Friday, March 19, 2010

EURUSD—finally dropping

It looks as though Euro is finally beginning to drop, hitting a low of 1.3553 so far this morning. If it can't pull out of this then the correction was over at 1.3818 and the pair is beginning the next leg down.

As I wrote yesterday, support is in this 1.3538/51 area, so the pair should stall here a bit. My short from 1.3686 is profit stopped.

Support is at 135.38, 135.00, 134.35. and 134.05. Resistance is at 136.33, 136.95, 137.80 and 138.18.

Here's the hourly 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.

No comments:

Post a Comment