1.5535 but it's still dancing on its downtrend line from early August, 2008 and that formed a significant channel. You can see this on yesterday's post. Dropping below that line, currently at 1.5535/45, would hint that lower lows were coming. I may add another short position if it does decisively move. Currently, though, there is indecision.
Support
1.5535/45
1.5359/75 (polarity; Jan 7th high)
1.5000/24 (flag target; round number)
Resistance
1.5765 (Yesterday's high)
1.5800 (round number; fib confluence)
1.5850 (EW boundary for current move down--wave 1 so wave 4 can't enter its territory)
1.5986 (Fib confluence)
No chart because of my problems with my new version of Snag-it.
© 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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