Thursday, February 4, 2010

USDJPY—falling back

My short from 90.95 was taken out yesterday with a stop just above breakeven. How far above? +2 pips, LOL. I thought about getting back in on the spike up to 91.28 but I’m tired of this pair. It did stay capped by the 91.00/19/25/34 resistance I identified on Monday (round number, fib retracements and polarity). This would normally be a positive sign for me for me. The problem as I see it is that while the pair looks weak, USD strength may be holding it from strong moves. I’ve put it on the back burner for now and instead turned my attention to GBPJPY which I’ll blog about in a bit.

© 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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