Monday, February 8, 2010


This pair has corrected a bit off its 1.0781 high reaching a low of 1.0644, almost .618 retracement of the most recent climb. It’s in a triangle as are many other pairs. The bottom line of the triangle, at 1.0681 is nearby support. Just beneath that are uptrend lines that offer additional support at 1.0637 to 1.0681. If it breaks above the triangle, the November highs of 1.0848/53 are the next target. Here’s the three-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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