Thursday, March 25, 2010

USDCAD—dropping back

The pair breached its uptrend line from the March 19th 1.0061 low, after dropping from yesterday's high of 1.0282. However, the candles are throwing off lower shadows which hints that lower prices are being rejected. My long from 1.0115 is still on. I'd probably add to my longs at 1.0137/52 if it gets down there, depending on price and momentum action.

Support is at 1.0137/52, 1.0098, and 1.0061. Resistance is at 1.0268/82, 1.0322, and 1.0443.

Here's the one-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.

No comments:

Post a Comment